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The Insurance Industry in Zambia, Key Trends and Opportunities to 2018

145 pages report Published in Aug 2014
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Synopsis

The report provides in-depth industry analysis, information and insights of the insurance industry in Zambia, including:

  • The Zambian insurance industry's growth prospects by insurance segments and categories
  • The competitive landscape in the Zambian insurance industry
  • The current trends and drivers of the Zambian insurance industry
  • Challenges facing the Zambian insurance industry
  • Detailed regulatory framework of the Zambian insurance industry

Summary

Zambia ranks among the top 15 fastest-growing economies globally, and its economy continues to be strong, with the country having achieved middle income status in 2011. Zambia's economy grew at a CAGR of 14.9% during the review period, and is estimated to grow by 7.1% in 2014. Led by relatively stable economic growth and a progressive regulatory environment, the country's insurance industry registered strong growth during the review period, driven primarily by the non-life segment, which accounted for 63.7% of the industry's gross written premium value in 2013. Gross written premium grew at a review-period CAGR of 15.6%, and is projected to grow at a CAGR of 13.9% over the forecast period. A number of insurance companies entered the industry, attracted by the positive growth potential and low penetration rate, which stood at 1.37% in 2012, compared with the African average of 3.65%.

Scope

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

  • It provides historical values for the Zambian insurance industry for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Zambian insurance industry, along with forecasts until 2018.
  • 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 Zambia, 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 Zambian insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities within the Zambian insurance industry.
  • Assess the competitive dynamics in the Zambian insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the Zambian insurance industry and its impact on companies and the industry's future.

Key Highlights

  • The Zambian economy grew at a CAGR of 14.9% during the review period, and is estimated to grow by 7.1% in 2014.
  • Zambian regulatory authorities were active in promoting microinsurance during the review period, which contributed further to the growth of the life segment.
  • Despite impressive economic growth, Zambia has failed to reduce poverty, and was among one of the poorest nations globally at the end of 2012.
  • There were 25 insurance companies operating in the Zambian insurance industry as of January 31, 2014.
  • The insurance penetration rate stood at 1.37% in 2012, significantly lower than the African average of 3.65%.
  • A high combined ratio has been a major concern for non-life insurers in Zambia.