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Market Research Report

The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022

Published by GlobalData Product code 661510
Published Content info 106 Pages
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The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022
Published: June 30, 2018 Content info: 106 Pages
Description

This report provides detailed analysis of the market trends, drivers and challenges in the Rwandan insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Rwandan economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

GlobalData's 'The Insurance Industry in Rwanda, Key Trends and Opportunities to 2022' report provides in-depth market analysis, information and insights into the Rwandan insurance industry, including -

  • The Rwandan insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Rwandan economy and demographics
  • Details of the competitive landscape in the Rwandan insurance industry
  • The various distribution channels in the Rwandan insurance industry
  • Details of regulatory policy applicable to the Rwandan insurance industry
  • Analysis of natural hazards in the Rwandan insurance industry.

Key Highlights:

  • Microinsurance is playing an important role in increasing the uptake of insurance products among the low-income population of the country.
  • Effective from January 2018, mandatory motor third party liability (MTPL) insurance premiums for both public and private vehicles increased up to 73%, to enable insurers to maintain financial stability.
  • Radiant Insurance Company, which was licensed in 2013, introduced microinsurance products in association with Tigo, a Mobile Network Operator (MNO), which targeted the low and middle income population.
  • The number of insurers operating in Rwanda increased from eight in 2013 to 14 in 2017 respectively.
  • Rwanda's compulsory social health insurance provided by community-based health insurance schemes drove the growth of the personal accident and health category.

Scope:

  • This report provides a comprehensive analysis of the insurance industry in Rwanda.
  • It provides historical values for the Rwandan insurance industry for the report's 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Rwandan insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Rwanda.
  • It profiles the top insurance companies in Rwanda, and outlines the key regulations affecting them.

Reasons to buy:

  • Make strategic business decisions using in-depth historic and forecast market data related to the Rwandan insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Rwandan insurance industry.
  • Assess the competitive dynamics in the Rwandan insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Rwandan insurance industry and their impact on companies and the industry's future.
Table of Contents
Product Code: GDIS1697MR

Table of Contents

1. Key Facts and Highlights

2. Executive Summary

3. Economy and Demographics

4. Industry Outlook

  • 4.1. Industry Indicators
    • 4.1.1. Direct written premium
    • 4.1.2. Insurance density

5. Life Insurance Outlook

  • 5.1. Segment Indicators
    • 5.1.1. Direct written premium
    • 5.1.2. Penetration
    • 5.1.3. Assets and investments

6. General Insurance Outlook

  • 6.1. Segment Indicators
    • 6.1.1. Direct written premium
    • 6.1.2. Penetration
    • 6.1.3. Assets and investments
  • 6.2. Property Insurance
    • 6.2.1. Direct written premium
    • 6.2.2. Penetration
  • 6.3. Motor Insurance
    • 6.3.1. Direct written premium
    • 6.3.2. Penetration
  • 6.4. Liability Insurance
    • 6.4.1. Direct written premium
    • 6.4.2. Penetration
  • 6.5. Personal Accident and Health Insurance
    • 6.5.1. Direct written premium
    • 6.5.2. Penetration
  • 6.6. Miscellaneous
    • 6.6.1. Direct written premium
    • 6.6.2. Penetration

7. Reinsurance Outlook

  • 7.1. Premium Ceded

8. Distribution Channel Outlook

9. Natural and Man-Made Hazard

  • 9.1. Flooding
  • 9.2. Droughts
  • 9.3. Landslides
  • 9.4. Wild Storms
  • 9.5. Earthquakes
  • 9.6. Man-Made Hazards
  • 9.7. Exposure

10. Competitive Landscape

  • 10.1. Company Profiles
    • 10.1.1. Sonarwa General Insurance Ltd - company overview
    • 10.1.2. Soras Assurances Generales Ltd - company overview
    • 10.1.3. Saham Assurance Rwanda Ltd - company overview
    • 10.1.4. RSSB - Medical Scheme (RSSB - MEDICAL) - company overview
    • 10.1.5. Mayfair Insurance company Rwanda Ltd - company overview

11. Governance, Risk and Compliance

  • 11.1. Legislation Overview and Historical Evolution
  • 11.2. Latest Changes in Regulation
  • 11.3. Legislation and Market Practice by Type of Insurance
    • 11.3.1. Life insurance
    • 11.3.2. Property insurance
    • 11.3.3. Motor insurance
    • 11.3.4. Liability insurance
    • 11.3.5. Marine, aviation and transit insurance
    • 11.3.6. Personal accident and health insurance
  • 11.4. Compulsory Insurance
    • 11.4.1. Professional indemnity insurance for insurance brokers, agents and loss adjusters
    • 11.4.2. Motor third-party liability insurance
    • 11.4.3. Social health insurance
  • 11.5. Supervision and Control
    • 11.5.1. International Association of Insurance Supervisors
    • 11.5.2. National Bank of Rwanda
  • 11.6. Non-Admitted Insurance Regulations
    • 11.6.1. Overview
    • 11.6.2. Intermediaries
    • 11.6.3. Market practices
    • 11.6.4. Fines and Penalties
  • 11.7. Company Registration and Operations
    • 11.7.1. Type of insurance organization
    • 11.7.2. Establishing a local company
    • 11.7.3. Foreign ownership
    • 11.7.4. Types of license
    • 11.7.5. Capital requirements
    • 11.7.6. Solvency margin
    • 11.7.7. Reserve requirements
    • 11.7.8. Investment regulations
    • 11.7.9. Statutory return requirements
    • 11.7.10. Fee structure
  • 11.8. Taxation
    • 11.8.1. Insurance premium or policy taxation
    • 11.8.2. Withholding taxes on premium paid overseas
    • 11.8.3. Corporate tax
    • 11.8.4. VAT
    • 11.8.5. Captives
  • 11.9. Legal System
    • 11.9.1. Introduction
    • 11.9.2. Access to court
    • 11.9.3. Alternative dispute resolution

12. Databook

  • 12.1. Life Insurance
    • 12.1.1. Policies and premium
    • 12.1.2. Claims and expenses
    • 12.1.3. Assets and investments
  • 12.2. General Insurance
    • 12.2.1. Policies and premium
    • 12.2.2. Assets and investments
    • 12.2.3. Property insurance
    • 12.2.4. Property insurance by category
    • 12.2.5. Motor insurance
    • 12.2.6. Motor insurance by category
    • 12.2.7. Liability insurance
    • 12.2.8. Personal accident and health insurance
    • 12.2.9. Miscellaneous

13. Definitions and Methodology

  • 13.1. Definitions
  • 13.2. Methodology

14. About GlobalData

  • 14.1. Contact GlobalData
  • 14.2. About GlobalData
  • 14.3. GlobalData's Services
  • 14.4. Disclaimer

List of Tables

  • Table 1: Rwandan Insurance Industry - Key Facts, 2017
  • Table 2: Rwandan Insurance Industry - Leading Insurers, 2017
  • Table 3: Rwandan Government Credit Ratings
  • Table 4: Rwandan Insurance Industry - Direct Written Premium (RWF Billion and US$ Million), 2013-2017
  • Table 5: Rwandan Insurance Industry - Direct Written Premium (RWF Billion and US$ Million), 2017-2022
  • Table 6: Rwandan Insurance Industry - Density (RWF), 2013-2017
  • Table 7: Rwandan Insurance Industry - Density (RWF), 2017-2022
  • Table 8: Rwandan Life Insurance - Direct Written Premium (RWF Billion and US$ Million), 2013-2017
  • Table 9: Rwandan Life Insurance - Direct Written Premium (RWF Billion and US$ Million), 2017-2022
  • Table 10: Rwandan Life Insurance - Total Investment Income (RWF Million and US$ Million), 2013-2017
  • Table 11: Rwandan Life Insurance - Total Investment Income (RWF Million and US$ Million), 2017-2022
  • Table 12: Rwandan Life Insurance - Investment Portfolio (RWF Billion), 2013-2017
  • Table 13: Rwandan Life Insurance - Investment Portfolio (RWF Billion), 2017-2022
  • Table 14: Rwandan General Insurance - Direct Written Premium (RWF Billion and US$ Million), 2013-2017
  • Table 15: Rwandan General Insurance - Direct Written Premium (RWF Billion and US$ Million), 2017-2022
  • Table 16: Rwandan General Insurance - Total Investment Income (RWF Billion and US$ Million), 2013-2017
  • Table 17: Rwandan General Insurance - Total Investment Income (RWF Billion and US$ Million), 2017-2022
  • Table 18: Rwandan General Insurance - Investment Portfolio (RWF Billion), 2013-2017
  • Table 19: Rwandan General Insurance - Investment Portfolio (RWF Billion), 2017-2022
  • Table 20: Rwandan Property Insurance - Direct Written Premium (RWF Billion and US$ Million), 2013-2017
  • Table 21: Rwandan Property Insurance - Direct Written Premium (RWF Billion and US$ Billion), 2017-2022
  • Table 22: Rwandan Motor Insurance - Direct Written Premium (RWF Billion and US$ Million), 2013-2017
  • Table 23: Rwandan Motor Insurance - Direct Written Premium (RWF Billion and US$ Million), 2017-2022
  • Table 24: Rwandan Liability Insurance - Direct Written Premium (RWF Million and US$ Thousand), 2013-2017
  • Table 25: Rwandan Liability Insurance - Direct Written Premium (RWF Million and US$ Thousand), 2017-2022
  • Table 26: Rwandan Personal Accident and Health Insurance - Direct Written Premium (RWF Billion and US$ Million), 2013-2017
  • Table 27: Rwandan Personal Accident and Health Insurance - Direct Written Premium (RWF Billion and US$ Million), 2017-2022
  • Table 28: Rwandan Miscellaneous - Direct Written Premium (RWF Billion and US$ Million), 2013-2017
  • Table 29: Rwandan Miscellaneous - Direct Written Premium (RWF Billion and US$ Million), 2017-2022
  • Table 30: Rwandan Reinsurance - Premium Ceded by Insurance Segment (RWF Billion), 2013-2017
  • Table 31: Rwandan Reinsurance - Premium Ceded by Insurance Segment (RWF Billion), 2017-2022
  • Table 32: Rwandan Insurance Companies, 2017

Table 33: Sonarwa General Insurance Limited - Key Facts

Table 34: Soras Assurances Generales Ltd - Key Facts

Table 35: Saham Assurance Rwanda Limited - Key Facts

Table 36: RSSB - Medical Scheme (RSSB - MEDICAL - Key Facts

Table 37: Mayfair Insurance company Rwanda ltd - Key Facts

  • Table 38: Rwanda - Insurance Regulatory Framework Key Features
  • Table 39: Rwanda - Pecuniary Sanctions
  • Table 40: Rwanda - Pecuniary Sanctions
  • Table 41: Rwanda - Life Insurance Regulatory Framework
  • Table 42: Rwanda - Property Insurance Regulatory Framework
  • Table 43: Rwanda - Motor Insurance Regulatory Framework
  • Table 44: Rwanda - Liability Insurance Regulatory Framework
  • Table 45: Rwanda - Investment Limits
  • Table 46: Rwanda - Fee Structure
  • Table 47: Rwanda - Corporate Tax Rates for the Financial Year 2017
  • Table 48: Rwandan Life Insurance - Policies and Premium, 2013-2017
  • Table 49: Rwandan Life Insurance - Policies and Premium, 2017-2022
  • Table 50: Rwandan Life Insurance - Claims and Expenses, 2013-2017
  • Table 51: Rwandan Life Insurance - Claims and Expenses, 2017-2022
  • Table 52: Rwandan Life Insurance - Assets and Investments, 2013-2017
  • Table 53: Rwandan Life Insurance - Assets and Investments, 2017-2022
  • Table 54: Rwandan General Insurance - Policies and Premium, 2013-2017
  • Table 55: Rwandan General Insurance - Policies and Premium, 2017-2022
  • Table 56: Rwandan General Insurance - Assets and Investments, 2013-2017
  • Table 57: Rwandan General Insurance - Assets and Investments, 2017-2022
  • Table 58: Rwandan General Insurance - Property Insurance, 2013-2017
  • Table 59: Rwandan General Insurance - Property Insurance, 2017-2022
  • Table 60: Rwandan General Insurance - Property Insurance by Category, 2013-2017
  • Table 61: Rwandan General Insurance - Property Insurance by Category, 2017-2022
  • Table 62: Rwandan General Insurance - Motor Insurance, 2013-2017
  • Table 63: Rwandan General Insurance - Motor Insurance, 2017-2022
  • Table 64: Rwandan General Insurance - Motor Insurance by Category, 2013-2017
  • Table 65: Rwandan General Insurance - Motor Insurance by Category, 2017-2022
  • Table 66: Rwandan General Insurance - Liability Insurance, 2013-2017
  • Table 67: Rwandan General Insurance - Liability Insurance, 2017-2022
  • Table 68: Rwandan General Insurance - Personal Accident and Health Insurance, 2013-2017
  • Table 69: Rwandan General Insurance - Personal Accident and Health Insurance, 2017-2022
  • Table 70: Rwandan General Insurance - Miscellaneous, 2013-2017
  • Table 71: Rwandan General Insurance - Miscellaneous, 2017-2022
  • Table 72: Insurance Industry Definitions

List of Figures

  • Figure 1: Rwandan Real GDP (RWF Trillion), 2013-2022
  • Figure 2: Rwandan Exchange Rate (RWF per US$), 2013-2022
  • Figure 3: Rwandan Consumer Price Inflation (%), 2013-2022
  • Figure 4: Rwandan Current Account Balance as Percentage of GDP (%), 2013-2022
  • Figure 5: Rwandan Unemployment Rate, 2013-2022
  • Figure 6: Rwandan Population by Age Group, 2013-2022
  • Figure 7: Rwandan Insurance Industry - Direct Written Premium (RWF Billion), 2013-2022
  • Figure 8: Rwandan Insurance Industry - Density (RWF), 2013-2022
  • Figure 9: Rwandan Life Insurance - Direct Written Premium (RWF Billion), 2013-2022
  • Figure 10: Rwandan Life Insurance - Penetration (%), 2013-2017
  • Figure 11: Rwandan Life Insurance - Penetration (%), 2017-2022
  • Figure 12: Rwandan Life Insurance - Total Investment Income (RWF Billion), 2013-2022
  • Figure 13: Rwandan Life Insurance - Investment Portfolio (RWF Billion), 2013-2022
  • Figure 14: Rwandan Life Insurance - Investment Portfolio Dynamics (RWF Billion), 2013-2022
  • Figure 15: Rwandan General Insurance - Direct Written Premium (RWF Billion), 2013-2022
  • Figure 16: Rwandan General Insurance - Penetration (%), 2013-2017
  • Figure 17: Rwandan General Insurance - Penetration (%), 2017-2022
  • Figure 18: Rwandan General Insurance - Total Investment Income (RWF Billion), 2013-2022
  • Figure 19: Rwandan General Insurance - Investment Portfolio (RWF Billion), 2013-2022
  • Figure 20: Rwandan General Insurance - Investment Portfolio Dynamics (RWF Billion), 2013-2022
  • Figure 21: Rwandan Property Insurance - Direct Written Premium (RWF Billion), 2013-2022
  • Figure 22: Rwandan Property Insurance - Penetration (%), 2013-2017
  • Figure 23: Rwandan Property Insurance - Penetration (%), 2017-2022
  • Figure 24: Rwandan Motor Insurance - Direct Written Premium (RWF Billion), 2013-2022
  • Figure 25: Rwandan Motor Insurance - Penetration (%), 2013-2017
  • Figure 26: Rwandan Motor Insurance - Penetration (%), 2017-2022
  • Figure 27: Rwandan Liability Insurance - Direct Written Premium (RWF Billion), 2013-2022
  • Figure 28: Rwandan Liability Insurance - Penetration (%), 2013-2017
  • Figure 29: Rwandan Liability Insurance - Penetration (%), 2017-2022
  • Figure 30: Rwandan Personal Accident and Health Insurance - Direct Written Premium (RWF Billion), 2013-2022
  • Figure 31: Rwandan Personal Accident and Health Insurance - Penetration (%), 2013-2017
  • Figure 32: Rwandan Personal Accident and Health Insurance - Penetration (%), 2017-2022
  • Figure 33: Rwandan Personal Accident and Health Insurance - Net Earned Premium (RWF Billion), 2013-2022
  • Figure 34: Rwandan Miscellaneous - Direct Written Premium (RWF Billion), 2013-2022
  • Figure 35: Rwandan Miscellaneous - Penetration (%), 2013-2017
  • Figure 36: Rwandan Miscellaneous - Penetration (%), 2017-2022
  • Figure 37: Rwandan Reinsurance - Premium Ceded by Insurance Segment (RWF Billion), 2013-2022
  • Figure 38: Rwanda - Insurance Supervision and Control at Various Levels
  • Figure 39: Rwanda - Insurance Regulatory Frameworks for Company Registration and Operation
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