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  4. > Bancassurance in Mozambique: Current State and Future Perspectives to 2020

Finaccord’s report titled Bancassurance in Mozambique: Current State and Future Perspectives to 2020, plus the PartnerBASE™ and market data file that accompany it, provides comprehensive and detailed insights into the prospects for bancassurance in Mozambique.

In addition to offering a review of key macro-economic metrics in Mozambique, the research also provides a background to the banking sector through the following information: identification of the ten largest banks by number of retail banking customers; data to illustrate the development of the banking market including number of fully-licensed banks, deposit accounts, branches and ATMs and how each of these have developed since 2005; and review of the value and growth of the consumer mortgage and non-mortgage lending market.

The research then focuses specifically on bancassurance with commentary in several areas: the regulatory environment and general importance of banks as an insurance distribution channel; the insurance product range, operating models and bancassurance partnerships of the ten leading banks; and future outlook for the value of the life and non-life insurance market of Mozambique through to 2020.

Table Of Contents

Bancassurance in Mozambique: Current State and Future Perspectives to 2020
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ... 1
1.0 INTRODUCTION 3
What is this report about? .. 3
The development of the bancassurance channel in Mozambique is the focus of this report . 3
Rationale . 3
Sub-Saharan Africa hosts a number of fast-growing financial services markets… 3
… with bancassurance poised to grow in several of these .. 4
Methodology ... 4
Macro-economics, banking and insurance sectors .. 4
Survey of banks .. 4
Market data . 5
Definitions ... 5
Investment-related life insurance ... 5
Retirement savings . 6
Risk life insurance ... 6
Accident insurance . 6
Health / hospital cash plans ... 6
Medical expenses insurance .. 7
Personal motor insurance .. 7
Household insurance .. 7
Creditor insurance ... 7
Travel insurance . 7
Agricultural insurance . 8
Commercial insurance 8
Mortgages and consumer finance . 8
Weighted provider share of partnerships .. 8
Operating models ... 9
Abbreviations and exchange rates 9
PartnerBASE .. 9
Finaccord .. 10
2.0 MARKET ANALYSIS ... 11
Macro-economic background .. 11
Gross domestic product and purchasing power parity (PPP) 11
The economy of Mozambique is one of the most dynamic in sub-Saharan Africa… ... 11
… although the country remains one of the poorest in the world .. 11
Total population, age structure and level of urbanisation ... 12
Mozambique's population is on course to exceed 30 million for the first time by 2020… . 12
… with just over third of inhabitants likely to be living in an urban setting by that time . 12
Political risk 14
Recent years have seen an improvement in Mozambique's political stability ... 14
Other key indicators .. 15
Life expectancy at birth for men remains stubbornly below 50 .. 15
Mobile phone subscriptions per 100 inhabitants advanced from 7.2 in 2005 to 48.0 in 2013… .. 16
… with two important mobile money transfer services having been launched in recent times 16
Introduction to the banking sector ... 18
Structure of the banking sector 18
Portuguese banks hold majority stakes in the two largest banks in Mozambique… 18
..with overseas investment also having been made in a number of other leading banks. 18
Development of the banking sector . 20
There has been strong growth in number of branches, number of ATMs and number of deposit accounts ... 20
Consumer lending . 22
The very small mortgage lending market has grown fitfully in recent years… .. 22
… with home loans accessible to only a small proportion of the population . 22
Rapid and consistent growth has been achieved in Mozambique's non-mortgage consumer lending market ... 23
Introduction to the insurance sector 25
Non-life insurance makes up more than 85% of the country's total insurance market… . 25
… with motor insurance the largest single segment within it . 25
The bancassurance market . 28
Regulatory environment ... 28
The Insurance Act of 2011 allowed banks to distribute insurance products… . 28
Importance of bancassurance as a distribution channel 28
… which has helped them to build a very solid position in this market .. 28
Product range, operating models and partnerships of the ten leading banks ... 28
Each of the top ten banks in Mozambique is involved in bancassurance… . 28
… with two policy types on offer from all ten and two each from eight of the top ten ... 29
Five of the 15 insurance types researched are not available from any of the top ten banks 29
Captive arrangements play a prominent role in Mozambique's bancassurance market… .. 30
…with captive underwriter SIM ranked first by weighted share of partnerships… 30
… followed by Hollard which enjoys links with as many as five of the leading ten banks 31
Other captive insurance providers include Global Alliance and Tranquilidade . 31
Future outlook ... 34
The value of Mozambique's insurance market may have risen by more than three-fold by 2020 ... 34

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY ... 1
Bancassurance in Mozambique: key data points . 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS ... 11
GDP in current prices and PPP (purchasing power parity) per capita in Mozambique, 2008 to 2020 (forecast) ... 12
Total population and level of urbanisation in Mozambique, 2008 to 2020 (forecast) ... 13
Population age structure in Mozambique, 2014 . 13
Key economic indicators for Mozambique, 2008, 2014 and 2020 (forecast) (table) 14
Index of political stability, regulatory quality and rule of law in Mozambique, 1996 to 2012 15
Life expectancy at birth in Mozambique, 2005 to 2013 .. 16
Mobile phone subscriptions, fixed broadband subscriptions and fixed phone lines per 100 people in Mozambique, 2005 to 2013 . 17
Other key indicators for Mozambique, 2005 to 2013 (table) .. 17
Ultimate holding companies and credit ratings of the ten largest retail banking organisations in Mozambique, 2014 .. 19
Total assets, number of customers and number of branches of the ten largest retail banking organisations in Mozambique, 2014... 19
Number of fully-licensed banks and deposit accounts in Mozambique, 2005 to 2013 20
Number of branches and ATMs per 100,000 adults in Mozambique, 2005 to 2013 ... 21
Key banking sector indicators for Mozambique, 2005 to 2013 (table) .. 21
Residential mortgage lending balances outstanding in Mozambique (absolute and per capita), 2009 to 2013 .. 23
Consumer non-mortgage lending balances outstanding in Mozambique (absolute and per capita), 2009 to 2013 .. 24
Key data points for the consumer lending market in Mozambique, 2009 to 2013 (table) 24
Gross written premiums for life and non-life insurance in Mozambique, 2009 to 2013 ... 25
Gross written premiums per capita and as percentage of GDP in Mozambique, 2009 to 2013 . 26
Gross written premiums for life and non-life insurance in Mozambique, 2009 to 2013 (table) 26
(table) 26
Segmentation of non-life insurance gross written premiums in Mozambique, 2013 27
Involvement in bancassurance of the ten largest retail banking organisations in Mozambique: provision of bundled and stand-alone products, 2014 ... 29
Overview of provision rates for different types of insurance offered by the ten largest retail banking organisations in Mozambique, 2014 ... 30
Bancassurance in Mozambique: provision rates, weighted operating models and weighted provider share of partnerships, 2014 ... 32
Summary of use of captive and joint venture bancassurance partners by the ten largest retail banking organisations in Mozambique, 2014 ... 33
Summary of use of external bancassurance partners by the ten largest retail banking organisations in Mozambique, 2014 .. 33
Forecast for gross written premiums for life and non-life insurance in Mozambique to 2020 .. 34

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