Magazine date:
Jan 2006 Insurance market features
- Regulatory authority: Ministry of Finance, Planning and Economic Development
- Premiums (2004): 171 million USD
- Insurance density (2004): 13.42 USD
- Penetration rate (2004): 0.63%
Market structure in 2004
Actors | Number |
---|---|
Insurance companies | 20 |
Reinsurance companies | 6 |
Insurance brokers | 44 |
General agents | 38 |
Identity
- Area: 390 580 Km2
- Population (est 2005):
12 747 000 inhabitants - GDP (est 2004): 27.37 billion USD
- GDP per capita (2004): 2 147 USD
- GDP growth rate (2004): 8.2%
- Inflation rate (2004): 622%
- Main economic sectors: mining (coal, gold, platinum, copper, nickel, tin, clay, numerous metallic and non-metallic ores), steel, wood products, cement, chemicals, fertilizer, clothing and foot-wear, foodstuffs, beverages
Major cities
(in number of inhabitants)
- Harare (capital): 2 million
- Bulawayo: 1 million
- Mutare: 162 000
2003-2004 Turnover evolution
in USD/ZWDPremiums | 2003 | 2004 | Growth rate |
---|---|---|---|
USD | 263 873 556 | 171 086 368 | -35% |
ZWD | 184 031 751 000 | 736 232 544 000 | - |
Premiums split by class of business in 2003-2004
2003 | 2004 | |||
---|---|---|---|---|
ZWD | USD | ZWD | USD | |
Motor | 113 216 241 000 | 162 334 879 | 350 584 744 000 | 81 469 192 |
Fire | 35 984 850 000 | 51 596 805 | 174 382 476 000 | 40 523 154 |
Misc. accident | 17 723 480 000 | 25 412 776 | 85 884 506 000 | 19 957 917 |
Credit | 2 501 167 000 | 3 586 293 | 3 580 931 000 | 832 140 |
Engineering | 7 083 056 000 | 10 156 026 | 35 757 043 000 | 8 309 253 |
Farming | 2 809 499 000 | 4 028 394 | 57 296 560 000 | 13 314 625 |
Aviation | 2 504 123 000 | 3 590 532 | 13 595 967 000 | 3 159 443 |
Marine | 2 209 335 000 | 3 167 851 | 15 150 317 000 | 3 520 644 |
Total | 184 031 751 000 | 263 873 556 | 736 232 544 000 | 171 086 368 |
Premiums split by class of business in 2004
2004 turnover by company
Company | Premiums in ZWD | Premiums in USD |
---|---|---|
NICOZ-DIAMOND | 193 885 766 800 | 45 055 345 |
ZIMNAT-LION | 92 727 886 000 | 21 548 188 |
ALTFIN | 92 720 467 500 | 21 546 464 |
CGU-RM | 68 135 395 500 | 15 833 363 |
EAGLE | 57 258 457 900 | 13 305 77 |
AIG | 44 619 056 000 | 10 368 616 |
JUPITER | 41 162 500 000 | 9 565 378 |
HERITAGE | 32 483 229 500 | 7 548 482 |
CELL | 30 000 000 000 | 6 971 426 |
TRISTAR | 28 219 762 000 | 6 557 733 |
SFG | 27 426 715 700 | 6 373 444 |
ALLIANCE | 13 000 000 000 | 3 020 951 |
GLOBAL | 4 032 919 500 | 937 173 |
REGAL | 2 890 107 000 | 671 606 |
QUALITY | 2 221 262 900 | 516 179 |
CHAMPION | 1 874 541 000 | 435 607 |
GALANT | 1 290 352 200 | 299 853 |
ECGC | 1 272 730 000 | 295 758 |
BROWNSTONE | 839 583 000 | 195 103 |
EXCELLENCE | 171 811 500 | 39 926 |
Total | 736 232 544 000 | 171 086 368 |
Exchange rate USD/ZWD as at 31/12 | 2000 | 2001 | 2002 | 2003 | 2004 |
44.418 | 55.052 | 55.036 | 697.424 | 4 303.280 |