Country Dashboards

60 mn
US$418 bn
Inflation rate

Non life premium title

Premium Description
Insurance market data
Life premium volume (USD) 37 bn
Non-life premium volume (USD) 10 bn
Total premium volume 46 bn
Total premium volume (ZAR) 340 bn
Insurance penetration: Premiums in % of GDP 11.13%
Insurance density: Premium / capita USD 905
Local currency ZAR
Market Composition
Domestic life insurers 72
Domestic non-life insurers 73
Domestic composite insurers 4
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 9
Foreign reinsurers 20
State-owned insurers 2
State-owned reinsurers 0
Insurance intermediaries 12000
Reinsurance intermediaries 12
Insurance Regulatory Authority
FSCA,41 Matroosberg Rd, Ashlea Gardens, Pretoria, 0002

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 Yes
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions Yes
Minimum capital requirement Non Life- R5 000 000, Life R10 000 00
Minimum paid-up share capital Non Life- R5 000 000, Life R10 000 00
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities No
RBC (Risk-based capital) principles applied Yes
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 No