| Life premium volume (USD) | 610 mn |
|---|---|
| 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 | 424 |
| Local currency | NAD,ZAR |
| Domestic life insurers | 14 |
|---|---|
| Domestic non-life insurers | 14 |
| Domestic composite insurers | 0 |
| Foreign life insurers | 0 |
| Foreign non-life insurers | 0 |
| Foreign composite insurers | 0 |
| Domestic reinsurers | 1 |
| Foreign reinsurers | 9 |
| State-owned insurers | 1 |
| State-owned reinsurers | 1 |
| Insurance intermediaries | 825 |
| Reinsurance intermediaries | 4 |
| Overarching principle in insurance supervision | Financial supervision |
|---|---|
| Requirement for minimum insurance rates | No |
| Cross-border insurance allowed | Yes |
| Bancassurance is allowed | Yes |
|---|---|
| Allowed ownership structures | Stock Companies, Mutuals |
| Foreign ownership restrictions | Yes |
| Minimum capital requirement | Insurer- N$2 000 000 , Reinsurer- N$12 000 000 |
| Minimum paid-up share capital | Insurer- N$2 000 000 , Reinsurer- N$12 000 000 |
| 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 | Yes |
| Established guarantee or policyholder protection fund | Yes |
|---|
