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Zambia Insurance Report Q4 2016

  • August 2016
  • -
  • Business Monitor International
  • -
  • 50 pages

Includes 3 FREE quarterly updates

BMI View: Although growing rapidly, Zambia's insurance market is still small in terms of total premiumswritten, indicating an industry which is still in the early stages of development. The key drivers of growthinclude improving household income and employment rates, the expansion of the range of productsavailable in the market (including the use of microinsurance products) and growing, innovative distributionchannels. While all positive trends, the market will continue to be held back by widespread poverty, highlevels of informal employment and low life expectancy rates - as well as the impact of inflation and thedepreciating value of the kwacha.Key Updates & Forecasts

- The Insurers Association of Zambia (IAZ) has noted challenges in the market, including a lack ofliquidity which is affecting premium payments and hampering growth - premiums with debt ratios areexpected to reach around 60% in 2016. The IAZ is targeting 6mn insurance customers by 2019.

- Regulatory changes are needed to stimulate further growth in the market. One of the leading localproviders, ZSIC General Insurance, has noted the introduction of compulsory home insurance wouldpromote growth in light of the rapid rate of housing construction, although at present the governmentdoes not have any reported plans to make property insurance a mandatory line.

- The small life insurance sector is expected to see steady growth over the course of the forecast period,although we do note inflation is distorting growth rates. In local currency terms we forecast 10.1% annualgrowth in premiums, on average, between 2016 and 2020, with slower growth in US dollar terms.

Table Of Contents

Zambia Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Zambia 2013-2020) 5
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Zambia 2013-2020) 12
Table: Life Insurance Claims (Zambia 2008-2013) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Zambia 2013-2020) 16
Table: Non-Life Insurance Claims (Zambia 2009-2013) 16
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Zambia 2013-2020) 23
Insurance Risk/Reward Index 24
Sub-Saharan Africa Risk/Reward Index 24
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q416 24
Market Overview 26
Life Market Overview 26
The Product Offering 26
The Competitive Landscape 27
Table: Life Market Share (USDmn), 2010-2013 29
Non-Life Market Overview 30
The Product Offering 30
The Competitive Landscape 30
Table: Non-Life Market Shares (USDmn), 2010-2013 32
Company Profile 34
African Life 34
Madison 37
Methodology 44
Industry Forecast Methodology 44
Risk/Reward Index Methodology 47
Table: Indicators 49
Table: Weighting of Indicators 50

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