The Insurance Industry in Mozambique, Key Trends and Opportunities to 2020

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Published: January 19, 2017 Report Code: GD-IS1381MR-ST

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Key Players
Table of Contents
Table
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GlobalData’s 'The Insurance Industry in Mozambique, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Mozambican insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also gives a comprehensive overview of the Mozambican economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes analysis of the impact of natural hazards on the insurance industry.

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.

Scope

This report provides a comprehensive analysis of the insurance industry in Mozambique:

• It provides historical values for the Mozambican insurance industry for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key segments in the Mozambican insurance industry, with market forecasts to 2020.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It profiles the top insurance companies in Mozambique, and highlights recent developments.

• It covers the economic and demographic structure of Mozambique.

• It analyzes the impact of natural hazards in the Mozambican insurance industry.

Key Highlights

• According to the Finscope Consumer Survey, in 2014 only 24.0% of adults in urban areas had access to formal financial services.

• The life segment accounted for 18.0% of the industry's gross written premium in 2015.

• The personal accident and health segment accounted for 10.3% of the industry's gross written premium in 2015.

• As of 2015, there were 18 operational insurance companies, of which four were composite, three were life and 11 were non-life insurers.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Mozambican insurance industry, and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Mozambican insurance industry.

• Assess the competitive dynamics in the Mozambican insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Mozambican insurance industry, and their impact on companies and the industry's future.

Global Alliance – Seguros,Empresa Moçambicana de Seguros,Seguradora Internacional de Moçambique, SA (SIM),Hollard Moçambique Companhia de Seguros SARL,Austral Seguros, SA

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHY

4 INDUSTRY OUTLOOK

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

4.2.2 Claims

4.2.3 Assets and investments

5 LIFE INSURANCE OUTLOOK

5.1 Life Insurance

5.1.1 Gross written premium

6 NON-LIFE INSURANCE OUTLOOK

6.1 Property Insurance

6.1.1 Gross written premium

6.1.2 Profitability

6.2 Motor Insurance

6.2.1 Gross written premium

6.2.2 Profitability

6.3 Liability Insurance

6.3.1 Gross written premium

6.3.2 Profitability

6.4 Marine, Aviation and Transit Insurance

6.4.1 Gross written premium

6.4.2 Profitability

7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK

7.1 Personal Accident and Health Insurance

7.1.1 Gross written premium

7.1.2 Profitability

8 REINSURANCE OUTLOOK

8.1 Premium Ceded

9 DISTRIBUTION CHANNEL OUTLOOK

10 NATURAL HAZARDS

10.1 Flooding

10.2 Droughts

10.3 Man Made Hazards

10.4 Epidemics

10.5 Exposure

11 COMPETITIVE LANDSCAPE

11.1 Company Profiles

11.1.1 Global Alliance – Seguros, SA – company overview

11.1.2 Empresa Moçambicana de Seguros, SA (EMOSE) – company overview

11.1.3 Seguradora Internacional de Moçambique, SA (SIM) – company overview

11.1.4 Hollard Moçambique Companhia de Seguros SARL – company overview

11.1.5 Austral Seguros, SA – company overview

12 GOVERNANCE, RISK AND COMPLIANCE

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulation

12.3 Legislation and Market Practice by Type of Insurance

12.3.1 Life insurance

12.3.2 Property insurance

12.3.3 Motor insurance

12.3.4 Liability insurance

12.3.5 Marine, aviation and transit insurance

12.3.6 Personal accident and health insurance

12.4 Compulsory Insurance

12.4.1 Motor third-party liability insurance

12.4.2 Social security system

12.4.3 Professional indemnity insurance for insurance intermediaries

12.4.4 Aviation liability insurance

12.4.5 Liability insurance for ships with respect to oil pollution

12.4.6 Workmen's compensation insurance

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 African Insurance Organization

12.5.3 Instituto de Supervisão de Seguros de Moçambique

12.6 Non-Admitted Insurance Regulations

12.6.1 Overview

12.6.2 Intermediaries

12.6.3 Market practices

12.6.4 Fines and Penalties

12.7 Company Registration and Operations

12.7.1 Type of insurance organization

12.7.2 Establishing a local company

12.7.3 Foreign ownership

12.7.4 Types of license

12.7.5 Capital requirements

12.7.6 Solvency margin

12.7.7 Reserve requirements

12.7.8 Investment regulations

12.7.9 Statutory return requirements

12.7.10 Fee structure

12.8 Taxation

12.8.1 Insurance premium or policy taxation

12.8.2 Withholding taxes on premium paid overseas

12.8.3 Corporate tax

12.8.4 VAT

12.8.5 Captives

12.9 Legal System

12.9.1 Introduction

12.9.2 Access to court

12.9.3 Alternative dispute resolution

13 DATABOOK

13.1 Life Insurance

13.1.1 Policies and premium

13.1.2 Claims and expenses

13.1.3 Assets and investments

13.2 Non-Life Insurance

13.2.1 Policies and premium

13.2.2 Claims and expenses

13.2.3 Assets and investments

13.2.4 Property insurance

13.2.5 Property insurance by product

13.2.6 Motor insurance

13.2.7 Liability insurance

13.2.8 Marine, aviation and transit insurance

13.3 Personal Accident and Health Insurance

13.3.1 Policies and premium

13.3.2 Claims and expenses

13.3.3 Assets and investments

14 DEFINITIONS AND METHODOLOGY

14.1 Definitions

14.2 Methodology

15 ABOUT TIMETRIC

15.1 Contact GlobalData

15.2 About GlobalData

15.3 GlobalData’s Services

15.4 Disclaimer

Table

Table 1: Mozambican Insurance Industry – Key Facts, 2015

Table 2: Mozambican Insurance Industry – Leading Insurers, 2015

Table 3: Mozambican Government Credit Ratings

Table 4: Mozambican Insurance Industry – Gross Written Premium by Segment (MZN Billion), 2011–2015

Table 5: Mozambican Insurance Industry – Gross Written Premium by Segment (MZN Billion), 2015–2020

Table 6: Mozambican Insurance Industry – Paid Claims by Segment (MZN Million), 2011–2015

Table 7: Mozambican Insurance Industry – Paid Claims by Segment (MZN Million), 2015–2020

Table 8: Mozambican Insurance Industry – Total Assets by Segment (MZN Billion), 2011–2015

Table 9: Mozambican Insurance Industry – Total Assets by Segment (MZN Billion), 2015–2020

Table 10: Mozambican Insurance Industry – Total Investment Income by Segment (MZN Million), 2011–2015

Table 11: Mozambican Insurance Industry – Total Investment Income by Segment (MZN Million), 2015–2020

Table 12: Mozambican Life Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015

Table 13: Mozambican Life Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020

Table 14: Mozambican Property Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015

Table 15: Mozambican Property Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020

Table 16: Mozambican Property Insurance – Loss Ratio (%), 2011–2015

Table 17: Mozambican Property Insurance – Loss Ratio (%), 2015–2020

Table 18: Mozambican Motor Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015

Table 19: Mozambican Motor Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020

Table 20: Mozambican Motor Insurance – Loss Ratio (%), 2011–2015

Table 21: Mozambican Motor Insurance – Loss Ratio (%), 2015–2020

Table 22: Mozambican Liability Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015

Table 23: Mozambican Liability Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020

Table 24: Mozambican Liability Insurance – Loss Ratio (%), 2011–2015

Table 25: Mozambican Liability Insurance – Loss Ratio (%), 2015–2020

Table 26: Mozambican Marine, Aviation and Transit Insurance – Gross Written Premium (MZN Million and US$ Million), 2011–2015

Table 27: Mozambican Marine, Aviation and Transit Insurance – Gross Written Premium (MZN Million and US$ Million), 2015–2020

Table 28: Mozambican Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 29: Mozambican Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 30: Mozambican Personal Accident and Health Insurance – Gross Written Premium (MZN Billion and US$ Million), 2011–2015

Table 31: Mozambican Personal Accident Insurance – Gross Written Premium (MZN Billion and US$ Million), 2015–2020

Table 32: Mozambican Personal Accident and Health Insurance – Loss Ratio (%), 2011–2015

Table 33: Mozambican Personal Accident and Health Insurance – Loss Ratio (%), 2015–2020

Table 34: Mozambican Reinsurance – Premium Ceded by Insurance Segment (MZN Billion), 2011–2015

Table 35: Mozambican Reinsurance – Premium Ceded by Insurance Segment (MZN Billion), 2015–2020

Table 36: Mozambican Insurance Industry – Segment Shares (%) of Leading Life Insurers, 2015

Table 37: Mozambican Insurance Industry – Segment Shares (%) of Leading Non-Life Insurers, 2015

Table 38: Global Alliance – Seguros, SA – Key Facts

Table 39: Empresa Moçambicana de Seguros, SA (EMOSE) – Key Facts

Table 40: Seguradora Internacional de Moçambique, SA (SIM) – Key Facts

Table 41: Hollard Moçambique Companhia de Seguros SARL – Key Facts

Table 42: Austral Seguros, SA – Key Facts

Table 43: Mozambique – Insurance Regulatory Framework Key Features

Table 44: Mozambique– Life Insurance Regulatory Framework

Table 45: Mozambique – Property Insurance Regulatory Framework

Table 46: Mozambique– Motor Insurance Regulatory Framework

Table 47: Mozambique – Liability Insurance Regulatory Framework

Table 48: Mozambique – Spread of Assets Representing Technical Reserves

Table 49: Mozambique – Corporate Tax Rates for the Financial Year 2016

Table 50: Mozambican Life Insurance – Policies and Premium, 2011–2015

Table 51: Mozambican Life Insurance – Policies and Premium, 2015–2020

Table 52: Mozambican Life Insurance – Claims and Expenses, 2011–2015

Table 53: Mozambican Life Insurance – Claims and Expenses, 2015–2020

Table 54: Mozambican Life Insurance – Assets and Investments, 2011–2015

Table 55: Mozambican Life Insurance – Assets and Investments, 2015–2020

Table 56: Mozambican Non-Life Insurance – Policies and Premium, 2011–2015

Table 57: Mozambican Non-Life Insurance – Policies and Premium, 2015–2020

Table 58: Mozambican Non-Life Insurance – Claims and Expenses, 2011–2015

Table 59: Mozambican Non-Life Insurance – Claims and Expenses, 2015–2020

Table 60: Mozambican Non-Life Insurance – Assets and Investments, 2011–2015

Table 61: Mozambican Non-Life Insurance – Assets and Investments, 2015–2020

Table 62: Mozambican Non-Life Insurance – Property Insurance, 2011–2015

Table 63: Mozambican Non-Life Insurance – Property Insurance, 2015–2020

Table 64: Mozambican Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 65: Mozambican Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 66: Mozambican Non-Life Insurance – Motor Insurance, 2011–2015

Table 67: Mozambican Non-Life Insurance – Motor Insurance, 2015–2020

Table 68: Mozambican Non-Life Insurance – Liability Insurance, 2011–2015

Table 69: Mozambican Non-Life Insurance – Liability Insurance, 2015–2020

Table 70: Mozambican Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 71: Mozambican Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 72: Mozambican Personal Accident and Health Insurance – Policies and Premium, 2011–2015

Table 73: Mozambican Personal Accident and Health Insurance – Policies and Premium, 2015–2020

Table 74: Mozambican Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 75: Mozambican Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 76: Mozambican Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 77: Mozambican Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 78: Insurance Industry Definitions

Figures

Figure 1: Mozambican Real GDP (MZN Billion), 2011–2020

Figure 2: Mozambican Consumer Price Inflation (%), 2011–2020

Figure 3: Mozambican Current Account Balance as Percentage of GDP (%), 2011–2020

Figure 4: Mozambican (MNZ-US$) Exchange Rate, 2011–2020

Figure 5: Mozambican Unemployment Rate, 2011–2020

Figure 6: Mozambican Population by Age Group, 1990–2025

Figure 7: Mozambican Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Mozambican Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 9: Mozambican Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 10: Mozambican Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 11: Mozambican Insurance Industry – Gross Written Premium by Segment, 2011–2020

Figure 12: Mozambican Insurance Industry – Paid Claims by Segment (MZN Million), 2011–2020

Figure 13: Mozambican Insurance Industry – Total Assets by Segment (MZN Billion), 2011–2020

Figure 14: Mozambican Insurance Industry – Total Investment Income by Segment (MZN Million), 2011–2020

Figure 15: Mozambican Individual Life Insurance – Gross Written Premium (MZN Billion), 2011–2020

Figure 16: Mozambican Property Insurance – Gross Written Premium (MZN Billion), 2011–2020

Figure 17: Mozambican Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Million and %), 2011–2020

Figure 18: Mozambican Motor Insurance – Gross Written Premium (MZN Billion), 2011–2020

Figure 19: Mozambican Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Billion and %), 2011–2020

Figure 20: Mozambican Liability Insurance – Gross Written Premium (MZN Billion), 2011–2020

Figure 21: Mozambican Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Million and %), 2011–2020

Figure 22: Mozambican Marine, Aviation and Transit Insurance – Gross Written Premium (MZN Million), 2011–2020

Figure 23: Mozambican Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Million and %), 2011–2020

Figure 24: Mozambican Personal Accident Insurance – Gross Written Premium (MZN Million), 2011–2020

Figure 25: Mozambican Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (MZN Million and %), 2011–2020

Figure 26: Mozambican Reinsurance – Premium Ceded by Insurance Segment (MZN Billion), 2011–2020

Figure 27: Mozambican Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 28: Mozambican Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 29: Mozambican Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 30: Mozambican – Frequency of Hazards by Type, 1990–2014

Figure 31: Mozambican Mortality by Hazards Type, 1990–2014

Figure 32: Mozambican Economic Loss by Hazards Type, 1990–2014

Figure 33: Mozambican Insurance Industry – Segment Shares (%) of Leading Life Insurers, 2015

Figure 34: Mozambican Insurance Industry – Segment Shares (%) of Leading Non-Life Insurers, 2015

Figure 35: Mozambique – Insurance Supervision and Control at Various Levels

Figure 36: Mozambique – Insurance Regulatory Frameworks for Company Registration and Operation

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