The Zimbabwean insurance market

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Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Insurance and Pensions Commission
  • Life premiums(2013): 261 860 000 USD
  • Non life premiums (2013): 209 837 000 USD
  • Life and non life premiums(2013): 471 697 000 USD
  • Insurance density (2013): 35.7 USD
  • Penetration rate (2013): 4.5%

Insurance market structure 2013*

Market actors
Life
Non life
Total
Insurance companies1
102939
Reinsurance companies
21012
Insurance brokers
-3030
Reinsurance brokers
-33
Total
127284
* as at 31/12/2013
1 among the 29 authorized non life companies, five are not yet operational

Country profile

  • Area: 390 757 km2
  • Population (2013): 13 182 908 inhabitants
  • GDP (2013): 10.48 billion USD
  • GDP per capita (2013): 795 USD
  • GDP growth rate (2013): 3.2%
  • Inflation rate(2013): 8.5%
  • Main economic sectors: mining (coal, gold, platinum, copper, nickel, tin, clay, ore), metallurgy industry, wood, chemicals and fertilisers, textile and shoes, food industry and beverages.

Main cities

(per number of inhabitants in 2012)
  • Harare (capital): 1 485 231
  • Bulawayo: 653 337
  • Chitungwiza: 356 840
 

Premiums and results per non life company in 2013

in thousands USD
 Gross written premiumsMarket sharesNet written premiumsTechnical resultNet result
RM
28 35013.5%19 5658 4804 423
Nicoz
28 06513.4%16 7485 9581 014
Alliance
26 31312.5%9 0874 704768
Cell
22 18810.6%8 9376 1601 714
Zimnat Lion
18 5028.8%8 9704 0591 086
Eagle
14 8947.1%7 1424 2011 494
Champions
10 4595%3 7463 167530
Heritage
9 4754.5%4 6112 605247
Tetrad Hail
7 9693.8%3 4581 054524
C.B.Z
7 5623.6%3 5072 231458
Tristar
7 0513.4%3 6651 818-929
Credsure
5 0352.4%2 9031 654-450
Altfin
4 6562.2%3 1152 136-103
Clarion
3 9611.9%3 7441 583277
Evolution
3 6601.7%1 953837182
Quality
2 2971.1%1 939475359
Global
2 0761%1 48364474
Allied
1 8730.9%1 479655486
Hamilton
1 6470.8%836909217
Regal
1 5580.7%1 54191538
KMFS
9160.4%804383145
Excellence
7770.4%650308442
Sanctuary
5510.3%401110-878
Safel
2----95
Total
209 837100%110 28455 04612 023
1 14 companies

Non life turnover per class of business: 2012-2013

in thousands USD
 201220132012/2013
evolution		2013 shares
Motor
79 16186 6229.4%41.3%
Fire
41 05943 9157%20.9%
Personal accident
17 30219 20811%9.2%
Miscellaneous accident
14 33914 4911.1%6.9%
Credit/guarantee
6 52710 03653.8%4.8%
Engineering
10 0829 202-8.7%4.4%
Hail
5 5565 6682%2.7%
Marine
5 9855 055-15.5%2.4%
Aviation
4 2554 4825.3%2.1%
Others 1
9 73111 15814.66%5.3%
Total
193 997 209 837 8.2% 100%
1 including agricultural risks, third party liability and health

Breakdown of non life turnover pers class of business in 2013

1 including agricultural risks, third party liability and health

Premiums, incurred losses and management expenses of the top ten non life insurance companies in 2013

in thousands USD
 Net earned premiumsNet incurred lossesGross written premiumsManagement expenses 1
RM
18 8418 42628 3506 983
Nicoz
15 3057 44228 0657 042
Alliance
10 0715 23126 3134 410
Cell
8 9412 94122 1885 751
Zimnat Lion
7 8623 25518 5023 746
Eagle
7 0582 60414 8942 688
Champions
4 2561 11410 4593 113
Heritage
4 6552 0019 4752 570
Tetrad Hail
1 2791 0057 9692 688
C.B.Z
3 2631 1127 5621 605
Total of the top ten companies
81 531 35 131 173 777 40 596
Rest of the market 2
23 98910 50236 06012 241
Grand total
105 52045 633209 83752 837
1 including net commissions and operating expenses
2 14 companies

Technical ratios of the top ten non life insurance companies in 2013

 Net loss ratioExpenses ratio 1Combined ratio
RM
44.7%24.6%69.3%
Nicoz
48.6%25.1%73.7%
Alliance
51.9%16.8%68.7%
Cell
32.9%25.9%58.8%
Zimnat Lion
41.4%20.2%61.6%
Eagle
36.9%18%54.9%
Champions
26.2%29.8%56%
Heritage
43%27.1%70.1%
Tetrad Hail
78.6%33.7%112.3%
C.B.Z
34.1%21.2%55.3%
Total of the top ten companies
43.1% 23.4% 66.5%
Rest of the market 2
43.8%33.9%77.7%
Grand total
43.2%25.2%68.4%
1 including net commissions and operating expenses
214 companies

Gross written premiums per life insurance company:
2012-2013

in thousands USD
 201220132012/2013
evolution		2013 shares
Old Mutual
134 652139 1973.4%53.2%
Nyaradzo
-46 778-17.9%
FML
22 30528 39627.3%10.8%
Zimnat
12 33814 24515.4%5.4%
Fidelity
8 80111 97136.0%4.6%
CBZ Life
4 1387 66685.3%2.9%
Zb Life
6 8977 3586.7%2.8%
Altfin
4 5504 187-8.0%1.6%
Heritage
1 0811 41030.4%0.5%
Evolution
1 296652-49.7%0.3%
Total
196 058 261 860 33.6% 100%

Market shares of life insurance companies in 2013

Net written premiums per life insurance company:
2012-2013

in thousands USD
 201220132012/2013 evolution2013 shares
Old Mutual
134 202138 3843.1%53.6%
Nyaradzo
-46 778-18.1%
FML
22 18928 13926.8%10.9%
Zimnat
11 76513 35413.5%5.2%
Fidelity
8 52011 58235.9%4.5%
CBZ Life
3 9077 46491.0%2.9%
Zb Life
6 4606 7794.9%2.6%
Altfin
3 9893 668-8.0%1.4%
Heritage
1 0161 36234.1%0.5%
Evolution
55865317.0%0.3%
Total
192 606 258 163 34.0% 100%

Life insurance turnover per class of business: 2012-2013

in thousands USD
 201220132013 shares
Fund business
121 874139 30753.2%
Funeral insurance
15 41168 67526.2%
others 1
18 29328 98711.1%
Term assurance
8018 7893.4%
Whole life insurance
14 6218 5463.2%
Annuities
24 4514 6951.8%
Pure endownent
1251 8770.7%
Endowment
4829840.4%
Total
196 058 261 860 100%
1 including group life assurance

Breakdown of life insurance premiums per class of business in 2013

1 including group life assurance Source: Insurance and Pension Commision (IPEC), Zimbabwe
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Jeu, 19/06/2014 - 09:39
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