The Insurance Industry in Zambia Key Trends and Opportunities to 2020

Published: Nov, 2016 | Pages: 109 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'The Insurance Industry in Zambia, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Zambian insurance industry, including:

• An overview of the Zambian insurance industry

• The Zambian insurance industry's growth prospects by segment and category

• A comprehensive overview of the Zambian economy and demographics

• The detailed competitive landscape in the Zambian insurance industry

• Details of regulatory policy applicable to the Zambian insurance industry

• An analysis of natural hazards in the Zambian insurance industry

Synopsis

Timetric’s 'The Insurance Industry in Zambia, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Zambian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also gives a comprehensive overview of the Zambian economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes analysis of the impact of natural hazards on the insurance industry.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the insurance industry in Zambia:

• It provides historical values for the Zambian insurance industry for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key segments in the Zambian insurance industry, with market forecasts to 2020.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It profiles the top insurance companies in Zambia, and highlights recent developments.

• It covers the economy and demographic structure of Zambia.

• It analyzes the impact of natural hazards in the Zambian insurance industry.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Zambian insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Zambian insurance industry.

• Assess the competitive dynamics in the Zambian insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Zambian insurance industry, and their impact on companies and the industry's future.

 Table of Content

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHY

4 INDUSTRY OUTLOOK
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Assets and investments

5 LIFE INSURANCE OUTLOOK
5.1 Individual Life Insurance
5.1.1 Gross written premium

6 NON-LIFE INSURANCE OUTLOOK
6.1 Property Insurance
6.1.1 Gross written premium
6.2 Motor Insurance
6.2.1 Gross written premium
6.3 Liability Insurance
6.3.1 Gross written premium
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium

7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK
7.1 Personal Accident Insurance
7.1.1 Gross written premium
7.1.2 Claims
7.1.3 Profitability

8 REINSURANCE OUTLOOK
8.1 Premium Ceded

9 DISTRIBUTION CHANNEL OUTLOOK

10 NATURAL HAZARDS
10.1 Flooding
10.2 Droughts
10.3 Earthquakes
10.4 Epidemic
10.5 Exposure

11 COMPETITIVE LANDSCAPE
11.1 Company Profiles
11.1.1 African Life Assurance Company Ltd – company overview
11.1.2 Madison Life Insurance Company Zambia Ltd – company overview
11.1.3 Professional Insurance Corporation Zambia Plc – company overview
11.1.4 ZSIC General Insurance Ltd – company overview
11.1.5 Madison General Insurance Company Zambia Ltd – company overview

12 GOVERNANCE, RISK AND COMPLIANCE
12.1 Legislation Overview and Historical Evolution
12.2 Latest Changes in Regulation
12.3 Legislation and Market Practice by Type of Insurance
12.3.1 Life Insurance
12.3.2 Property Insurance
12.3.3 Motor Insurance
12.3.4 Liability insurance
12.3.5 Marine, aviation and transit insurance
12.3.6 Personal accident and health insurance
12.4 Compulsory Insurance
12.4.1 Motor third party liability insurance
12.4.2 Aviation liability insurance
12.4.3 Social insurance system
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors (IAIS)
12.5.2 African Insurance Organization (AIO)
12.5.3 Pension and Insurance Authority
12.5.4 Insurance Association of Zambia (IAZ)
12.6 Non-Admitted Insurance Regulation
12.6.1 Overview
12.6.2 Intermediaries
12.6.3 Market practices
12.6.4 Fines and Penalties
12.7 Company Registration and Operations
12.7.1 Type of insurance organization
12.7.2 Establishing a local company
12.7.3 Foreign ownership
12.7.4 Types of license
12.7.5 Capital requirements
12.7.6 Solvency margin
12.7.7 Reserve requirements
12.7.8 Investment regulations
12.7.9 Statutory return requirements
12.7.10 Fee structure
12.8 Taxation
12.8.1 Insurance premium or policy taxation
12.8.2 Withholding taxes on premium paid overseas
12.8.3 Corporate tax
12.8.4 VAT
12.8.5 Captives
12.9 Legal System
12.9.1 Introduction
12.9.2 Access to court
12.9.3 Alternative dispute resolution (ADR)

13 DATABOOK
13.1 Life Insurance
13.1.1 Policies and premium
13.1.2 Claims and expenses
13.1.3 Assets and investments
13.1.4 Individual life insurance
13.1.5 Individual life insurance by product
13.2 Non-Life Insurance
13.2.1 Policies and premium
13.2.2 Claims and expenses
13.2.3 Assets and investments
13.2.4 Property insurance
13.2.5 Property insurance by product
13.2.6 Motor insurance
13.2.7 Liability insurance
13.2.8 Marine, aviation and transit insurance
13.3 Personal Accident and Health Insurance
13.3.1 Policies and premium
13.3.2 Claims and expenses
13.3.3 Assets and investments

14 DEFINITIONS AND METHODOLOGY
14.1 Definitions
14.2 Methodology

15 ABOUT TIMETRIC
15.1 Contact Timetric
15.2 About Timetric
15.3 Timetric’s Services
15.4 Disclaimer

List of Tables

Table 1: Zambian Insurance Industry – Key Facts, 2015
Table 2: Zambian Insurance Industry – Segment Shares of the Top Insurers, 2014
Table 3: Zambian Government Credit Ratings
Table 4: Zambian Insurance Industry – Gross Written Premium by Segment (ZMW), 2011–2015
Table 5: Zambian Insurance Industry – Gross Written Premium by Segment (ZMW), 2015–2020
Table 6: Zambian Insurance Industry – Paid Claims by Segment (ZMW), 2011–2015
Table 7: Zambian Insurance Industry – Paid Claims by Segment (ZMW), 2015–2020
Table 8: Zambian Insurance Industry – Total Assets by Segment (ZMW), 2011–2015
Table 9: Zambian Insurance Industry – Total Assets by Segment (ZMW), 2015–2020
Table 10: Zambian Insurance Industry – Total Investment Income by Segment (ZMW), 2011–2015
Table 11: Zambian Insurance Industry – Total Investment Income by Segment (ZMW), 2015–2020
Table 12: Zambian Insurance Industry – Life Insurance Investment Portfolio (ZMW Million), 2011–2015
Table 13: Zambian Insurance Industry – Life Insurance Investment Portfolio (ZMW), 2015–2020
Table 14: Zambian Individual Life Insurance – Gross Written Premium (ZMW and US$), 2011–2015
Table 15: Zambian Individual Life Insurance – Gross Written Premium (ZMW and US$), 2015–2020
Table 16: Zambian Property Insurance – Gross Written Premium (ZMW and US$), 2011–2015
Table 17: Zambian Property Insurance – Gross Written Premium (ZMW Million and US$ Million), 2015–2020
Table 18: Zambian Motor Insurance – Gross Written Premium (ZMW and US$), 2011–2015
Table 19: Zambian Motor Insurance – Gross Written Premium (ZMW and US$), 2015–2020
Table 20: Zambian Liability Insurance – Gross Written Premium (ZMW and US$), 2011–2015
Table 21: Zambian Liability Insurance – Gross Written Premium (ZMW and US$), 2015–2020
Table 22: Zambian Marine, Aviation and Transit Insurance – Gross Written Premium (ZMW and US$), 2011–2015
Table 23: Zambian Marine, Aviation and Transit Insurance – Gross Written Premium (ZMW and US$), 2015–2020
Table 24: Zambian Personal Accident Insurance – Gross Written Premium (ZMW and US$), 2011–2015
Table 25: Zambian Personal Accident Insurance – Gross Written Premium (ZMW and US$), 2015–2020
Table 26: Zambian Personal Accident Insurance – Paid Claims (ZMW and US$), 2011–2015
Table 27: Zambian Personal Accident Insurance – Paid Claims (ZMW and US$), 2015–2020
Table 28: Zambian Personal Accident Insurance – Loss Ratio (%),2011–2015
Table 29: Zambian Personal Accident Insurance – Loss Ratio (%), 2015–2020
Table 30: Zambian Reinsurance – Premium Ceded by Insurance Segment (ZMW), 2011–2015
Table 31: Zambian Reinsurance – Premium Ceded by Insurance Segment (ZMW), 2015–2020
Table 32: Zambian Insurance Industry – Segment Shares (%) of Leading Life Insurers, 2014
Table 33: Zambian Insurance Industry – Segment Shares (%) of Leading Non-Life Insurers, 2014
Table 34: African Life Assurance Company Ltd – Key Facts
Table 35: Madison Life Insurance Company Zambia Ltd – Key Facts
Table 36: Professional Insurance Corporation Zambia Plc – Key Facts
Table 37: ZSIC General Insurance Ltd – Key Facts
Table 38: Madison General Insurance Company Zambia Ltd – Key Facts
Table 39: Zambia – Insurance Regulatory Framework Key Features
Table 40: Zambia – Life Insurance Regulatory Framework
Table 41: Zambia – Property Insurance Regulatory Framework
Table 42: Zambia – Motor Insurance Regulatory Framework
Table 43: Zambia – Liability Insurance Regulatory Framework
Table 44: Zambia – Corporate Tax Rates for the Financial Year 2016
Table 39: Zambian Life Insurance – Policies and Premium (ZMW), 2011–2015
Table 40: Zambian Life Insurance – Policies and Premium (ZMW), 2015–2020
Table 41: Zambian Life Insurance – Claims and Expenses (ZMW), 2011–2015
Table 42: Zambian Life Insurance – Claims and Expenses (ZMW), 2015–2020
Table 43: Zambian Life Insurance – Assets and Investments (ZMW), 2011–2015
Table 44: Zambian Life Insurance – Assets and Investments (ZMW Million), 2015–2020
Table 45: Zambian Life Insurance – Individual Life Insurance (ZMW), 2011–2015
Table 46: Zambian Life Insurance – Individual Life Insurance (ZMW), 2015–2020
Table 47: Zambian Life Insurance – Individual Life Insurance by Product (ZMW), 2011–2015
Table 48: Zambian Life Insurance – Individual Life Insurance by Product (ZMW), 2015–2020
Table 49: Zambian Non-Life Insurance – Policies and Premium (ZMW), 2011–2015
Table 50: Zambian Non-Life Insurance – Policies and Premium (ZMW), 2015–2020
Table 51: Zambian Non-Life Insurance – Claims and Expenses (ZMW and %), 2011–2015
Table 52: Zambian Non-Life Insurance – Claims and Expenses (ZMW and %), 2015–2020
Table 53: Zambian Non-Life Insurance – Assets and Investments (ZMW), 2011–2015
Table 54: Zambian Non-Life Insurance – Assets and Investments (ZMW), 2015–2020
Table 55: Zambian Non-Life Insurance – Property Insurance (ZMW and %), 2011–2015
Table 56: Zambian Non-Life Insurance – Property Insurance (ZMW and %), 2015–2020
Table 57: Zambian Non-Life Insurance – Property Insurance by Product (ZMW), 2011–2015
Table 58: Zambian Non-Life Insurance – Property Insurance by Product (ZMW), 2015–2020
Table 59: Zambian Non-Life Insurance – Motor Insurance (ZMW and %), 2011–2015
Table 60: Zambian Non-Life Insurance – Motor Insurance (ZMW and %), 2015–2020
Table 61: Zambian Non-Life Insurance – Liability Insurance (ZMW and %), 2011–2015
Table 62: Zambian Non-Life Insurance – Liability Insurance (ZMW and %), 2015–2020
Table 63: Zambian Non-Life Insurance – Marine, Aviation and Transit Insurance (ZMW and %), 2011–2015
Table 64: Zambian Non-Life Insurance – Marine, Aviation and Transit Insurance (ZMW and %), 2015–2020
Table 65: Zambian Personal Accident and Health Insurance – Policies and Premium (ZMW), 2011–2015
Table 66: Zambian Personal Accident and Health Insurance – Policies and Premium (ZMW), 2015–2020
Table 67: Zambian Personal Accident and Health Insurance – Claims and Expenses (ZMW and %), 2011–2015
Table 68: Zambian Personal Accident and Health Insurance – Claims and Expenses (ZMW and %), 2015–2020
Table 69: Zambian Personal Accident and Health Insurance – Assets and Investments (ZMW), 2011–2015
Table 70: Zambian Personal Accident and Health Insurance – Assets and Investments (ZMW), 2015–2020
Table 71: Insurance Industry Definitions

List of Figures

Figure 1: Zambian Real GDP (ZMW Billion), 2011–2020
Figure 2: Zambian Consumer Price Inflation (%), 2011–2020
Figure 3: Zambian Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 4: Zambian (ZMW/US$) Exchange Rate, 2011–2020
Figure 5: Zambian Unemployment Rate (%), 2011–2020
Figure 6: Zambian Population by Age Group (Million), 1990–2025
Figure 7: Zambian Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Zambian Non-Life Insurance Penetration – Regional Comparison (%), 2015
Figure 9: Zambian Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015
Figure 10: Zambian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 11: Zambian Insurance Industry – Gross Written Premium (ZMW) by Segment, 2011–2020
Figure 12: Zambian Insurance Industry – Paid Claims by Segment (ZMW), 2011–2020
Figure 13: Zambian Insurance Industry – Total Assets by Segment (ZMW Million), 2011–2020
Figure 14: Zambian Insurance Industry – Total Investment Income by Segment (ZMW), 2011–2020
Figure 15: Zambian Insurance Industry – Life Insurance Investment Portfolio (ZMW), 2011–2020
Figure 16: Zambian Insurance Industry – Life Insurance Investment Portfolio Dynamics by Category (ZMW), 2011–2020
Figure 17: Zambian Individual Life Insurance – Gross Written Premium (ZMW), 2011–2020
Figure 18: Zambian Property Insurance – Gross Written Premium (ZMW), 2011–2020
Figure 19: Zambian Motor Insurance – Gross Written Premium (ZMW), 2011–2020
Figure 20: Zambian Liability Insurance – Gross Written Premium (ZMW), 2011–2020
Figure 21: Zambian Marine, Aviation and Transit Insurance – Gross Written Premium (ZMW), 2011–2020
Figure 22: Zambian Personal Accident Insurance – Gross Written Premium (ZMW), 2011–2020
Figure 23: Zambian Personal Accident Insurance – Paid Claims (ZMW), 2011–2020
Figure 24: Zambian Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (ZMW and %), 2011–2020
Figure 25: Zambian Reinsurance – Premium Ceded by Insurance Segment (ZMW), 2011–2020
Figure 26: Zambian Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020
Figure 27: Zambian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020
Figure 28: Zambian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2020
Figure 29: Zambian – Frequency of Hazards by Type (%), 1990–2014
Figure 30: Zambian Mortality by Hazards Type (%), 1990–2014
Figure 31: Zambian Insurance Industry – Segment Shares (%) of Leading Life Insurers, 2014
Figure 32: Zambian Insurance Industry – Segment Shares (%) of Leading Non-Life Insurers, 2014
Figure 33: Zambia – Insurance Supervision and Control at Various Levels
Figure 34: Zambia – Insurance Regulatory Frameworks for Company Registration and Operation