The Insurance Industry in Rwanda, Key Trends and Opportunities to 2021

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Published: October 06, 2017 Report Code: GD-IS1588MR-ST

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GlobalData’s 'The Insurance Industry in Rwanda, Key Trends and Opportunities to 2021' 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, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

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.

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 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key segments in the Rwandan insurance industry, along with market forecasts until 2021.

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

• It analyzes the various distribution channels in Rwanda.

• It profiles the top insurance companies in Rwanda and outlines the key regulations affecting them.

Key Highlights

• On March 20, 2017, the National Bank of Rwanda (BNR) issued a regulation which aims to establish administrative and pecuniary sanctions applicable to insurers for violations of the law governing the organization of insurance business and the implementation of regulations, directives and decisions of the BNR.

• As of June 2016, the financial sector of Rwanda was well capitalized, with its assets growth increasing from 53.8% in June 2015 to 55.0% in June 2016. The country has 494 microfinance institutions, 88 foreign exchange bureaus, 63 pension schemes and 17 banks.

• In 2016, the Rwanda Revenue Authority implemented a new tax policy. The raised tax rate will discourage used car imports and support cuts on carbon emissions. The policy mainly targets vehicles that are more than one year old.

• The Rwandan insurance industry comprises 15 insurance providers, of which nine are non-life insurers, four are life insurance providers and two are public medical insurers.

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.

Sonarwa General Insurance Ltd
Soras Assurances Generales Ltd
Saham Assurance Rwanda Ltd
Prime Insurance Ltd
Radiant Insurance Company
BK General Insurance Ltd
Corar AG Limited
UAP Insurance Rwanda Ltd
Phoenix Assurance Rwanda
Military Medical Insurance
RSSB – Medical Scheme

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

4.2.2 Insurance density

4.2.3 Assets and investments

5 Life Insurance

6 Non-Life Insurance

6.1 Property Insurance

6.1.1 Gross written premium

6.1.2 Penetration

6.2 Motor Insurance

6.2.1 Gross written premium

6.2.2 Penetration

6.3 Liability Insurance

6.3.1 Gross written premium

6.3.2 Penetration

6.4 Marine, Aviation and Transit Insurance

6.4.1 Gross written premium

6.4.2 Penetration

7 Personal Accident and Health Insurance

8 Reinsurance

8.1 Premium Ceded

9 Distribution Channel Outlook

10 Natural and Man-Made Hazards

10.1 Flooding

10.2 Droughts

10.3 Landslides

10.4 Windstorms

10.5 Earthquakes

10.6 Exposure

11 Competitive Landscape

11.1 Company Profiles

11.1.1 Sonarwa General Insurance Ltd – company overview

11.1.2 Soras Assurances Generales Ltd – company overview

11.1.3 Saham Assurance Rwanda Ltd – company overview

11.1.4 Prime Insurance Ltd – company overview

11.1.5 Radiant Insurance Company – 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 Professional indemnity insurance for insurance brokers, agents and loss adjusters

12.4.2 Motor third-party liability insurance

12.4.3 Social health insurance

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 National Bank of Rwanda

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 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 category

13.2.6 Motor insurance

13.2.7 Motor insurance by product

13.2.8 Liability insurance

13.2.9 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 GlobalData

15.1 Contact GlobalData

15.2 About GlobalData

15.3 GlobalData’s Services

15.4 Disclaimer

Table

Table 1: Rwanda Insurance Industry – Key Facts, 2016

Table 2: Rwanda Insurance Industry – Leading Insurers, 2016

Table 3: Rwandan Government Credit Ratings

Table 4: Rwandan Insurance Industry – Gross Written Premium by Segment (RWF Billion), 2012–2016

Table 5: Rwandan Insurance Industry – Gross Written Premium by Segment (RWF Billion), 2016–2021

Table 6: Rwandan Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (RWF), 2012–2016

Table 7: Rwandan Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (RWF), 2016–2021

Table 8: Rwandan Insurance Industry – Total Investment Income by Segment (RWF Billion), 2012–2016

Table 9: Rwandan Insurance Industry – Total Investment Income by Segment (RWF Billion), 2016–2021

Table 10: Rwanda Life Insurance – Gross Written Premium (RWF Billion and US$ Million), 2012–2016

Table 11: Rwanda Life Insurance – Gross Written Premium (RWF Billion and US$ Million), 2016–2021

Table 12: Rwanda Non-Life Insurance – Gross Written Premium (RWF Billion and US$ Million), 2012–2016

Table 13: Rwanda Non-Life Insurance – Gross Written Premium (RWF Billion and US$ Million), 2016–2021

Table 14: Rwandan Property Insurance – Gross Written Premium (RWF Billion and US$ Million), 2012–2016

Table 15: Rwandan Property Insurance – Gross Written Premium (RWF Billion and US$ Million), 2016–2021

Table 16: Rwandan Motor Insurance – Gross Written Premium (RWF Billion and US$ Million), 2012–2016

Table 17: Rwandan Motor Insurance – Gross Written Premium (RWF Billion and US$ Million), 2016–2021

Table 18: Rwandan Liability Insurance – Gross Written Premium (RWF Billion and US$ Million), 2012–2016

Table 19: Rwandan Liability Insurance – Gross Written Premium (RWF Billion and US$ million), 2016–2021

Table 20: Rwandan Marine, Aviation and Transit Insurance – Gross Written Premium (RWF Billion and US$ Million), 2012–2016

Table 21: Rwandan Marine, Aviation and Transit Insurance – Gross Written Premium (RWF Billion and US$ Million), 2016–2021

Table 22: Rwandan Personal Accident and Health Insurance – Gross Written Premium (RWF Billion and US$ Million), 2012–2016

Table 23: Rwandan Personal Accident and Health Insurance – Gross Written Premium (RWF Billion and US$ Million), 2016–2021

Table 24: Rwandan Reinsurance – Premium Ceded by Insurance Segment (RWF Million), 2012–2016

Table 25: Rwandan Reinsurance – Premium Ceded by Insurance Segment (RWF Million), 2016–2021

Table 26: Rwandan Average Annual Loss by Hazard (US$ Million), 1990–2014

Table 27: Rwanda – Leading Insurance Companies, 2016

Table 28: Sonarwa General Insurance Limited – Key Facts

Table 29: Soras Assurances Generales Ltd – Key Facts

Table 30: Saham Assurance Rwanda Limited – Key Facts

Table 31: Prime Insurance Ltd – Key Facts

Table 32: Radiant Insurance Company – Key Facts

Table 33: Rwanda – Insurance Regulatory Framework Key Features

Table 34: Rwanda – Pecuniary Sanctions

Table 35: Rwanda – Life Insurance Regulatory Framework

Table 36: Rwanda – Property Insurance Regulatory Framework

Table 37: Rwanda – Motor Insurance Regulatory Framework

Table 38: Rwanda – Liability Insurance Regulatory Framework

Table 39: Rwanda – Investment Limits

Table 40: Rwanda – Fee Structure

Table 41: Rwanda – Corporate Tax Rates for the Financial Year 2017

Table 42: Rwandan Life Insurance – Policies and Premium, 2012–2016

Table 43: Rwandan Life Insurance – Policies and Premium, 2016–2021

Table 44: Rwandan Life Insurance – Assets and Investments, 2012–2016

Table 45: Rwandan Life Insurance – Assets and Investments, 2016–2021

Table 46: Rwandan Non-Life Insurance – Policies and Premium, 2012–2016

Table 47: Rwandan Non-Life Insurance – Policies and Premium, 2016–2021

Table 48: Rwandan Non-Life Insurance – Claims and Expenses, 2012–2016

Table 49: Rwandan Non-Life Insurance – Claims and Expenses, 2016–2021

Table 50: Rwandan Non-Life Insurance – Assets and Investments, 2012–2016

Table 51: Rwandan Non-Life Insurance – Assets and Investments, 2016–2021

Table 52: Rwandan Non-Life Insurance – Property Insurance, 2012–2016

Table 53: Rwandan Non-Life Insurance – Property Insurance, 2016–2021

Table 54: Rwandan Non-Life Insurance – Property Insurance by Category, 2012–2016

Table 55: Rwandan Non-Life Insurance – Property Insurance by Category, 2016–2021

Table 56: Rwandan Non-Life Insurance – Motor Insurance, 2012–2016

Table 57: Rwandan Non-Life Insurance – Motor Insurance, 2016–2021

Table 58: Rwandan Non-Life Insurance – Motor Insurance by Category, 2012–2016

Table 59: Rwandan Non-Life Insurance – Motor Insurance by Category, 2016–2021

Table 60: Rwandan Non-Life Insurance – Liability Insurance, 2012–2016

Table 61: Rwandan Non-Life Insurance – Liability Insurance, 2016–2021

Table 62: Rwandan Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016

Table 63: Rwandan Non-Life Insurance – Marine, Aviation and Transit Insurance, 2016–2021

Table 64: Rwandan Personal Accident and Health Insurance – Policies and Premium, 2012–2016

Table 65: Rwandan Personal Accident and Health Insurance – Policies and Premium, 2016–2021

Table 66: Rwandan Personal Accident and Health Insurance – Claims and Expenses, 2012–2016

Table 67: Rwandan Personal Accident and Health Insurance – Claims and Expenses, 2016–2021

Table 68: Rwandan Personal Accident and Health Insurance – Assets and Investments, 2012–2016

Table 69: Rwandan Personal Accident and Health Insurance – Assets and Investments, 2016–2021

Table 70: Insurance Industry Definitions

Figures

Figure 1: Rwandan Real GDP (RWF Trillion), 2012–2021

Figure 2: Rwandan Consumer Price Inflation (%), 2012–2021

Figure 3: Rwandan Current Account Balance (% of GDP), 2012–2016

Figure 4: Rwandan Unemployment Rate, 2012–2021

Figure 5: Rwandan Population by Age Group, 1991–2025

Figure 6: Rwandan Life Insurance Penetration – Regional Comparison (%), 2016

Figure 7: Rwandan Non-Life Insurance Penetration – Regional Comparison (%), 2016

Figure 8: Rwandan Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2016

Figure 9: Rwandan Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2016

Figure 10: Rwandan Insurance Industry – Gross Written Premium by Segment (RWF Billion), 2012–2021

Figure 11: Rwandan Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (RWF) , 2012–2021

Figure 12: Rwandan Insurance Industry – Total Investment Income by Segment (RWF Billion), 2012–2021

Figure 13: Rwandan Life Insurance – Gross Written Premium (RWF Billion), 2012–2021

Figure 14: Rwandan Non-Life Insurance – Gross Written Premium (RWF Billion), 2012–2021

Figure 15: Rwandan Property Insurance – Gross Written Premium (RWF Billion), 2012–2021

Figure 16: Rwandan Property Insurance – Penetration (%), 2012–2016

Figure 17: Rwandan Property Insurance – Penetration (%), 2016–2021

Figure 18: Rwandan Motor Insurance – Gross Written Premium (RWF Billion), 2012–2021

Figure 19: Rwandan Motor Insurance – Penetration (%), 2012–2016

Figure 20: Rwandan Motor Insurance – Penetration (%), 2016–2021

Figure 21: Rwandan Liability Insurance – Gross Written Premium (RWF Billion), 2012–2021

Figure 22: Rwandan Liability Insurance – Penetration (%), 2012–2016

Figure 23: Rwandan Liability Insurance – Penetration (%), 2016–2021

Figure 24: Rwandan Marine, Aviation and Transit Insurance – Gross Written Premium (RWF Billion), 2012–2021

Figure 25: Rwandan Marine, Aviation and Transit Insurance – Penetration (%), 2012–2016

Figure 26: Rwandan Marine, Aviation and Transit Insurance – Penetration (%), 2016–2021

Figure 27: Rwandan Personal Accident and Health Insurance – Gross Written Premium (RWF Billion), 2012–2021

Figure 28: Rwandan Reinsurance – Premium Ceded by Life Insurance Segment (RWF Billion), 2012–2021

Figure 29: Rwanda Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2021

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

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

Figure 32: Rwanda – Insurance Supervision and Control at Various Levels

Figure 33: Rwanda – Insurance Regulatory Frameworks for Company Registration and Operation

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