Life premium volume (USD) | 610 mn |
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Non-life premium volume (USD) | 277 mn |
Total premium volume | 887 mn |
Total premium volume (NAD,ZAR) | 6 bn |
Insurance penetration: Premiums in % of GDP | 7.86% |
Insurance density: Premium / capita USD | 425 |
Local currency | NAD,ZAR |
Domestic life insurers | 16 |
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Domestic non-life insurers | 12 |
Domestic composite insurers | |
Foreign life insurers | |
Foreign non-life insurers | |
Foreign composite insurers | |
Domestic reinsurers | |
Foreign reinsurers | |
State-owned insurers | |
State-owned reinsurers | 1 |
Insurance intermediaries | 2967 |
Reinsurance intermediaries | 4 |
Overarching principle in insurance supervision | Financial supervision |
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Requirement for minimum insurance rates | No |
Cross-border insurance allowed | Yes |
Bancassurance is allowed | Yes |
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Allowed ownership structures | Stock Companies, Mutuals |
Foreign ownership restrictions | Yes |
Minimum capital requirement | (N$ 1mn - N$ 4mn) - Insurance Companies and (N$ 5mn - N$ 10mn) - Reinsurance Companies |
Minimum paid-up share capital | |
Requirement for independent audits | Yes |
Requirement to appoint actuaries | Yes |
Premium rate approval needed | Yes |
Solvency referred to as the difference between assets and liabilities | Yes |
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RBC (Risk-based capital) principles applied | No |
Ceded reinsurance is regarded as a permissible asset | Yes |
Compulsory insurance lines | Motor TPL |
Compulsory reinsurance cessions | Yes |
Established guarantee or policyholder protection fund | Yes |
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