The Rwandan insurance market

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Crédit photo: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Association of the Rwandan insurance companies
  • Premiums (2004): 14 022 661 USD
  • Insurance density (2004): 1.55 USD
  • Penetration rate (2004): 0.77%

Market structure in 2004

  • Insurance companies: 4
  • Intermediaries: 625

Identity

  • Area: 26 338 Km2
  • Population (2005): 9 000 000 inhabitants
  • GDP (2005): 1.817 billion USD
  • GDP per capita (2005): 202 USD
  • GDP growth rate (2005): 4%
  • Inflation rate (2005): 12.1%
  • Main economic sectors: cacao, coffee, gold, agriculture

Major cities

(in number of inhabitants)
  • Kigali (capital): 745 261
  • Butare: 89 600
  • Gitarama: 87 613
  • Ruhengeri: 86 685
 

Main economics indicators: 2000-2004

in USD
 20002001200220032004
GDP
1 552 155 1721 687 027 0201 614 400 0001 628 544 0611 817 000 000
GDP per capita
204210197196202
Insurance density
0,860.871.300.861.55
Penetration rate
0.42%0.41%0.66%0.44%0.77%

Turnover evolution: 2000-2004

in millions USD
Gross premiums200020012002200320042003/2004
growth rate
Non life
6.25.77.74.59.2+96.3%
Life
0.41.22.92.64.8
Total
6.6 6.9 10.6 7.1 14

Premiums split by class of business*: 2003-2004

in millions USD
Class2003%2004%
Non life
Motor
2.7385.136.4
Fire
0.68.50.96.4
Accidents & health
0.22.81.913.6
Miscellaneous
0.45.60.53.6
Marine
0.68.50.85.7
Non life total
4.5 63.4 9.2 65.7
Life
Life
2.6 36.6 4.8 34.3
Grand Total
7.1100%14100%
* Figures exclusive of reinsurance acceptances

Non-life & life loss ratios: 2000-2004

 20002001200220032004
Non life loss ratio
35%47%67%86%38%
Life loss ratio
76%45%55%83%71%
Non-life & life loss ratio
38%47%63%85%50%


Exchange rate
USD/XOF as at 31/12
2000
2001
2002
2003
2004
696
740
625
522
481

Source: FANAF - The African Insurance Market: Data 2000-2004
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Wed, 15/05/2013 - 14:57
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