Country Dashboards

Population
2 mn
2016
GDP (USD)
$2 bn
2016
gdp/capita
$932
2016
Inflation rate
8.6%
2016

Non life premium title

Premium Description
Insurance market data
Life premium volume (USD) 65 mn
Non-life premium volume (USD) 30 mn
Total premium volume 95 mn
Total premium volume (LSL,ZAR) 697 mn
Insurance penetration: Premiums in % of GDP 4.23%
Insurance density: Premium / capita USD 49.9
Local currency LSL,ZAR
Market Composition
Domestic life insurers
Domestic non-life insurers 1
Domestic composite insurers 1
Foreign life insurers 3
Foreign non-life insurers 3
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers
State-owned insurers
State-owned reinsurers
Insurance intermediaries 23
Reinsurance intermediaries

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Material supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed No
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement LSL 65K
Minimum paid-up share capital
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
On-Going Supervision
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 No
Compulsory insurance lines
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No