The Zimbabwean insurance market: 2016 - 2017 results

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Zimbabwe

Insurance market features

  • Regulatory authority : Insurance and Pensions Commission
  • Life and non life premiums (2017): 602 million USD
  • Insurance density (2017): 36.44 USD
  • Penetration rate (2017): 3.37%

The Zimbabwean insurance market structure in 2017

Market actorsLifeNon lifeTotal
Insurance companies112031
Reinsurance companies5813
Insurance brokers-3131
Reinsurance brokers-66
Total166581

Identity

  • Area : 390 757 Km2
  • Population(1) (2017) : 16 529 904 inhabitants
  • GDP(1) (2017) : 17.846 billion USD
  • GDP per capita (2017) : 1079.6 USD
  • GDP growth rate (2017) : 3.4%
  • Inflation rate (1) (2017) : 3.8%
  • Main economic sectors : mining (coal, gold, platinum,
    copper, nickel, tin, clay, ore), metallurgical industry,
    wood, chemicals and fertilizers, clothing and footwear,
    food industry and beverages.

(1) Source World Bank

Major cities

(per inhabitants)

  • Harare (capital): 3 465 389
  • Bulawayo: 1 200 337
  • Mutare: 291 943
 

The Zimbabwean insurance market: Evolution of life and non life premiums 2013-2017

Figures in thousands USD
 20132014201520162017
Life
258 308299 633332 075346 553365 997
Non life
207 690208 020213 440215 970236 468
Total
465 998507 653545 515562 523602 465

The Zimbabwean insurance market: Turnover per non life insurance company 2016-2017

Figures in thousands USD
Company
201720162016-2017 evolution2017 market shares
Old Mutual (1)
37 88836 8482.82%16.02%
Alliance
31 67432 352-2.09%13.39%
Nicoz Diamond
31 58529 3307.69%13.36%
Zimnat Lion
28 27824 86913.71%11.96%
FBC (2)
18 97018 600-8.02%
Cell
17 62918 666-5.55%7.46%
Champions
11 64210 56210.23%4.92%
Tetrad Hail
10 7686 83757.50%4.55%
C.B.Z
10 44410 2212.18%4.42%
Regal
8 8586 95027.46%3.75%
Evolution
5 4284 74714.35%2.30%
Tristar
5 0063 83630.50%2.12%
Clarion
3 8683 23919.41%1.64%
Sanctuary
3 5362 16163.60%1.50%
Safel
2 960364713.11%1.25%
Credsure
2 3672 2833.70%1.00%
Allied
1 6651 49111.68%0.70%
Quality
1 3691 15218.84%0.58%
Hamilton
1 2691 12213.13%0.54%
ECGC
1 262340271.30%0.53%
Total
236 468215 9709.49%100%

(1) Ex RM Insurance (2) Eagle was renamed FBC

The Zimbabwean insurance market: Non life insurance turnover per class of business 2016-2017

Figures in thousands USD
Class of business
201720162017 market shares
Motor
10300914443.68%
Fire
4563402620.11%
Personal accident
178619278.37%
Guarantee/bond/credit
.1689.1072.6.63%
Miscellaneous accident
198211666.34%
Agricultural insurance and hail
12745394.77%
Engineering
162812724.49%
Marine and aviation
7614313.28%
Third party liability
4653932.31%
Health
19,7-0.01%
Total non life
2346821970100%

Breakdown of non life insurance turnover per class of business in 2017

(1) including bond and credit

The Zimbabwean insurance market: Premiums and results per non life insurance company in 2017

Figures in thousands USD
Company
Net written premiumsTechnical resultNet result
Old Mutual
30 5423 72312 882
Alliance
12 8311 6501 608
Nicoz Diamond
20 2091 5783 132
Zimnat Lion
15 3451 3773 791
FBC
8 472682991
Cell
5 1767681 882
Champions
9 9881 0681 268
Tetrad Hail
4 5811 9821 665
C.B.Z
5 5841 4412 292
Regal
8 858694500
Evolution
3 398279385
Tristar
3 277-374-756
Clarion
3 7261 4411 112
Sanctuary
3 05198306
Safel
2 945918734
Credsure
1 171-293-82
Allied
1 2393276
Quality
1 176661 144
Hamilton
1 195-114122
ECGC
1 0567373
Total
143 82016 99733 625

The Zimbabwean insurance market: Premiums, incurred losses and management expenses of non life companies in 2017

Figures in thousands USD
Company
Net earned premiumsNet incurred lossesManagement expenses
Old Mutual
29 98315 0766 986
Alliance
12 9685 6635 007
Nicoz Diamond
19 7079 5785 352
Zimnat Lion
14 9557 3164 654
FBC
8 4483 9412 881
Cell
5 2472 0252 709
Champions
9 0342 9205 188
Tetrad Hail
4 2811 9821 394
C.B.Z
5 6062 1441 971
Regal
8 0977583 446
Evolution
3 3951 5401 063
Tristar
3 1931 3001 907
Clarion
3 58091 530
Sanctuary
2 7458791 397
Safel
2 036104493
Credsure
1 2445521 003
Allied
1 142390590
Quality
1 202249652
Hamilton
1 000314713
ECGC
973266668
Total
138 83757 00649 604

The Zimbabwean insurance market: Technical ratios of non life insurance companies in 2017

Company
Net loss ratioManagement expenses ratioNet combined ratio
Old Mutual
50.28%18.44%68.72%
Alliance
43.67%15.81%59.48%
Nicoz Diamond
48.60%16.94%65.55%
Zimnat Lion
48.92%16.46%65.38%
FBC
46.65%15.19%61.83%
Cell
38.59%15.37%53.96%
Champions
32.32%44.56%76.88%
Tetrad Hail
46.31%12.95%59.25%
C.B.Z
38.24%18.87%57.11%
Regal
9.37%38.90%48.27%
Evolution
45.37%19.59%64.95%
Tristar
40.70%38.10%78.80%
Clarion
0.25%39.56%39.81%
Sanctuary
32.01%39.52%71.54%
Safel
5.09%16.64%21.73%
Credsure
44.33%42.38%86.71%
Allied
34.12%35.42%69.54%
Quality
20.72%47.63%68.34%
Hamilton
31.45%56.14%87.60%
ECGC
27.37%52.91%80.27%
Total
41.06%20.98%62.04%

The Zimbabwean insurance market: Life insurance turnover per company 2016-2017

Figures in thousands USD
Company
201720162016-2017 evolution2017 market shares
Old Mutual
166 572166 925-0.21%45.51%
Nyaradzo
95 42481 39517.24%26.07%
First Mutual Life
35 24436 702-3.97%9.63%
Zimnat
21 95618 30619.94%6.00%
Zb Life
11 72110 6769.79%3.20%
Fidelity
11 21413 035-13.97%3.06%
Econetlife
10 4266 33364.63%2.85%
CBZ Life
10 0969 5046.23%2.76%
Getsure Life Assurance
1 7771 28138.72%0.49%
Heritage
1 0251 732-40.82%0.28%
Evolution
542664-18.37%0.15%
Total
365 997346 5535.61%100%

The Zimbabwean insurance market: Life insurance turnover per class of business 2016-2017

Figures in thousands USD
Class of business
201720162017 market shares
Fund business
152 983142 38741.80%
Funeral insurance
132 569113 87936.22%
Others
39 97352 48210.92%
Term assurance
16 08615 8634.40%
Annuities
9 4399 0572.58%
Whole life insurance
9 2609 2552.53%
Endowment insurance
3 0121 8000.82%
Pure endowment
2 6751 8300.73%
Total
365 997346 553100%

Source: Insurance and Pensions Commission (IPEC)

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Thu, 01/11/2018 - 11:38
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