The Insurance Industry in the Central African Republic, Key Trends and Opportunities to 2019

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1 The Insurance Industry in the Central African Republic, Key Trends and Opportunities to 2019 Market Intelligence Report Reference code: IS0957MR Published: July 2015 Timetric John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0) Fax: +44 (0)

2 Executive Summary Timetric s 'The Insurance Industry in the Central African Republic, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Central African Republic insurance industry. It provides key performance indicators such as written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions during the review period ( ) and forecast period ( ). The report also analyzes detailed information on the competitive landscape in the country. The report brings together Timetric s 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 regulatory structure. Synopsis The report provides in-depth market analysis, information and insights into the Central African Republic insurance industry, including: The Central African Republic insurance industry's growth prospects by segment and category Key trends, drivers and challenges in the Central African Republic insurance industry The detailed competitive landscape in the Central African Republic insurance industry Detailed regulatory policies of the Central African Republic insurance industry Reasons to Buy Make strategic business decisions using in-depth historic and forecast market data related to the Central African Republic insurance industry and each segment and category within it. Understand the demand-side dynamics, key market trends and growth opportunities in the Central African Republic insurance industry. Assess the competitive dynamics in the Central African Republic insurance industry. Identify the growth opportunities and market dynamics in key segments. Gain insights into key regulations governing the Central African Republic insurance industry and their impact on companies and the industry's future. The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 2

3 XAF Million 1 The Central African Republic Insurance Industry Attractiveness Figure 1: The Central African Republic Insurance Gross Written Premium by Segment (XAF Million), Non-life Personal accident and health Life Source: FANAF and Timetric analysis Timetric The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 3

4 CAGR Table 1: The Central African Republic Insurance Segmentation, Gross Written Premium (% Share), Segment Life Non-life Personal accident and health Overall 100.0% 100.0% 100.0% Source: FANAF and Timetric analysis Timetric Figure 2: The Central African Republic Insurance Dynamics by Segment, Gross Written Premium ( ) Non-life Personal accident and health Life 10% 8% 6% 4% 2% 0% -20% -15% -10% -5% 0% 5% 10% 15% 20% CAGR Source: FANAF and Timetric analysis Timetric Note: Bubble size represents the 2014 segment value The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 4

5 Report Methodology All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This includes market study, research, analysis and quality control. 1) Market Study A. Standardization Definitions are specified using recognized industry classifications. The same definition is used for every country. Annual average currency exchange rates are used for the latest completed year. These are then applied across both the historical and forecast data to remove exchange rate fluctuations. B. Internal audit Review of in-house databases to gather existing data: Historic market databases and reports Company database C. Trend monitoring Review of the latest insurance companies and industry trends 2) Research A. Sources Collection of the latest market-specific data from a wide variety of industry sources: Government statistics Industry associations Company filings International organizations Insurance regulatory agencies B. Expert opinion Collation of opinion taken from leading insurance industry experts Analysis of third-party opinion and forecasts: Broker reports Media Official government sources C. Data consolidation and verification Consolidation of data and opinion to create historical datasets Creation of models to benchmark data across sectors and regions 3) Analysis A. Market forecasts Feeding forecast data into market models: Macroeconomic indicators Industry-specific drivers Analysis of insurance industry database to identify trends: Latest insurance trends Key drivers of the insurance industry The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 5

6 B. Report writing Analysis of market data Discussion of company and industry trends and issues Review of financial deals and insurance trends 4) Quality Control Templates Detailed process manuals Standardized report templates and accompanying style guides Complex forecasting tools to ensure that forecast methodologies are consistently applied Quality-control checklists Quality-control process Peer review Senior-level QC Random spot checks on data integrity Benchmark checks across databases Market data cross-checked for consistency with accumulated data from: Company filings Government sources Related Reports The Insurance Industry in Mongolia, Key Trends and Opportunities to 2019 The Insurance Industry in Paraguay, Key Trends and Opportunities to 2019 The Insurance Industry in Cameroon, Key Trends and Opportunities to 2019 The Insurance Industry in Tunisia, Key Trends and Opportunities to 2019 The Insurance Industry in Azerbaijan, Key Trends and Opportunities to 2019 The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2019 The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 The Insurance Industry in Chad, Key Trends and Opportunities to 2019 The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 6

7 TABLE OF CONTENTS 1 Executive Summary Introduction What is this Report About? Definitions Methodology The Central African Republic Insurance Industry Overview The Central African Republic Insurance Industry Key Industry Trends and Drivers Challenges Industry Segmentation Life Insurance Non-Life Insurance Property insurance Motor insurance Liability insurance Marine, aviation and transit insurance Personal Accident and Health Insurance Reinsurance Governance, Risk and Compliance Legislation Overview and Historical Evolution Latest Changes in Regulations Legislation and Market Practice by Type of Insurance Life insurance Property insurance Motor insurance Liability insurance Marine, aviation and transit insurance Personal accident and health insurance Compulsory Insurance Motor third-party liability insurance Professional indemnity insurance for insurance intermediaries Worker s compensation Supervision and Control International Association of Insurance Supervisors Commission Regional des Assurances (CRCA) Direction des Services Centraux (DSC) Non-Admitted Insurance Regulations Overview Intermediaries The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 7

8 5.6.3 Market practices Fines and penalties Company Registration and Operations Types of insurance organization Establishing a local company Foreign ownership Types of license Capital requirements Solvency margins Reserve requirements Investment regulations Statutory return requirements Fee structure Taxation Insurance premium or policy taxation Withholding taxes on premium paid overseas Corporate tax VAT Captives Legal System Introduction Access to court Alternative dispute resolution (ADR) Competitive Landscape Overview Leading Companies Allianz Centrafrique Assurances company overview Union des Assurances Centrafricaine company overview Economic Indicators GDP at Current Prices (US$) GDP per Capita at Current Prices (US$) GDP at Constant Prices (US$) Inflation Life Expectancy Urban and Rural Populations Total Population Appendix Methodology Contact Timetric About Timetric Timetric s Services The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 8

9 8.5 Disclaimer The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 9

10 LIST OF FIGURES Figure 1: The Central African Republic Insurance Gross Written Premium by Segment (XAF Million), Figure 2: The Central African Republic Insurance Gross Written Premium Segment Dynamics by Segment, Figure 3: The Central African Republic Insurance Direct Written Premium by Segment (XAF Million), Figure 4: The Central African Republic Insurance Direct Written Premium Segment Dynamics by Segment, Figure 5: The Central African Republic Life Insurance Gross Written Premium (XAF Million), Figure 6: The Central African Republic Life Insurance Gross Written Premium (XAF Million), Figure 7: The Central African Republic Life Insurance Paid Claims (XAF Million), Figure 8: Central African Life Insurance Paid Claims (XAF Million), Figure 9: The Central African Republic Life Insurance Incurred Loss (XAF Million), Figure 10: The Central African Republic Life Insurance Incurred Loss (XAF Million), Figure 11: The Central African Republic Life Insurance Total Investment Income (XAF Thousand), Figure 12: The Central African Republic Life Insurance Total Investment Income (XAF Thousand), Figure 13: The Central African Republic Life Insurance Net Written Premium (XAF Million), Figure 14: The Central African Republic Life Insurance Net Written Premium (XAF Million), Figure 15: The Central African Republic Life Insurance Insurance Penetration (Ratio of Direct Premium to GDP), Figure 16: The Central African Republic Life Insurance Insurance Density (Direct Premium per Capita) (XAF), Figure 17: The Central African Republic Non-Life Insurance Gross Written Premium by Category (XAF Million), Figure 18: The Central African Republic Non-Life Insurance Gross Written Premium by Category (%), 2014 and Figure 19: The Central African Republic Non-Life Insurance Gross Written Premium Dynamics by Category, Figure 20: The Central African Republic Non-Life Insurance Direct Written Premium by Category (XAF Million), Figure 21: The Central African Republic Non-Life Insurance Direct Written Premium by Category (%), 2014 and Figure 22: The Central African Republic Non-Life Insurance Direct Written Premium Dynamics by Category, Figure 23: The Central African Republic Non-Life Insurance Paid Claims (XAF Billion), Figure 24: The Central African Republic Non-Life Insurance Paid Claims (XAF Million), Figure 25: The Central African Republic Non-Life Insurance Incurred Loss (XAF Million), Figure 26: The Central African Republic Non-Life Insurance Incurred Loss (XAF Billion), Figure 27: The Central African Republic Non-Life Insurance Loss Ratio (%), Figure 28: The Central African Republic Non-Life Insurance Loss Ratio (%), Figure 29: The Central African Republic Non-Life Insurance Combined Ratio (%), Figure 30: The Central African Republic Non-Life Insurance Combined Ratio (%), Figure 31: The Central African Republic Non-Life Insurance Total Investment Income (XAF Million), Figure 32: The Central African Republic Non-Life Insurance Total Investment Income (XAF Million), Figure 33: The Central African Republic Non-Life Insurance Net Written Premium (XAF Billion), Figure 34: The Central African Republic Non-Life Insurance Net Written Premium (XAF Billion), Figure 35: The Central African Republic Non-Life Insurance Total Investment (XAF Billion), Figure 36: The Central African Republic Non-Life Insurance Penetration (Ratio of Direct Premium to GDP), Figure 37: The Central African Republic Non-Life Insurance Density (Direct Premium per Capita) (XAF), Figure 38: The Central African Republic Property Insurance Gross Written Premium (XAF Million), Figure 39: The Central African Republic Property Insurance Gross Written Premium (XAF Million), Figure 40: The Central African Republic Motor Insurance Gross Written Premium (XAF Billion), Figure 41: The Central African Republic Motor Insurance Gross Written Premium (XAF Billion), Figure 42: The Central African Republic Liability Insurance Gross Written Premium (XAF Million), Figure 43: The Central African Republic Liability Insurance Gross Written Premium (XAF Million), Figure 44: The Central African Republic Marine, Aviation and Transit Insurance Gross Written Premium (XAF Million), Figure 45: The Central African Republic Marine, Aviation and Transit Insurance Gross Written Premium (XAF Million), Figure 46: The Central African Republic Personal Accident and Health Insurance Gross Written Premium (XAF Million), Figure 47: The Central African Republic Personal Accident and Health Insurance Gross Written Premium (XAF Million), Figure 48: The Central African Republic Personal Accident and Health Insurance Paid Claims (XAF Million), Figure 49: The Central African Republic Personal Accident and Health Insurance Paid Claims (XAF Million), Figure 50: The Central African Republic Personal Accident and Health Insurance Incurred Loss (XAF Million), Figure 51: The Central African Republic Personal Accident and Health Insurance Incurred Loss (XAF Million), Figure 52: The Central African Republic Personal Accident and Health Insurance Loss Ratio (%), Figure 53: The Central African Republic Personal Accident and Health Insurance Loss Ratio (%), Figure 54: The Central African Republic Personal Accident and Health Insurance Combined Ratio (%), Figure 55: The Central African Republic Personal Accident and Health Insurance Combined Ratio (%), Figure 56: The Central African Republic Personal Accident and Health Insurance Total Investment Income (XAF Million), Figure 57: The Central African Republic Personal Accident and Health Insurance Total Investment Income (XAF Million), Figure 58: The Central African Republic Personal Accident and Health Insurance Net Written Premium (XAF Million), Figure 59: The Central African Republic Personal Accident and Health Insurance Net Written Premium (XAF Million), Figure 60: The Central African Republic Personal Accident and Health Insurance Total Investment (XAF Million), Figure 61: The Central African Republic Personal Accident and Health Insurance Penetration (Ratio of Direct Premium to GDP), Figure 62: The Central African Republic Personal Accident and Health Insurance Density (Direct Premium per Capita) (XAF), The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 10

11 Figure 63: The Central African Republic Non-Life Insurance Percentage of Premium Ceded (Excluding Retrocession), Figure 64: The Central African Republic Non-Life Insurance Percentage of Premium Ceded (Excluding Retrocession), Figure 65: The Central African Republic Personal Accident and Health Insurance Percentage of Premium Ceded (Excluding Retrocession), Figure 66: The Central African Republic Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), Figure 67: The Central African Republic Insurance Regulatory Framework Figure 68: The Central African Republic Insurance Supervision and Control at Various Levels Figure 69: The Central African Republic Insurance Regulatory Frameworks for Company Registration and Operation Figure 70: The Central African Republic Insurance Market Market Share 2012 and Figure 71: The Central African Republic GDP at Current Prices (US$ Billion), Figure 72: The Central African Republic GDP Per Capita at Current Prices (US$), Figure 73: The Central African Republic GDP at Constant Prices (US$ Billion), Figure 74: The Central African Republic Inflation Rate (%), Figure 75: The Central African Republic Life Expectancy (Years), Figure 76: The Central African Republic Urban and Rural Populations (%), Figure 77: The Central African Republic Total Population (Million), The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 11

12 LIST OF TABLES Table 1: Insurance Industry Definitions... 9 Table 2: The Central African Republic Insurance Gross Written Premium by Segment (XAF Million), Table 3: The Central African Republic Insurance Gross Written Premium by Segment (US$ Million), Table 4: The Central African Republic Insurance Gross Written Premium by Segment (XAF Million), Table 5: The Central African Republic Insurance Gross Written Premium by Segment (US$ Million), Table 6: The Central African Republic Insurance Segmentation by Gross Written Premium (Percentage Share), Table 7: The Central African Republic Insurance Direct Written Premium by Segment (XAF Million), Table 8: The Central African Republic Insurance Direct Written Premium by Segment (US$ Million), Table 9: The Central African Republic Insurance Direct Written Premium by Segment (XAF Million), Table 10: The Central African Republic Insurance Direct Written Premium by Segment (US$ Million), Table 11: The Central African Republic Insurance Segmentation by Direct Written Premium (Percentage Share), Table 12: The Central African Republic Life Insurance Gross Written Premium (XAF Million), Table 13: The Central African Republic Life Insurance Gross Written Premium (XAF Million), Table 14: The Central African Republic Life Insurance Paid Claims (XAF Million), Table 15: The Central African Republic Life Insurance Paid Claims (XAF Million), Table 16: The Central African Republic Life Insurance Incurred Loss (XAF Million), Table 17: The Central African Republic Life Insurance Incurred Loss (XAF Million), Table 18: The Central African Republic Life Insurance Total Investment Income (XAF Thousand), Table 19: The Central African Republic Life Insurance Total Investment Income (XAF Thousand), Table 20: The Central African Republic Life Insurance Net Written Premium (XAF Million), Table 21: The Central African Republic Life Insurance Net Written Premium (XAF Million), Table 22: The Central African Republic Non-Life Insurance Gross Written Premium by Category (XAF Million), Table 23: Central African Non-Life Insurance Gross Written Premium by Category (US$ Million), Table 24: The Central African Republic Non-Life Insurance Gross Written Premium by Category (XAF Million), Table 25: The Central African Republic Non-Life Insurance Gross Written Premium by Category (US$ Million), Table 26: The Central African Republic Non-Life Insurance Direct Written Premium by Category (XAF Million), Table 27: The Central African Republic Non-Life Insurance Direct Written Premium by Category (US$ Million), Table 28: The Central African Republic Non-Life Insurance Direct Written Premium by Category (XAF Million), Table 29: The Central African Republic Non-Life Insurance Direct Written Premium by Category (US$ Million), Table 30: The Central African Republic Non-Life Insurance Paid Claims (XAF Billion), Table 31: The Central African Republic Non-Life Insurance Paid Claims (XAF Million), Table 32: The Central African Republic Non-Life Insurance Incurred Loss (XAF Million), Table 33: The Central African Republic Non-Life Insurance Incurred Loss (XAF Billion), Table 34: The Central African Republic Non-Life Insurance Loss Ratio (%), Table 35: The Central African Republic Non-Life Insurance Loss Ratio (%), Table 36: The Central African Republic Non-Life Insurance Combined Ratio (%), Table 37: The Central African Republic Non-Life Insurance Combined Ratio (%), Table 38: The Central African Republic Non-Life Insurance Total Investment Income (XAF Million), Table 39: The Central African Republic Non-Life Insurance Total Investment Income (XAF Million), Table 40: The Central African Republic Non-Life Insurance Net Written Premium (XAF Billion), Table 41: The Central African Republic Non-Life Insurance Net Written Premium (XAF Billion), Table 42: The Central African Republic Property Insurance Gross Written Premium (XAF Million), Table 43: The Central African Republic Property Insurance Gross Written Premium (XAF Million), Table 44: The Central African Republic Motor Insurance Gross Written Premium (XAF Billion), Table 45: The Central African Republic Motor Insurance Gross Written Premium (XAF Billion), Table 46: The Central African Republic Liability Insurance Gross Written Premium (XAF Million), Table 47: The Central African Republic Liability Insurance Gross Written Premium (XAF Million), Table 48: The Central African Republic Marine, Aviation and Transit Insurance Gross Written Premium (XAF Million), Table 49: The Central African Republic Marine, Aviation and Transit Insurance Gross Written Premium (XAF Million), Table 50: The Central African Republic Personal Accident and Health Insurance Gross Written Premium (XAF Million), Table 51: The Central African Republic Personal Accident and Health Insurance Gross Written Premium (XAF Million), Table 52: The Central African Republic Personal Accident and Health Insurance Paid Claims (XAF Million), Table 53: The Central African Republic Personal Accident and Health Insurance Paid Claims (XAF Million), Table 54: The Central African Republic Personal Accident and Health Insurance Incurred Loss (XAF Million), Table 55: The Central African Republic Personal Accident and Health Insurance Incurred Loss (XAF Million), Table 56: The Central African Republic Personal Accident and Health Insurance Loss Ratio (%), Table 57: The Central African Republic Personal Accident and Health Insurance Loss Ratio (%), Table 58: The Central African Republic Personal Accident and Health Insurance Combined Ratio (%), Table 59: The Central African Republic Personal Accident and Health Insurance Combined Ratio (%), Table 60: The Central African Republic Personal Accident and Health Insurance Total Investment Income (XAF Million), Table 61: The Central African Republic Personal Accident and Health Insurance Total Investment Income (XAF Million), Table 62: The Central African Republic Personal Accident and Health Insurance Net Written Premium (XAF Million), Table 63: The Central African Republic Personal Accident and Health Insurance Net Written Premium (XAF Million), The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 12

13 Table 64: The Central African Republic Non-Life Insurance Percentage of Premium Ceded (Excluding Retrocession), Table 65: The Central African Republic Non-Life Insurance Percentage of Premium Ceded (Excluding Retrocession), Table 66: The Central African Republic Personal Accident and Health Insurance Percentage of Premium Ceded (Excluding Retrocession), Table 67: The Central African Republic Personal Accident and Health Insurance Percentage of Premium Ceded (Excluding Retrocession), Table 68: The Central African Republic Intermediary Remuneration Rates Table 69: The Central African Republic Life Insurance Regulatory Framework Table 70: The Central African Republic Property Insurance Regulatory Framework Table 71: The Central African Republic Motor Insurance Regulatory Framework Table 72: The Central African Republic Liability Insurance Regulatory Framework Table 73: The Central African Republic Insurance Premium Tax Rates Table 74: The Central African Republic Corporate Tax Rates for the Financial Year Table 75: The Central African Republic Insurance Market Share, The Insurance Industry in Central African Republic, Key Trends and Opportunities to 2019 Page 13