The Insurance Industry in Zambia, Key Trends and Opportunities to 2021

Published: Sep, 2017 | Pages: 103 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'The Insurance Industry in Zambia, Key Trends and Opportunities to 2021' report provides detailed analysis of the market trends, drivers and challenges in 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 period (2012-2016) and forecast period (2016-2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Zambian economy and demographics, and provides detailed information on the competitive landscape in the country.

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.

Summary

Timetric's 'The Insurance Industry in Zambia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Zambian insurance industry, including:

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

• A comprehensive overview of Zambian economy and demographics

• The detailed competitive landscape in the Zambian insurance industry

• The various distribution channels in the Zambian insurance industry

• Detailed regulatory policies of the Zambian insurance industry

• Analysis of natural hazards in Zambian insurance industry

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 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

• It offers a detailed analysis of the key segments in the Zambian insurance industry, along with market forecasts until 2021.

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

• It analyzes the various distribution channels in Zambia.

• It profiles the top insurance companies in Zambia and outlines the key regulations affecting them.

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 the 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.

Key Highlights

• By 2017, the new Insurance Act 2013 (amendments to the 1997 Insurance Act) is expected to become applicable in Zambia.

• In 2017, the Zambian government announced that all beneficiaries of the Farmer Input Support Program (FISP) will be covered by weather-indexed insurance.

• In January 2017, Zambia National Marketeers Association (Zanamaca), in collaboration with Liberty Life Insurance, collaborated with the manufacturing company Uniturtle industries to provide low-cost funeral insurance to small-scale farmers and marketers.

• In 2016, the Zambia Meteorological Department, with the support of Nasa and the International Research Institute for Climate and Society, launched a data platform that provides rainfall forecasts collected via satellite information.

• In 2016, the Ministry of Labour and Social Security presented a draft social protection bill to address areas of social security such as pension, social health insurance, occupational injuries and diseases, and social assistance.

 Table of Contents

1 KEY FACTS AND HIGHLIGHTS 
2 EXECUTIVE SUMMARY 
3 ECONOMY AND DEMOGRAPHICS 
4 INDUSTRY OUTLOOK 
4.1 Industry Indicators 
4.1.1 Gross written premium 
4.1.2 Claims 
4.1.3 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 REINSURANCE OUTLOOK 
7.1 Reinsurance Accepted 
7.2 Premium Ceded 
8 DISTRIBUTION CHANNEL OUTLOOK 
9 NATURAL AND MAN-MADE HAZARDS 
9.1 Flooding 
9.2 Droughts 
9.3 Earthquakes 
9.4 Epidemics 
9.5 Exposure 
10 COMPETITIVE LANDSCAPE 
10.1 Company Profile 
10.1.1 African Life Assurance Company Ltd - company overview 
10.1.2 Madison Life Insurance Company Zambia Ltd - company overview 
10.1.3 Professional Insurance Corporation Zambia Plc - company overview 
10.1.4 ZSIC General Insurance Ltd - company overview 
10.1.5 Madison General Insurance Company Zambia Ltd - company overview 
11 GOVERNANCE, RISK AND COMPLIANCE 
11.1 Legislation Overview and Historical Evolution 
11.2 Latest Changes in Regulation 
11.3 Legislation and Market Practice by Type of Insurance 
11.3.1 Life insurance 
11.3.2 Property insurance 
11.3.3 Motor insurance 
11.3.4 Liability insurance 
11.3.5 Marine, aviation and transit insurance 
11.3.6 Personal accident and health insurance 
11.4 Compulsory Insurance 
11.4.1 Motor third-party liability insurance 
11.4.2 Aviation liability insurance 
11.4.3 Social insurance system 
11.4.4 Professional indemnity and fidelity insurance for insurance brokers 
11.4.5 Group funeral assistance insurance scheme 
11.5 Supervision and Control 
11.5.1 International Association of Insurance Supervisors 
11.5.2 African Insurance Organization 
11.5.3 Pension and Insurance Authority 
11.5.4 Insurance Association of Zambia 
11.6 Non-Admitted Insurance Regulations 
11.6.1 Overview 
11.6.2 Intermediaries 
11.6.3 Market practices 
11.6.4 Fines and Penalties 
11.7 Company Registration and Operations 
11.7.1 Type of insurance organization 
11.7.2 Establishing a local company 
11.7.3 Foreign ownership 
11.7.4 Types of license 
11.7.5 Capital requirements 
11.7.6 Solvency margin 
11.7.7 Reserve requirements 
11.7.8 Investment regulations 
11.7.9 Statutory return requirements 
11.7.10 Fee structure 
11.8 Taxation 
11.8.1 Insurance premium or policy taxation 
11.8.2 Withholding taxes on premium paid overseas 
11.8.3 Corporate tax 
11.8.4 VAT 
11.8.5 Captives 
11.9 Legal System 
11.9.1 Introduction 
11.9.2 Access to court 
11.9.3 Alternative dispute resolution 
12 DATABOOK 
12.1 Life Insurance 
12.1.1 Policies and premium 
12.1.2 Claims and expenses 
12.1.3 Assets and investments 
12.1.4 Individual life insurance 
12.1.5 Individual life insurance by category 
12.2 Non-Life Insurance 
12.2.1 Policies and premium 
12.2.2 Claims and expenses 
12.2.3 Assets and investments 
12.2.4 Property insurance 
12.2.5 Property insurance by category 
12.2.6 Motor insurance 
12.2.7 Liability insurance 
12.2.8 Marine, aviation and transit insurance 
12.3 Personal Accident and Health Insurance 
12.3.1 Policies and premium 
12.3.2 Claims and expenses 
12.3.3 Assets and investments
13 DEFINITIONS AND METHODOLOGY 
13.1 Definitions 
13.2 Methodology 
14 ABOUT TIMETRIC 
14.1 Contact Timetric 
14.2 About Timetric 
14.3 Timetric's Services 
14.4 Disclaimer

List of Tables

Table 1: Zambian Insurance Industry - Key Facts, 2016 
Table 2: Zambian Insurance Industry - Top Insurers, 2015 
Table 3: Zambian Government Credit Ratings 
Table 4: Zambian Insurance Industry - Gross Written Premium by Segment (ZMW Million), 2012-2016 
Table 5: Zambian Insurance Industry - Gross Written Premium by Segment (ZMW Million), 2016-2021 
Table 6: Zambian Insurance Industry - Paid Claims by Segment (ZMW Million), 2012-2016 
Table 7: Zambian Insurance Industry - Paid Claims by Segment (ZMW Million), 2016-2021 
Table 8: Zambian Insurance Industry - Total Assets by Segment (ZMW Billion), 2012-2016 
Table 9: Zambian Insurance Industry - Total Assets by Segment (ZMW Billion), 2016-2021 
Table 10: Zambian Insurance Industry - Total Investment Income by Segment (ZMW Million), 2012-2016 
Table 11: Zambian Insurance Industry - Total Investment Income by Segment (ZMW Million), 2016-2021 
Table 12: Zambian Insurance Industry - Life Insurance Investment Portfolio (ZMW Million), 2012-2016 
Table 13: Zambian Insurance Industry - Life Insurance Investment Portfolio (ZMW Million), 2016-2021 
Table 14: Zambian Insurance Industry - Non-Life Insurance Investment Portfolio (ZMW Million), 2012-2016 
Table 15: Zambian Insurance Industry - Non-Life Insurance Investment Portfolio (ZMW Billion), 2016-2021 
Table 16: Zambian Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (ZMW Million), 2012-2016 
Table 17: Zambian Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (ZMW Million), 2016-2021 
Table 18: Zambian Individual Life Insurance - Gross Written Premium (ZMW Million and US$ Million), 2012-2016 
Table 19: Zambian Individual Life Insurance - Gross Written Premium (ZMW Million and US$ Million), 2016-2021 
Table 20: Zambian Property Insurance - Gross Written Premium (ZMW Million and US$ Million), 2012-2016 
Table 21: Zambian Property Insurance - Gross Written Premium (ZMW Million and US$ Million), 2016-2021 
Table 22: Zambian Motor Insurance - Gross Written Premium (ZMW Million and US$ Million), 2012-2016 
Table 23: Zambian Motor Insurance - Gross Written Premium (ZMW Million and US$ Billion), 2016-2021 
Table 24: Zambian Liability Insurance - Gross Written Premium (ZMW Million and US$ Million), 2012-2016 
Table 25: Zambian Liability Insurance - Gross Written Premium (ZMW Million and US$ Million), 2016-2021 
Table 26: Zambian Marine, Aviation and Transit Insurance - Gross Written Premium (ZMW Million and US$ Million), 2012-2016 
Table 27: Zambian Marine, Aviation and Transit Insurance - Gross Written Premium (ZMW Million and US$ Million), 2016-2021 
Table 28: Zambian Reinsurance - Premium Accepted (ZMW Million), 2012-2016 
Table 29: Zambian Reinsurance - Premium Accepted (ZMW Million), 2016-2021 
Table 30: Zambian Reinsurance - Premium Ceded by Insurance Segment (ZMW Billion), 2012-2016 
Table 31: Zambian Reinsurance - Premium Ceded by Insurance Segment (ZMW Billion), 2016-2021 
Table 32: Zambian Insurance Industry - Segment of the Leading Life Insurers (%), 2015 
Table 33: Zambian Insurance Industry - Segment Shares (%) of the Leading Non-Life Insurers, 2015 
Table 34: Insurance Company - 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 2017 
Table 45: Zambian Life Insurance - Policies and Premium, 2012-2016 
Table 46: Zambian Life Insurance - Policies and Premium, 2016-2021 
Table 47: Zambian Life Insurance - Claims and Expenses, 2012-2016 
Table 48: Zambian Life Insurance - Claims and Expenses, 2016-2021 
Table 49: Zambian Life Insurance - Assets and Investments, 2012-2016 
Table 50: Zambian Life Insurance - Assets and Investments, 2016-2021 
Table 51: Zambian Life Insurance - Individual Life Insurance, 2012-2016 
Table 52: Zambian Life Insurance - Individual Life Insurance, 2016-2021 
Table 53: Zambian Life Insurance - Individual Life Insurance by Category, 2012-2016 
Table 54: Zambian Life Insurance - Individual Life Insurance by Category, 2016-2021 
Table 55: Zambian Non-Life Insurance - Policies and Premium, 2012-2016 
Table 56: Zambian Non-Life Insurance - Policies and Premium, 2016-2021 
Table 57: Zambian Non-Life Insurance - Claims and Expenses, 2012-2016 
Table 58: Zambian Non-Life Insurance - Claims and Expenses, 2016-2021 
Table 59: Zambian Non-Life Insurance - Assets and Investments, 2012-2016 
Table 60: Zambian Non-Life Insurance - Assets and Investments, 2016-2021 
Table 61: Zambian Non-Life Insurance - Property Insurance, 2012-2016 
Table 62: Zambian Non-Life Insurance - Property Insurance, 2016-2021 
Table 63: Zambian Non-Life Insurance - Property Insurance by Category, 2012-2016 
Table 64: Zambian Non-Life Insurance - Property Insurance by Category, 2016-2021 
Table 65: Zambian Non-Life Insurance - Motor Insurance, 2012-2016 
Table 66: Zambian Non-Life Insurance - Motor Insurance, 2016-2021 
Table 67: Zambian Non-Life Insurance - Liability Insurance, 2012-2016 
Table 68: Zambian Non-Life Insurance - Liability Insurance, 2016-2021 
Table 69: Zambian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016 
Table 70: Zambian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021 
Table 71: Zambian Personal Accident and Health Insurance - Policies and Premium, 2012-2016 
Table 72: Zambian Personal Accident and Health Insurance - Policies and Premium, 2016-2021 
Table 73: Zambian Personal Accident and Health Insurance - Claims and Expenses, 2012-2016 
Table 74: Zambian Personal Accident and Health Insurance - Claims and Expenses, 2016-2021 
Table 75: Zambian Personal Accident and Health Insurance - Assets and Investments, 2012-2016 
Table 76: Zambian Personal Accident and Health Insurance - Assets and Investments, 2016-2021 
Table 77: Insurance Industry Definitions