Country Dashboards

Population
1 mn
2016
GDP (USD)
$3 bn
2016
gdp/capita
$3,030
2016
Inflation rate
7.0%
2016

Non life premium title

Premium Description
Insurance market data
Life premium volume (USD) 39 mn
Non-life premium volume (USD) 45 mn
Total premium volume 84 mn
Total premium volume (SZL) 615 mn
Insurance penetration: Premiums in % of GDP 1.85%
Insurance density: Premium / capita USD 79.7
Local currency SZL
Market Composition
Domestic life insurers
Domestic non-life insurers
Domestic composite insurers
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers
State-owned insurers
State-owned reinsurers
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
Institution
Financial Services Regulatory Authority 2nd Floor, PSPF Building, Mhlambanyatsi Road, P.O. Box 3365

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 Yes
Minimum capital requirement SZL 2mn
Minimum paid-up share capital SZL 2mn
Requirement for independent audits Yes
Requirement to appoint actuaries unknown
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 Yes
Compulsory insurance lines WC
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes