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(MoneyNewsWire.Net, October 19, 2017 ) It is interesting to know that how the insurance sector has changed with the times across the world. Insurance sector players have been challenged on innovation and creativity in coming up with products relevant and applicable to African markets. With a prime focus on Rwanda insurance sector, a sovereign state in Central and East Africa, a new study titled “The Insurance Industry in Rwanda, Key Trends and Opportunities to 2021” has been prepared by the analysts and broadcasted to the vast repository of Market Research Hub (MRH). The motive of this study is to provide a detailed outlook for the insurance industry in Rwanda, together with an analysis of the market trends, drivers and challenges present in the Rwandan insurance industry. Also, the study presents historic & forecast market value data for the insurance sector in Rwanda from the period of 2012 to 2021. Actual forecast period considered in the study include 2016 to 2021.
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The Rwandan insurance industry embraces total 15 insurance providers, of which nine are non-life insurers, four are life insurance providers and two are public medical insurers. Presently, key segments in the Rwandan insurance industry include types of insurance such as property insurance, liability insurance, marine, aviation and transit insurance, life insurance, motor insurance, personal accident and health insurance. It has been analyzed that the elderly population of the country is less in comparison to the younger population but it has augmented the awareness of retirement-related life products such as pension, annuity and superannuation insurance over years due to fear of facing the after effects of untimely deaths soon.
In the first part, the study presents key facts and highlights which outlines the industry's growth prospects by segment and category. Moreover, there is also a comparison of the Rwanda insurance sector with its neighboring countries and information is also given on the various types of distribution channels existing in this particular market. Comprehensive information is provided on the competition in the Rwanda insurance market and the governing framework associated with the insurance industry in Rwanda.
Moreover, the study 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 (2011-2015) and forecast period (2015-2021). Additionally, the buyers will also earn the insights into the insurance regulatory framework in Rwanda and tracks the latest regulatory changes, and expected changes impacting the Rwandan insurance industry. According to the study findings, the financial sector of Rwanda was well capitalized as of June 2016, with its assets growth increasing from 53.8% in June 2015 to 55.0% in June 2016.
Also, the Rwandan insurance industry is mainly regulated by the National Bank of Rwanda. As per the report, on March 20, 2017, the National Bank of Rwanda (BNR) issued a regulation which aims to establish administrative and fiscal sanctions applicable to insurers for violations of the law governing the organization of insurance business.
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Later in the study, using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Rwanda for the life insurance business, by profiling the leading market players. Companies mentioned in this study include Sonarwa General Insurance Ltd., Radiant Insurance Company, Military Medical Insurance, Saham Assurance Rwanda Ltd., Soras Assurances Generales Ltd., Prime Insurance Ltd., Phoenix Assurance Rwanda, RSSB- Medical Scheme, UAP Insurance Rwanda Ltd., BK General Insurance Ltd. and Corar AG Limited.
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