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MARKET REPORT DETAIL

The Insurance Industry in Rwanda, Key Trends and Opportunities to 2017

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Published Date: Mar, 2013
Format: PDF
No of Pages: 113
 
 
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  • Abstract
  • Table of Contents
Synopsis

The report provides in depth market analysis, information and insights into the insurance industry in Rwanda, including:
• The Rwandan insurance industry’s growth prospects by insurance segments and categories
• The competitive landscape in the Rwandan insurance industry
• The current trends and drivers of the Rwandan insurance industry
• The challenges facing the Rwandan insurance industry
• The regulatory framework of the Rwandan insurance industry

Summary

The Rwandan insurance industry declined in terms of written premium value during the review period. The decrease was a direct consequence of the global financial crisis in 2009. In order to restructure and increase insurance penetration rates, The National Bank of Rwanda enacted a number of new laws in 2009. The new laws included the establishment of proper licensing procedures for insurance intermediaries, laws to monitor insurers’ financial positions and an increase in minimum capital and solvency margins. In addition, the The National Bank of Rwanda (BNR) also enforced several laws to attract new businesses under compulsory insurance provisions such as professional insurance indemnity and insurance cover for civil servants and construction site workers. The new set of regulations helped the industry increase penetration rates.

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 2008–2012 review period and forecast figures for the 2012–2017 forecast period
• It offers a detailed analysis of the key segments and categories in the Rwandan insurance industry, along with industry forecasts until 2017
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
• It profiles the top insurance companies in Rwanda and outlines the key regulations affecting them

Reasons To Buy

• Make strategic business decisions using in depth historic and forecast industry data related to the Rwandan insurance industry and each segment within it
• Assess the competitive dynamics in the Rwandan insurance industry
• Understand the demand-side dynamics, key market trends and growth opportunities within the Rwandan insurance industry
• Identify the growth opportunities and market dynamics within key segments
• Gain insights into key regulations governing the Rwandan insurance industry and its impact on companies and the industry's future

Key Highlights

• The Rwandan insurance industry declined in terms of written premium value during the review period.
• The decrease was a direct consequence of the global financial crisis in 2009. However, the industry recovered and posted robust growth in subsequent years.
• This growth was attributed to economic development following the global financial crisis, the market entry of new businesses and the improved performance of the non-life segment.
• The industry is projected to grow over the forecast period
• This growth will be driven by robust levels of economic development and government support, which will attract investor and regulatory interest, increasing insurance penetration rates through the implementation of compulsory insurance provisions.

Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Rwanda Insurance Industry Overview
3.1 Rwanda Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulations
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual Life insurance category
4.1.2 Individual marriage and birth insurance category
4.1.3 Other insurance category
4.1.4 Group life insurance category
4.2 Non-Life Insurance
4.2.1 Property insurance category
4.2.2 Motor insurance category
4.2.3 Liability insurance category
4.2.4 Marine, aviation and transit insurance category
4.3 Personal Accident and Health Insurance
4.4 Reinsurance
5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Rwanda Insurance Company – company overview
5.2.2 New Insurance Company of Rwanda – company overview
5.2.3 Company General Insurance and Reinsurance of Rwanda – company overview
5.2.4 Rwandan Company Insurance and Reinsurance – company overview
6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US$)
6.2 GDP Per Capita at Constant Prices (US$)
6.3 GDP at Current Prices (US$)
6.4 Inflation Rate (%)
6.5 Exports as a Percentage of GDP
6.6 Imports as a Percentage of GDP
6.7 Healthcare Expenditure (Percentage of GDP)
6.8 Healthcare Expenditure Per Capita
6.9 Total Population
7 Appendix
7.1 Methodology
7.1 Contact Us
7.2 About Timetric
7.3 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Rwandan Insurance Overall Written Premium by Segment (RWF Billion), 2008–2012
Table 3: Rwandan Insurance Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Rwandan Insurance Overall Written Premium by Segment (RWF Billion), 2012–2017
Table 5: Rwandan Insurance Overall Written Premium by Segment (US$ Million), 2012–2017
Table 6: Rwandan Insurance Segmentation (Percentage Share), 2008–2017
Table 7: Rwandan Life Insurance Written Premium by Category (RWF Billion), 2008–2012
Table 8: Rwandan Life Insurance Written Premium by Category (US$ Million), 2008–2012
Table 9: Rwandan Life Insurance Written Premium by Category (RWF Billion), 2012–2017
Table 10: Rwandan Life Insurance Written Premium by Category (US$ Million), 2012–2017
Table 11: Rwandan Life Insurance – Paid Claims (RWF Billion), 2008–2012
Table 12: Rwandan Life Insurance – Paid Claims (RWF Billion), 2012–2017
Table 13: Rwandan Life Insurance – Incurred Loss (RWF Billion), 2008–2012
Table 14: Rwandan Life Insurance – Incurred Loss (RWF Billion), 2012–2017
Table 15: Rwandan Life Insurance – Loss Ratio (%), 2008–2012
Table 16: Rwandan Life Insurance – Loss Ratio (%), 2012–2017
Table 17: Rwandan Life Insurance – Combined Ratio (%), 2008–2012
Table 18: Rwandan Life Insurance – Combined Ratio (%), 2012–2017
Table 19: Rwandan Life Insurance – Total Investment Income (RWF Billion), 2008–2012
Table 20: Rwandan Life Insurance – Total Investment Income (RWF Billion), 2012–2017
Table 21: Rwandan Life Insurance – Retentions (RWF Billion), 2008–2012
Table 22: Rwandan Life Insurance – Retentions (RWF Billion), 2012–2017
Table 23: Rwandan Individual Life Insurance Category – Written Premium (RWF Billion), 2008–2012
Table 24: Rwandan Individual Life Insurance Category – Written Premium (RWF Billion), 2012–2017
Table 25: Rwandan Individual Marriage and Birth Insurance Category – Written Premium (RWF Billion), 2008–2012
Table 26: Rwandan Individual Marriage and Birth Insurance Category – Written Premium (RWF Billion), 2012–2017
Table 27: Rwandan Other Insurance Category – Written Premium (RWF Billion), 2008–2012
Table 28: Rwandan Other Insurance Category – Written Premium (RWF Billion), 2012–2017
Table 29: Rwandan Group Life Insurance Category – Written Premium (RWF Billion), 2008–2012
Table 30: Rwandan Group Life Insurance Category – Written Premium (RWF Billion), 2012–2017
Table 31: Rwandan Non-Life Insurance Written Premium by Category (RWF Billion), 2008–2012
Table 32: Rwandan Non-Life Insurance Written Premium by Category (US$ Million), 2008–2012
Table 33: Rwandan Non-Life Insurance Written Premium by Category (RWF Billion), 2012–2017
Table 34: Rwandan Non-Life Insurance Written Premium by Category (US$ Million), 2012–2017
Table 35: Rwandan Non-Life Insurance Market – Paid Claim (RWF Billion), 2008–2012
Table 36: Rwandan Non-Life Insurance Market – Paid Claims (RWF Billion), 2012–2017
Table 37: Rwandan Non-Life Insurance Market – Incurred Loss (RWF Billion), 2008–2012
Table 38: Rwandan Non-Life Insurance Market – Incurred Loss (RWF Billion), 2012–2017
Table 39: Rwandan Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 40: Rwandan Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 41: Rwandan Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 42: Rwandan Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 43: Rwandan Non-Life Insurance – Total Investment Income (RWF Billion), 2008–2012
Table 44: Rwandan Non-Life Insurance – Total Investment Income (RWF Billion), 2012–2017
Table 45: Rwandan Non-Life Insurance – Retentions (RWF Billion), 2008–2012
Table 46: Rwandan Non-Life Insurance – Retentions (RWF Billion), 2012–2017
Table 47: Rwandan Property Insurance Category – Written Premium (RWF Billion), 2008–2012
Table 48: Rwandan Property Insurance Category – Written Premium (RWF Billion), 2012–2017
Table 49: Rwandan Motor Insurance Category – Written Premium (RWF Billion), 2008–2012
Table 50: Rwandan Motor Insurance Category – Written Premium (RWF Billion), 2012–2017
Table 51: Rwandan Liability Insurance Category – Written Premium (RWF Billion), 2008–2012
Table 52: Rwandan Liability Insurance Category – Written Premium (RWF Billion), 2012–2017
Table 53: Rwandan Marine, Aviation and Transit Insurance Category – Written Premium (RWF Billion), 2008–2012
Table 54: Rwandan Marine, Aviation and Transit Insurance Category – Written Premium (RWF Billion), 2012–2017
Table 55: Rwandan Personal Accident and Health Insurance Segment – Written Premium (RWF Billion), 2008–2012
Table 56: Rwandan Personal Accident and Health Insurance Segment – Written Premium (RWF Billion), 2012–2017
Table 57: Rwandan Personal Accident and Health Insurance Market – Paid Claims (RWF Billion), 2008–2012
Table 58: Rwandan Personal Accident and Health Insurance Market – Paid Claims (RWF Billion), 2012–2017
Table 59: Rwandan Personal Accident and Health Insurance Market – Incurred Loss (RWF Billion), 2008–2012
Table 60: Rwandan Personal Accident and Health Insurance Market – Incurred Loss (RWF Billion), 2012–2017
Table 61: Rwandan Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 62: Rwandan Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 63: Rwandan Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 64: Rwandan Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 65: Rwandan Personal Accident and Health Insurance – Total Investment Income (RWF Billion), 2008–2012
Table 66: Rwandan Personal Accident and Health Insurance – Total Investment Income (RWF Billion), 2012–2017
Table 67: Rwandan Personal Accident and Health Insurance – Retentions (RWF Billion), 2008–2012
Table 68: Rwandan Personal Accident and Health Insurance – Retentions (RWF Billion), 2012–2017
Table 69: Rwandan Reinsurance Ceded by Insurance Market (RWF Billion), 2008–2012
Table 70: Rwandan Reinsurance Ceded by Insurance Market (US$ Billion), 2008–2012
Table 71: Rwandan Reinsurance Ceded by Insurance Market (RWF Billion), 2012–2017
Table 72: Rwandan Reinsurance Ceded by Insurance Market (US$Billion), 2012–2017
Table 73: Rwandan Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 74: Rwandan Life Insurance – Percentage of Reinsurance Ceded (%),2012–2017
Table 75: Rwandan Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 76: Rwandan Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 77: Rwandan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 78: Rwandan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 79: Rwandan Insurance Industry Share, 2010
Table 80: Rwanda Insurance Company, Main Products
Table 81: Rwanda Insurance Company, Key Employees
Table 82: New Insurance Company of Rwanda, Main Products
Table 83: New Insurance Company of Rwanda, Key Employees
Table 84: Company General Insurance and Reinsurance of Rwanda, Main Products
Table 85: Company General Insurance and Reinsurance of Rwanda, Key Employees
Table 86: Rwandan Company Insurance and Reinsurance, Main Products
Table 87: Rwandan Company Insurance and Reinsurance, Key Employees

List of Figures

Figure 1: Rwandan Insurance Overall Written Premium by Segment (RWF Billion), 2008–2017
Figure 2: Rwandan Insurance Market Dynamics by Segment, 2008–2017
Figure 3: Rwandan Life Insurance Written Premium by Category (RWF Billion), 2008–2017
Figure 4: Rwandan Life Insurance Written Premium by Category (Percentage Share), 2012 and 2017
Figure 5: Rwandan Life Insurance Market Dynamics by Category, 2008–2017
Figure 6: Rwandan Life Insurance – Paid Claims (RWF Billion), 2008–2012
Figure 7: Rwandan Life Insurance – Paid Claims (RWF Billion), 2012–2017
Figure 8: Rwandan Life Insurance – Incurred Loss (RWF Billion), 2008–2012
Figure 9: Rwandan Life Insurance – Incurred Loss (RWF Billion), 2012–2017
Figure 10: Rwandan Life Insurance – Loss Ratio (%), 2008–2012
Figure 11: Rwandan Life Insurance – Loss Ratio (%), 2012–2017
Figure 12: Rwandan Life Insurance – Combined Ratio (%), 2008–2012
Figure 13: Rwandan Life Insurance – Combined Ratio (%), 2012–2017
Figure 14: Rwandan Life Insurance – Total Investment Income (RWF Billion), 2008–2012
Figure 15: Rwandan Life Insurance – Total Investment Income (RWF Billion), 2012–2017
Figure 16: Rwandan Life Insurance – Retentions (RWF Billion), 2008–2012
Figure 17: Rwandan Life Insurance – Retentions (RWF Billion), 2012–2017
Figure 18: Rwandan Life Insurance Penetration (Percentage of GDP), 2008–2012
Figure 19: Rwandan Life Insurance – Premium Per Capita (RWF), 2008–2012
Figure 20: Rwandan Individual Life Insurance Category – Written Premium (RWF Billion), 2008–2012
Figure 21: Rwandan Individual Life Insurance Category – Written Premium (RWF Billion), 2012–2017
Figure 22: Rwandan Individual Marriage and Birth Insurance Category – Written Premium (RWF Billion), 2008–2012
Figure 23: Rwandan Individual Marriage and Birth Insurance Category – Written Premium (RWF Billion), 2012–2017
Figure 24: Rwandan Other Insurance Category – Written Premium (RWF Billion), 2008–2012
Figure 25: Rwandan Other Insurance Category – Written Premium (RWF Billion), 2012–2017
Figure 26: Rwandan Group Life Insurance Category – Written Premium (RWF Billion), 2008–2012
Figure 27: Rwandan Group Life Insurance Category – Written Premium (RWF Billion), 2012–2017
Figure 28: Rwandan Non-Life Insurance Written Premium by Category (RWF Billion), 2008–2017
Figure 29: Rwandan Non-Life Insurance Written Premium by Category (Percentage Share), 2012 and 2017
Figure 30: Rwandan Non-Life Insurance Market Dynamics by Category, 2008–2017
Figure 31: Rwandan Non-Life Insurance – Paid Claims by Category (RWF Billion), 2008–2012
Figure 32: Rwandan Non-Life Insurance – Paid Claims (RWF Billion), 2012–2017
Figure 33: Rwandan Non-Life Insurance – Incurred Loss (RWF Billion), 2008–2012
Figure 34: Rwandan Non-Life Insurance – Incurred Loss by Category (RWF Billion), 2012–2017
Figure 35: Rwandan Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 36: Rwandan Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 37: Rwandan Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 38: Rwandan Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 39: Rwandan Non-Life Insurance – Total Investment Income (RWF Billion), 2008–2012
Figure 40: Rwandan Non-Life Insurance – Total Investment Income (RWF Billion), 2012–2017
Figure 41: Rwandan Non-Life Insurance – Retentions (RWF Billion), 2008–2012
Figure 42: Rwandan Non-Life Insurance – Retentions (US$Billion), 2012–2017
Figure 43: Rwandan Non-Life Insurance Penetration (Percentage of GDP), 2008–2012
Figure 44: Rwandan Non-Life Insurance – Premium Per Capita (RWF), 2008–2012
Figure 45: Rwandan Property Insurance Category – Written Premium (RWF Billion), 2008–2012
Figure 46: Rwandan Property Insurance Category – Written Premium (RWF Billion), 2012–2017
Figure 47: Rwandan Motor Insurance Category – Written Premium (RWF Billion), 2008–2012
Figure 48: Rwandan Motor Insurance Category – Written Premium (RWF Billion), 2012–2017
Figure 49: Rwandan Liability Insurance Category – Written Premium (RWF Billion), 2008–2012
Figure 50: Rwandan Liability Insurance Category – Written Premium (RWF Billion), 2012–2017
Figure 51: Rwandan Marine, Aviation and Transit Insurance Category – Written Premium (RWF Billion), 2008–2012
Figure 52: Rwandan Marine, Aviation and Transit Insurance Category – Written Premium (RWF Billion), 2012–2017
Figure 53: Rwandan Personal Accident and Health Insurance Segment – Written Premium (RWF Billion), 2008–2012
Figure 54: Rwandan Personal Accident and Health Insurance Segment – Written Premium (RWF Billion), 2012–2017
Figure 55: Rwandan Personal Accident and Health Insurance – Paid Claims by Category (RWF Billion), 2008–2012
Figure 56: Rwandan Personal Accident and Health Insurance – Paid Claims (RWF Billion), 2012–2017
Figure 57: Rwandan Personal Accident and Health Insurance – Incurred Loss (RWF Billion), 2008–2012
Figure 58: Rwandan Personal Accident and Health Insurance – Incurred Loss by Category (RWF Billion), 2012–2017
Figure 59: Rwandan Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 60: Rwandan Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 61: Rwandan Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 62: Rwandan Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 63: Rwandan Personal Accident and Health Insurance – Total Investment Income (RWF Billion), 2008–2012
Figure 64: Rwandan Personal Accident and Health Insurance – Total Investment Income (RWF Billion), 2012–2017
Figure 65: Rwandan Personal Accident and Health Insurance – Retentions (RWF Billion), 2008–2012
Figure 66: Rwandan Personal Accident and Health Insurance – Retentions (US$Billion), 2012–2017
Figure 67: Rwandan Personal Accident and Health Insurance Penetration (Percentage of GDP), 2008–2012
Figure 68: Rwandan Personal Accident and Health Insurance – Premium Per Capita (RWF), 2008–2012
Figure 69: Rwandan Reinsurance Ceded by Insurance Segment (RWF Billion), 2008–2017
Figure 70: Rwandan Reinsurance Market Dynamics by Insurance Market, 2008–2017
Figure 71: Rwandan Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 72: Rwandan Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 73: Rwandan Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 74: Rwandan Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 75: Rwandan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 76: Rwandan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 77: Rwandan Insurance Industry Share, 2010
Figure 78: Rwandan GDP at Constant Prices (US$ Billion), 2007–2011
Figure 79: Rwandan GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 80: Rwandan GDP at Current Prices (US$ Billion), 2007–2011
Figure 81: Rwandan Inflation Rate (%), 2007–2011
Figure 82: Rwandan Exports as a Percentage of GDP (%), 2007–2011
Figure 83: Rwandan Imports as a Percentage of GDP (%), 2007–2011
Figure 84: Rwandan Healthcare Expenditure (Percentage of GDP), 2007–2011
Figure 85: Rwandan Healthcare Expenditure Per Capita (US$), 2007–2011
Figure 86: Rwandan Total Population (Million), 2007–2011

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