The Insurance Industry in Zimbabwe, Key Trends and Opportunities to 2019

Date: 2016-02

“โ€ข The industry grew at a review period (2010โ€“2014) compound annual growth rate (CAGR) of 27.7%.

โ€ข In terms of gross written premium, the top three companies in life segment accounted for 82.7% of the market share in 2015, while the top three funeral insurers accounted for 86.4% and the four largest non-life insurers accounted for 50.0%.

โ€ข To reduce operational expenses in terms of commissions paid to brokers, insurers are focusing on developing digital platforms โ€“ particularly mobile networks โ€“ to deliver the service.

โ€ข Over the forecast period, the process of recapitalization will improve the underwriting capacity, and result in more capable and reputable insurers in the Zimbabwean insurance industry.

โ€ข Developing consumer-centric products to provide insurance services to rural low-income population is expected to increase the penetration rate and drive the industry over the forecast period.”

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