Rwanda Insurance Market and Opportunities to 2017

The Rwandan insurance industry declined in terms of written premium value at a CAGR of -1.0% during the review period. The decrease was a direct consequence of the global financial crisis in 2009. In light of this, the written premium value of the industry declined by -36.7% in 2009 over figures from 2008. However, the industry recovered and posted robust growth in subsequent years. This 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, which registered a CAGR of 3.3% during the review period. The industry is projected to grow at a CAGR of 8.0% over the forecast period. This 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.

Enforcement of new set of regulations to encourage insurance business

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.

Request a sample Copy @ http://www.rnrmarketresearch.com/contacts/request-sample?rname=84649

Rwanda’s insurance penetration stood below the East African average

The penetration rate of Rwanda’s life insurance segment decreased from 0.33% in 2008 to 0.12% in 2012. The penetration of non-life insurance segment as a percentage of GDP decreased from 0.53% in 2008 to 0.37% in 2012, while the personal accident and health insurance segment declined from 0.11% in 2008 to 0.08% in 2012. The insurance industry’s growth was not in line with the country’s GDP growth, which affected insurance penetration rates during the review period. In addition, the insurance industry’s penetration rate as a percentage of GDP stood at 0.57% in 2012; this still remains very low compared with the East African average which stood at approximately 3%, suggesting further opportunities for growth potential.

High VAT on insurance premiums limits demand for insurance

The unfavorable regulatory framework in Rwanda decelerates the demand for insurance. For example, Rwanda applies 18% VAT on insurance premiums, while other East African Community (EAC) member countries do not. This suggests that one cannot purchase insurance products, if one does not have the adequate capital. Furthermore, Rwanda applies compulsory insurance provisions for health insurance for civil servants and third-party motor vehicle insurance. Other African countries such as the Central African Republic and Cameroon apply compulsory provisions for motor third-party liability, marine cargo imports professional indemnity insurance for auctioneers, professional indemnity insurance for bailiffs and third-party insurance for importers of oil products. This unfavorable regulatory framework decelerated the demand for insurance products in Rwanda during the review period.

Buy a Report Copy @ http://www.rnrmarketresearch.com/contacts/purchase?rname=84649

Table of Content

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