The Zimbabwean insurance market

Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority : Insurance and Pensions Commission
  • Life and non life premiums (2011): 158 967 000 USD
  • Insurance density (2010): 9.33 USD
  • Penetration rate (2010): 1.56%

Market structure 2011

Market actors
Number
Insurance companies
26
Reinsurance companies
8
Brokers
27

Country profile

  • Area : 390 757 km2
  • Population (2010): 12 571 000 inhabitants
  • GDP (2010): 7 475 995 911 USD
  • GDP per capita (2010): 595 USD
  • GDP growth rate (2010): 9%
  • Inflation rate (2010): 17.5%
  • Main economic activities: tobacco culture, mining (coal, gold, platinum, copper, nickel, tin, clay, ore), metallurgy industry, wood, chemicals and fertilisers, textile and shoes, food industry and beverages.

Major cities

(in number of inhabitants)
  • Harare (capital): 2 million
  • Bulawayo: 1 million
  • Mutare: 162 000
 

Main technical highlights: 2010-2011

in USD
 201020112010/11 evolution
Gross written premiums
117 314 000158 967 00035.5%
Net written premiums
64 076 00082 431 00028.6%
Net earned premiums
56 963 00080 749 00041.8%
Net incurred losses
21 734 00037 389 00072%
Management expenses*
35 039 00043 689 00024.7%
Net loss ratio
38.2%46.3%21.4%
Net expenses ratio
54.6%53%-2.9%
Combined ratio
92.8%99.3%7.1%
Technical result
- 5 363 0003 545 000-
Financial income
1 826 0002 487 00036.2%
Pre-tax result
- 2 206 0007 937 000-
* Management expenses = net commissions + management fees

Turnover’s breakdown per class of business in 2011

in USD
 20112011 shares
Fire
37 902 00023.8%
Motor
61 821 00038.9%
Engineering
8 182 0005.1%
Marine
4 572 0002.9%
Aviation
3 385 0002.1%
Personal accident
14 083 0008.9%
Third party liability
1 843 0001.2%
Health
554 0000.3%
Agricultural insurance
8 531 0005.4%
Miscellaneous accident
18 094 00011.4%
Total
158 967 000 100%

2011 ranking of premiums and results per company

in USD
 Gross written premiumsMarket sharesNet written premiumsUnderwriting resultNet result*
Nicoz
21 245 00013.4%13 410 000-104 000648 000
Alliance
19 974 00012.6%11 849 000759 000751 000
RM
16 422 00010.3%10 497 0001 190 0001 232 000
Cell
15 303 0009.6%5 807 0001 127 0001 130 000
Zimnat
12 933 0008.1%4 455 000-877 000-436 000
Altfin
11 074 0007.0%5 765 00047 000113 000
Tristar
8 309 0005.2%3 077 000-1 001 000562 000
Eagle
8 216 0005.2%3 115 000778 000855 000
Heritage
7 386 0004.7%3 726 000461 000508 000
C.B.Z
5 904 0003.7%2 413 000375 000331 000
Credsure
4 304 0002.7%1 635 000420 000360 000
Global
4 201 0002.6%846 00024 00038 000
Tetrad Hail
4 007 0002.5%1 082 0002 268 0002 532 000
SFG
3 391 0002.1%1 628 000-1 526 000-1 088 000
Champions
3 213 0002.0%2 484 000471 000775 000
Evolution
2 623 0001.7%1 531 000465 000446 000
Clarion
2 013 0001.3%1 859 00069 00057 000
Allied
1 656 0001.0%1 103 000102 000106 000
Quality
1 643 0001.0%1 470 000205 000207 000
KMFS
1 459 0000.9%1 386 000-20 00075 000
Regal
1 353 0000.9%1 345 000272 000199 000
Jupiter
1 239 0000.8%1 148 000-1 858 000-1 848 000
Excellence
659 0000.4%494 00049 00049 000
Hamilton
244 0000.2%140 000-69 000-347 000
Suremed
156 0000.1%156 000-91 000-91 000
Sanctuary
40 0000.0%10 0009 00054 000
Total
158 967 000 100% 82 431 000 3 545 000 7 218 000
* Net result after tax

Breakdown per class of business of the main ten companies in 2011

Premiums, incurred losses and management expenses of the main ten companies in 2011

in USD
 Net written premiumsNet earned premiumsNet incurred lossesManagement expenses*
Nicoz
13 410 00012 600 0007 098 0005 776 000
Alliance
11 849 00012 014 0007 582 0003 640 000
RM
10 497 00010 278 0004 998 0004 134 000
Cell
5 807 0005 187 0002 451 0001 663 000
Zimnat
4 455 0004 303 0001 840 0003 340 000
Altfin
5 765 0005 630 0002 884 0002 674 000
Tristar
3 077 0003 823 0001 154 0003 671 000
Eagle
3 115 0003 201 000-1 211 0004 636 000
Heritage
3 726 0003 282 0001 070 0001 807 000
C.B.Z
2 413 0002 359 000703 0001 259 000
Total
64 114 000 62 677 000 28 569 000 32 600 000
Rest of the market
18 317 00018 072 0008 820 00011 089 000
Grand total
82 431 00080 749 00037 389 00043 689 000
* Management expenses= net commissions + management fees

Technical ratios of the main ten companies in 2011

 Net loss ratiosNet expenses ratio*Combined ratio
Nicoz
56.3%43.1%99.4%
Alliance
63.1%30.7%93.8%
RM
48.6%39.4%88%
Cell
47.3%28.6%75.9%
Zimnat
42.7%75%117.7%
Altfin
51.2%46.4%97.6%
Tristar
30.2%119.3%149.5%
Eagle
-37.8%148.8%111%
Heritage
32.6%48.5%81.1%
C.B.Z
29.8%52.2%82%
Total
45.6% 50.8% 96.4%
Rest of the market
48.8%60.5%109.3%
Grand total
46.3%53%99.3%
* Management expenses = net commissions + management fees
0
Your rating: None
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits