Zimbabwe Insurance Industry – Key Trends and Opportunities to 2027
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Zimbabwe Insurance Market Overview
The gross written premium of the Zimbabwe insurance market was ZWL253.6 billion ($634.1 million) in 2022. The market is expected to achieve a CAGR of more than 56% during 2023-2027. The Zimbabwe insurance market research report provides in-depth market analysis, information, and insights into the Zimbabwe insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Zimbabwe Insurance Market Outlook, 2022-2027 (ZWL Billion)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Zimbabwe economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives 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.
Market Size (2022) | ZWL253.6 billion ($634.1 million) |
CAGR (2023-2027) | >56% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Leading Companies | · Nyaradzo
· Doves · Econet · Old Mutual Life · Zimnat Life · Zimnat Lion · Nicoz Diamond · Alliance · Cell Insurance |
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Zimbabwe Insurance Market Trends
Microinsurance, funeral insurance, and agriculture insurance are the key market trends impacting the Zimbabwean insurance industry.
For instance, in May 2023, Old Mutual Zimbabwe launched the O’mari app which provides a variety of financial services including mobile money services, digital lending, and microinsurance. For example, O’mari food care insurance pays out a monthly sum to cover the cost of groceries in the case of the policyholder’s death, while O’mari school care insurance pays school fees in case of the policyholder’s death.
During the same time, the IPEC and the IFC launched the Agriculture Insurance Support Project which aims to help smallholder farmers who are more vulnerable to climate-related crop losses.
Zimbabwe Insurance Market by Segments
The key segments in the Zimbabwe insurance market are life insurance and general insurance. The life insurance segment dominated the Zimbabwe insurance market in 2022. Life insurance lines of business include term life, pension, and other life. In 2022, pension was the leading LOB. Growth in this line over the review period helped boost the overall life insurance market. The life insurance sector is also being driven by the other life category which includes funeral insurance.
Furthermore, in September 2022, a new pension law was implemented to improve transparency and governance of pension funds and give consumers more control over their retirement savings.
Zimbabwe Insurance Market Analysis by Segments, 2022 (%)
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Zimbabwe Insurance Market – Competitive Landscape
Some of the key companies in the Zimbabwe insurance market are Nyaradzo Life, Doves, Econet, Old Mutual Life, Zimnat Life, Zimnat Lion, Nicoz Diamond, Alliance, and Cell Insurance. In 2022, Nyaradzo Life was the leading insurer, followed by Zimnat Lion and Nicoz Diamond. Nhaka Life Assurance was the fastest-growing general insurer.
Zimbabwe Insurance Market Analysis by Companies, 2022 (%)
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Segments Covered in the Report
Zimbabwe Insurance Market Segments Outlook (Value, ZWL Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides:
- A comprehensive analysis of the Zimbabwe insurance industry.
- Historical values for the Zimbabwe insurance industry for the report’s review period and projected figures for the forecast period.
- Detailed analysis of the key categories in the Zimbabwe insurance industry and market forecasts for 2027.
- Profiles of top life insurance companies in Zimbabwe and outlines the key regulations affecting them.
Key Highlights
- Make strategic business decisions using in-depth historical and forecast market data related to the Zimbabwe insurance industry and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Zimbabwe insurance industry.
- Assess the competitive dynamics in the Zimbabwe insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Zimbabwe insurance industry and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Zimbabwe insurance industry.
- Assess the competitive dynamics in the Zimbabwe insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Cell Insurance Company
Nicoz Diamond Insurance
Nyaradzo Life Assurance
Old Mutual
FBC Insurance
Nyaradzo Funeral Assurance
CBZ Insurance Company
Table of Contents
Frequently asked questions
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What was the Zimbabwe insurance market gross written premium in 2022?
The gross written premium of the Zimbabwe insurance market was ZWL253.6 billion ($634.1 million) in 2022.
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What is the growth rate of the Zimbabwe insurance market?
The insurance market in Zimbabwe is expected to achieve a CAGR of more than 56% during 2023-2027.
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Which segment dominated the Zimbabwe insurance market in 2022?
The life insurance segment dominated the Zimbabwe insurance market in 2022.
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Who are the major companies operating in the Zimbabwe insurance market?
Some of the key companies in the Zimbabwe insurance market are Nyaradzo, Doves, Econet, Old Mutual Life, Zimnat Life, Zimnat Lion, Nicoz Diamond, Alliance, and Cell Insurance.
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