AISL Executive Summary
Zimbabwe obtient un score AISL ajusté de 21.2/100 (hautement restrictif). Le marché de l'assurance y pesait 301 millions $ en 2024, pour une pénétration de 2.0% du PIB. L'absence de cession légale obligatoire distingue ce marché, avec un accès plus direct pour les réassureurs étrangers. Le marché applique par ailleurs une exigence de capacité locale.
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Harare
Population
Not documented
GDP
$56.7 B
Currency
ZWG
Insurance market
Market size
$301 M
Penetration
2.0%
Density / capita
Not documented
Growth (GDP proxy)
0.1%
Regulatory framework
Regulatory openness
Highly RestrictiveCompulsory cession
No
Active friction mechanisms
1 / 7
Reference year
2024
AISL Score
Base score
24.6
Adjusted score (friction)
21.2
Regulatory access
86/100
Methodology breakdown
AISL recommendation: AVOID / HIGH RISK
AISL Score Badge
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Similar markets
Structurally close profiles to Zimbabwe, computed on market size, growth, sector structure, environment and founder judgment.
Market (2024)
Vie : 41%
$122.2M
Non-vie : 59%
$178.4M
Total : $300.6M
Total premiums
$300.6M
Penetration
2.0%
Density / capita
Not documented
Growth
—
Number of insurers
—
International comparison
This market is -68% versus the OECD average (6.2% of GDP, 2024) and -63% versus the average across all reporting jurisdictions (5.4%, 2024).
Source: OECD, Global Insurance Market Trends 2025. These averages cover jurisdictions reporting to the OECD, not an exhaustive global sample.
Source: Atlas Magazine - African Insurance Market 2024
Macroeconomic context (2025)
GDP
$56.7 B
GDP growth
0.1%
Population
—
Inflation
81.4%
Currency
ZWG
Source: Wikipedia Economy infobox (source IMF)
Regulatory mechanisms
Source: GRF - Reinsurance Trade Barriers and Market Access Issues Worldwide, mai 2026
What this market requires at entry
1 active regulatory mechanism on this market, with what each one concretely means for entering Zimbabwe.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 24.6, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
21.2
1 mechanism active (1 × 3.4 = −3.4 pts)
Market players
33 companies, 2024 premiums in USD millions
Market concentration
ConcentratedHHI 92101
Leader: Nyaradzo Life Assurance Company (23.8%) — 33 companies
HHI = Herfindahl-Hirschman Index, a standard market concentration measure (sum of squared shares). <1500 = competitive, 1500-2500 = moderately concentrated, >2500 = concentrated.
Segment Life (11 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| Nyaradzo Life Assurance Company | 140.0 | 23.8% | +0.5% | 204.2 | 297.7 | 434.2 | 633.2 |
| Old Mutual Life Assurance | 36.0 | 6.1% | +1.4% | 54.0 | 81.0 | 121.5 | 182.3 |
| First Mutual Life Assurance Company | 16.0 | 2.7% | -0.3% | 11.6 | 8.5 | 6.2 | 4.5 |
| Zimnat Life Assurance Company | 16.0 | 2.7% | +0.1% | 17.1 | 18.2 | 19.4 | 20.7 |
| Econet Life Assurance | 15.0 | 2.5% | — | 15.9 | 16.9 | 17.9 | 18.9 |
| Fidelity Life Assurance Company | 10.0 | 1.7% | -0.1% | 9.1 | 8.3 | 7.5 | 6.8 |
| CBZ Life Limited | 7.7 | 1.3% | +0.1% | 8.8 | 10.2 | 11.7 | 13.4 |
| ZB Life Assurance Company | 6.5 | 1.1% | +1.2% | 9.8 | 14.6 | 21.9 | 32.9 |
| Nhaka Life Assurance (Private) Limited | 1.5 | 0.3% | +0.5% | 2.3 | 3.4 | 5.1 | 7.6 |
| Evolution Health & Life Assurance Company | 0.4 | 0.1% | +0.2% | 0.5 | 0.5 | 0.6 | 0.8 |
| Heritage Life | 0.0 | 0.0% | -0.8% | 0.0 | 0.0 | 0.0 | 0.0 |
Segment Non-Life (22 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| Old Mutual Insurance Company | 44.0 | 7.5% | +0.0% | 46.1 | 48.3 | 50.6 | 53.0 |
| Nicoz Diamond Insurance Company | 43.0 | 7.3% | -0.1% | 38.5 | 34.5 | 30.9 | 27.7 |
| Doves Funeral Assurance Company | 36.0 | 6.1% | +0.2% | 43.2 | 51.8 | 62.2 | 74.6 |
| Zimnat Lion Insurance Company | 36.0 | 6.1% | -0.1% | 33.2 | 30.7 | 28.3 | 26.1 |
| Cell Insurance Company | 35.0 | 5.9% | -0.1% | 31.4 | 28.2 | 25.3 | 22.7 |
| Alliance Insurance Company | 35.0 | 5.9% | -0.2% | 27.8 | 22.1 | 17.6 | 14.0 |
| Sanctuary Insurance Company | 18.0 | 3.1% | -0.3% | 12.6 | 8.8 | 6.2 | 4.3 |
| FBC Insurance | 17.0 | 2.9% | +0.1% | 19.3 | 21.8 | 24.7 | 28.0 |
| Econet Wireless Zimbabwe Limited | 14.0 | 2.4% | -0.2% | 10.9 | 8.5 | 6.6 | 5.1 |
| CBZ Insurance Limited | 13.0 | 2.2% | +0.2% | 15.4 | 18.2 | 21.5 | 25.4 |
| Champions Insurance Company | 9.7 | 1.6% | +0.2% | 11.9 | 14.6 | 18.0 | 22.0 |
| Hamilton Insurance Company | 8.0 | 1.4% | +0.5% | 11.9 | 17.6 | 26.0 | 38.5 |
| Clarion Insurance Company | 6.9 | 1.2% | +0.3% | 9.2 | 12.1 | 16.1 | 21.4 |
| Export Credit Guarantee Company of Zimbabwe (Private) Ltd | 5.7 | 1.0% | +1.4% | 8.6 | 12.8 | 19.2 | 28.9 |
| Credsure Insurance | 4.5 | 0.8% | +0.0% | 4.7 | 4.9 | 5.2 | 5.4 |
| Agricultural Finance Corporation | 3.8 | 0.7% | -0.1% | 3.4 | 3.1 | 2.8 | 2.5 |
| Evolution Insurance Company | 2.3 | 0.4% | -0.6% | 1.6 | 1.1 | 0.8 | 0.6 |
| Quality Insurance Company | 2.3 | 0.4% | -0.3% | 1.7 | 1.2 | 0.9 | 0.6 |
| Safel Insurance Company (Private) Ltd | 1.9 | 0.3% | +1.5% | 2.9 | 4.3 | 6.4 | 9.6 |
| Allied Insurance Company | 1.6 | 0.3% | +0.3% | 2.1 | 2.8 | 3.8 | 5.1 |
| Empaya Insurance | 1.3 | 0.2% | — | 1.4 | 1.5 | 1.5 | 1.6 |
| Misty Insurance | 0.7 | 0.1% | — | 0.7 | 0.7 | 0.8 | 0.8 |
Market share: official source figure when available, otherwise computed from the companies listed for this segment (not necessarily 100% of the country's total market). The 2025-2028 columns, in italics, are projections: never a blank cell, but the color indicates the reliability of the method used: gray = company-specific growth rate, amber = failing that, the country's market growth, orange = failing that, the country's GDP growth, light red = no growth data available, flat 0% by default.
Active reinsurers
21 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | Net income (M$) | Observed growth | 2022(est.) | 2023(est.) | 2024(est.) | 2025(est.) | 2026(est.) | 2027(est.) | 2028(est.) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Emeritus Re Life | National | — | — | — | — | — | — | — | — | — | — |
| FM Re Life | National | — | — | — | — | — | — | — | — | — | — |
| MUCA Re | National | — | — | — | — | — | — | — | — | — | — |
| Transaxix Re | National | — | — | — | — | — | — | — | — | — | — |
| Zep Re | Regional | — | — | — | — | — | — | — | — | — | — |
| CICA - Re | Regional | — | — | — | — | — | — | — | — | — | — |
| Waica Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| WAICA Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Ghana Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| ZB Re | National | — | — | — | — | — | — | — | — | — | — |
| FBC Re | National | — | — | — | — | — | — | — | — | — | — |
| Grand Re | National | — | — | — | — | — | — | — | — | — | — |
| Tropical Re | National | — | — | — | — | — | — | — | — | — | — |
| Emeritus Re | National | — | — | — | — | — | — | — | — | — | — |
| FM Re | National | — | — | — | — | — | — | — | — | — | — |
| Zep Re (PTA Reinsurance Co) | Regional | 213.0 | 18.1 | +2.3% | 218.0 | 223.0 | 228.0 | 233.2 | 238.6 | 244.0 | 249.6 |
| CICA-RE | Regional | 176.2 | 13.4 | +11.3% | 196.1 | 218.3 | 243.0 | 270.6 | 301.3 | 335.5 | 373.7 |
| WAICA Re | Regional | 153.3 | 19.9 | +49.5% | 229.5 | 343.3 | 513.5 | 768.1 | 1148.9 | 1719.1 | 2572.0 |
| Zep Reinsurance (Zimbabwe) | National | 18.0 | 0.9 | +120.9% | 27.0 | 40.5 | 60.8 | 91.2 | 136.8 | 205.3 | 307.9 |
| ZB Reinsurance Company | National | 14.4 | 4.0 | +35.8% | 19.6 | 26.6 | 36.2 | 49.1 | 66.7 | 90.6 | 123.1 |
Source: Atlas Magazine, Reinsurance Yearbook 2023. Last real data available: fiscal year 2021 (left-hand columns). The "2028 revenue (estimated)" column, in italic gray, is a projection based solely on the growth rate observed between 2020 and 2021 (capped between -30% and +50%/year); this is not an observed figure and should be treated with caution, particularly for companies with volatile or negative net income.
AISL Summary
- AISL positioning: 21/100, "Highly Restrictive" market.
- Insurance market: $301M, fiscal year 2024.
- No compulsory cession identified, more direct access than elsewhere on the continent.
- Sits 9.1 points below the regional average (17 scored markets).
Regional comparison
Average adjusted score in East Africa : 30.3 (out of 17 scored markets)
Zimbabwe is 9.1 points below the regional average