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

Published By :

Timetric

Published Date : Sep 2017

Category :

Insurance

No. of Pages : 103 Pages

Synopsis
Timetrics 'The Insurance Industry in Zambia, Key Trends and Opportunities to 2021' report provides detailed analysis of the market trends, drivers and challenges in the Zambian 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 (20122016) and forecast period (20162021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Zambian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics 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.

Summary
Timetrics 'The Insurance Industry in Zambia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Zambian insurance industry, including:

The Zambian insurance industry's growth prospects by segment and category

A comprehensive overview of Zambian economy and demographics

The detailed competitive landscape in the Zambian insurance industry

The various distribution channels in the Zambian insurance industry

Detailed regulatory policies of the Zambian insurance industry

Analysis of natural hazards in Zambian insurance industry

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

It provides historical values for the Zambian insurance industry for the reports 20122016 review period, and projected figures for the 20162021 forecast period.

It offers a detailed analysis of the key segments in the Zambian 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 Zambia.

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

Reasons To Buy
Make strategic business decisions using in-depth historic and forecast market data related to the Zambian insurance industry and each segment and category within it.

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

Assess the competitive dynamics in the Zambian insurance industry.

Identify the growth opportunities and market dynamics in key segments.

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

Key Highlights
By 2017, the new Insurance Act 2013 (amendments to the 1997 Insurance Act) is expected to become applicable in Zambia.

In 2017, the Zambian government announced that all beneficiaries of the Farmer Input Support Program (FISP) will be covered by weather-indexed insurance.

In January 2017, Zambia National Marketeers Association (Zanamaca), in collaboration with Liberty Life Insurance, collaborated with the manufacturing company Uniturtle industries to provide low-cost funeral insurance to small-scale farmers and marketers.

In 2016, the Zambia Meteorological Department, with the support of Nasa and the International Research Institute for Climate and Society, launched a data platform that provides rainfall forecasts collected via satellite information.

In 2016, the Ministry of Labour and Social Security presented a draft social protection bill to address areas of social security such as pension, social health insurance, occupational injuries and diseases, and social assistance.
Table of Contents
1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Claims
4.1.3 Assets and investments
5 LIFE INSURANCE OUTLOOK
5.1 Individual Life Insurance
5.1.1 Gross written premium
6 NON-LIFE INSURANCE OUTLOOK
6.1 Property Insurance
6.1.1 Gross written premium
6.2 Motor Insurance
6.2.1 Gross written premium
6.3 Liability Insurance
6.3.1 Gross written premium
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
7 REINSURANCE OUTLOOK
7.1 Reinsurance Accepted
7.2 Premium Ceded
8 DISTRIBUTION CHANNEL OUTLOOK
9 NATURAL AND MAN-MADE HAZARDS
9.1 Flooding
9.2 Droughts
9.3 Earthquakes
9.4 Epidemics
9.5 Exposure
10 COMPETITIVE LANDSCAPE
10.1 Company Profile
10.1.1 African Life Assurance Company Ltd company overview
10.1.2 Madison Life Insurance Company Zambia Ltd company overview
10.1.3 Professional Insurance Corporation Zambia Plc company overview
10.1.4 ZSIC General Insurance Ltd company overview
10.1.5 Madison General Insurance Company Zambia Ltd company overview
11 GOVERNANCE, RISK AND COMPLIANCE
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Aviation liability insurance
11.4.3 Social insurance system
11.4.4 Professional indemnity and fidelity insurance for insurance brokers
11.4.5 Group funeral assistance insurance scheme
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 African Insurance Organization
11.5.3 Pension and Insurance Authority
11.5.4 Insurance Association of Zambia
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 DATABOOK
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.1.4 Individual life insurance
12.1.5 Individual life insurance by category
12.2 Non-Life Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Property insurance by category
12.2.6 Motor insurance
12.2.7 Liability insurance
12.2.8 Marine, aviation and transit insurance
12.3 Personal Accident and Health Insurance
12.3.1 Policies and premium
12.3.2 Claims and expenses
12.3.3 Assets and investments
13 DEFINITIONS AND METHODOLOGY
13.1 Definitions
13.2 Methodology
14 ABOUT TIMETRIC
14.1 Contact Timetric
14.2 About Timetric
14.3 Timetrics Services
14.4 Disclaimer


List of Tables
Table 1: Zambian Insurance Industry Key Facts, 2016
Table 2: Zambian Insurance Industry Top Insurers, 2015
Table 3: Zambian Government Credit Ratings
Table 4: Zambian Insurance Industry Gross Written Premium by Segment (ZMW Million), 20122016
Table 5: Zambian Insurance Industry Gross Written Premium by Segment (ZMW Million), 20162021
Table 6: Zambian Insurance Industry Paid Claims by Segment (ZMW Million), 20122016
Table 7: Zambian Insurance Industry Paid Claims by Segment (ZMW Million), 20162021
Table 8: Zambian Insurance Industry Total Assets by Segment (ZMW Billion), 20122016
Table 9: Zambian Insurance Industry Total Assets by Segment (ZMW Billion), 20162021
Table 10: Zambian Insurance Industry Total Investment Income by Segment (ZMW Million), 20122016
Table 11: Zambian Insurance Industry Total Investment Income by Segment (ZMW Million), 20162021
Table 12: Zambian Insurance Industry Life Insurance Investment Portfolio (ZMW Million), 20122016
Table 13: Zambian Insurance Industry Life Insurance Investment Portfolio (ZMW Million), 20162021
Table 14: Zambian Insurance Industry Non-Life Insurance Investment Portfolio (ZMW Million), 20122016
Table 15: Zambian Insurance Industry Non-Life Insurance Investment Portfolio (ZMW Billion), 20162021
Table 16: Zambian Insurance Industry Personal Accident and Health Insurance Investment Portfolio (ZMW Million), 20122016
Table 17: Zambian Insurance Industry Personal Accident and Health Insurance Investment Portfolio (ZMW Million), 20162021
Table 18: Zambian Individual Life Insurance Gross Written Premium (ZMW Million and US$ Million), 20122016
Table 19: Zambian Individual Life Insurance Gross Written Premium (ZMW Million and US$ Million), 20162021
Table 20: Zambian Property Insurance Gross Written Premium (ZMW Million and US$ Million), 20122016
Table 21: Zambian Property Insurance Gross Written Premium (ZMW Million and US$ Million), 20162021
Table 22: Zambian Motor Insurance Gross Written Premium (ZMW Million and US$ Million), 20122016
Table 23: Zambian Motor Insurance Gross Written Premium (ZMW Million and US$ Billion), 20162021
Table 24: Zambian Liability Insurance Gross Written Premium (ZMW Million and US$ Million), 20122016
Table 25: Zambian Liability Insurance Gross Written Premium (ZMW Million and US$ Million), 20162021
Table 26: Zambian Marine, Aviation and Transit Insurance Gross Written Premium (ZMW Million and US$ Million), 20122016
Table 27: Zambian Marine, Aviation and Transit Insurance Gross Written Premium (ZMW Million and US$ Million), 20162021
Table 28: Zambian Reinsurance Premium Accepted (ZMW Million), 20122016
Table 29: Zambian Reinsurance Premium Accepted (ZMW Million), 20162021
Table 30: Zambian Reinsurance Premium Ceded by Insurance Segment (ZMW Billion), 20122016
Table 31: Zambian Reinsurance Premium Ceded by Insurance Segment (ZMW Billion), 20162021
Table 32: Zambian Insurance Industry Segment of the Leading Life Insurers (%), 2015
Table 33: Zambian Insurance Industry Segment Shares (%) of the Leading Non-Life Insurers, 2015
Table 34: Insurance Company Key Facts
Table 35: Madison Life Insurance Company Zambia Ltd Key Facts
Table 36: Professional Insurance Corporation Zambia Plc Key Facts
Table 37: ZSIC General Insurance Ltd Key Facts
Table 38: Madison General Insurance Company Zambia Ltd Key Facts
Table 39: Zambia Insurance Regulatory Framework Key Features
Table 40: Zambia Life Insurance Regulatory Framework
Table 41: Zambia Property Insurance Regulatory Framework
Table 42: Zambia Motor Insurance Regulatory Framework
Table 43: Zambia Liability Insurance Regulatory Framework
Table 44: Zambia Corporate Tax Rates for the Financial Year 2017
Table 45: Zambian Life Insurance Policies and Premium, 20122016
Table 46: Zambian Life Insurance Policies and Premium, 20162021
Table 47: Zambian Life Insurance Claims and Expenses, 20122016
Table 48: Zambian Life Insurance Claims and Expenses, 20162021
Table 49: Zambian Life Insurance Assets and Investments, 20122016
Table 50: Zambian Life Insurance Assets and Investments, 20162021
Table 51: Zambian Life Insurance Individual Life Insurance, 20122016
Table 52: Zambian Life Insurance Individual Life Insurance, 20162021
Table 53: Zambian Life Insurance Individual Life Insurance by Category, 20122016
Table 54: Zambian Life Insurance Individual Life Insurance by Category, 20162021
Table 55: Zambian Non-Life Insurance Policies and Premium, 20122016
Table 56: Zambian Non-Life Insurance Policies and Premium, 20162021
Table 57: Zambian Non-Life Insurance Claims and Expenses, 20122016
Table 58: Zambian Non-Life Insurance Claims and Expenses, 20162021
Table 59: Zambian Non-Life Insurance Assets and Investments, 20122016
Table 60: Zambian Non-Life Insurance Assets and Investments, 20162021
Table 61: Zambian Non-Life Insurance Property Insurance, 20122016
Table 62: Zambian Non-Life Insurance Property Insurance, 20162021
Table 63: Zambian Non-Life Insurance Property Insurance by Category, 20122016
Table 64: Zambian Non-Life Insurance Property Insurance by Category, 20162021
Table 65: Zambian Non-Life Insurance Motor Insurance, 20122016
Table 66: Zambian Non-Life Insurance Motor Insurance, 20162021
Table 67: Zambian Non-Life Insurance Liability Insurance, 20122016
Table 68: Zambian Non-Life Insurance Liability Insurance, 20162021
Table 69: Zambian Non-Life Insurance Marine, Aviation and Transit Insurance, 20122016
Table 70: Zambian Non-Life Insurance Marine, Aviation and Transit Insurance, 20162021
Table 71: Zambian Personal Accident and Health Insurance Policies and Premium, 20122016
Table 72: Zambian Personal Accident and Health Insurance Policies and Premium, 20162021
Table 73: Zambian Personal Accident and Health Insurance Claims and Expenses, 20122016
Table 74: Zambian Personal Accident and Health Insurance Claims and Expenses, 20162021
Table 75: Zambian Personal Accident and Health Insurance Assets and Investments, 20122016
Table 76: Zambian Personal Accident and Health Insurance Assets and Investments, 20162021
Table 77: Insurance Industry Definitions


List of Figures
Figure 1: Zambian Real GDP (ZMW Billion), 20122021
Figure 2: Zambian Consumer Price Inflation (%), 20122021
Figure 3: Zambian (ZMW per US$) Exchange Rate, 20122021
Figure 4: Zambian Current Account Balance as Percentage of GDP (%), 20122016
Figure 5: Zambian Unemployment Rate, 20122021
Figure 6: Zambian Population by Age Group, 19902025
Figure 7: Zambian Insurance Industry Gross Written Premium by Segment, 20122021
Figure 8: Zambian Insurance Industry Paid Claims by Segment (ZMW Billion), 20122021
Figure 9: Zambian Insurance Industry Total Assets by Segment (ZMW Billion), 20122021
Figure 10: Zambian Insurance Industry Total Investment Income by Segment (ZMW Million), 20122021
Figure 11: Zambian Insurance Industry Life Insurance Investment Portfolio (ZMW Million), 20122021
Figure 12: Zambian Insurance Industry Non-Life Insurance Investment Portfolio (ZMW Million), 20122021
Figure 13: Zambian Insurance Industry Personal Accident and Health Insurance Investment Portfolio (ZMW Million), 20122021
Figure 14: Zambian Individual Life Insurance Gross Written Premium (ZMW Billion), 20122021
Figure 15: Zambian Property Insurance Gross Written Premium (ZMW Million), 20122021
Figure 16: Zambian Motor Insurance Gross Written Premium (ZMW Billion), 20122021
Figure 17: Zambian Liability Insurance Gross Written Premium (ZMW Million), 20122021
Figure 18: Zambian Marine, Aviation and Transit Insurance Gross Written Premium (ZMW Million), 20122021
Figure 19: Zambian Reinsurance Premium Accepted (ZMW Million), 20122021
Figure 20: Zambian Reinsurance Premium Ceded by Insurance Segment (ZMW Billion), 20122021
Figure 21: Zambian Life Insurance % of Reinsurance Ceded (%), 20122021
Figure 22: Zambian Non-Life Insurance % of Reinsurance Ceded (%), 20122021
Figure 23: Zambian Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), 20122021
Figure 24: Zambian Insurance Industry Segment Shares of the Leading Life Insurers (%), 2015
Figure 25: Zambian Insurance Industry Segment Shares (%) of the Leading Non-Life Insurers, 2015
Figure 26: Zambia Insurance Supervision and Control at Various Levels
Figure 27: Zambia Insurance Regulatory Frameworks for Company Registration and Operation

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