| Life premium volume (USD) | 280 mn |
|---|---|
| Non-life premium volume (USD) | 133 mn |
| Total premium volume | 413 mn |
| Total premium volume (BWP) | 3 bn |
| Insurance penetration: Premiums in % of GDP | 3.27% |
| Insurance density: Premium / capita USD | 207 |
| Local currency | BWP |
| Domestic life insurers | 9 |
|---|---|
| Domestic non-life insurers | 12 |
| Domestic composite insurers | 0 |
| Foreign life insurers | 0 |
| Foreign non-life insurers | 0 |
| Foreign composite insurers | 0 |
| Domestic reinsurers | 5 |
| Foreign reinsurers | 9 |
| State-owned insurers | 0 |
| State-owned reinsurers | 0 |
| Insurance intermediaries | 53 |
| Reinsurance intermediaries | 3 |
| Overarching principle in insurance supervision | Material supervision |
|---|---|
| Requirement for minimum insurance rates | No |
| Cross-border insurance allowed | No |
| Bancassurance is allowed | Yes |
|---|---|
| Allowed ownership structures | Stock Companies, Mutuals |
| Foreign ownership restrictions | No |
| Minimum capital requirement | P10 000 000 for Life and Reinsurers, P5 000 000 for non life insurers |
| Minimum paid-up share capital | P10 000 000 for Life and Reinsurers, P5 000 000 for non life insurers |
| Requirement for independent audits | Yes |
| Requirement to appoint actuaries | Yes |
| Premium rate approval needed | No |
| Solvency referred to as the difference between assets and liabilities | Yes |
|---|---|
| RBC (Risk-based capital) principles applied | No |
| Ceded reinsurance is regarded as a permissible asset | Yes |
| Compulsory insurance lines | WC |
| Compulsory reinsurance cessions | No |
| Established guarantee or policyholder protection fund | Yes |
|---|
