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 | 12.38% |
Insurance density: Premium / capita USD | 915 |
Local currency | ZAR |
Domestic life insurers | 74 |
---|---|
Domestic non-life insurers | 96 |
Domestic composite insurers | 4 |
Foreign life insurers | |
Foreign non-life insurers | |
Foreign composite insurers | |
Domestic reinsurers | 10 |
Foreign reinsurers | |
State-owned insurers | 6 |
State-owned reinsurers | |
Insurance intermediaries | |
Reinsurance intermediaries |
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 |
Foreign ownership restrictions | No |
Minimum capital requirement | ZAR 10mn |
Minimum paid-up share capital | ZAR 10mn |
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 | No |
---|---|
RBC (Risk-based capital) principles applied | Yes |
Ceded reinsurance is regarded as a permissible asset | Yes |
Compulsory insurance lines | WC, PL |
Compulsory reinsurance cessions | No |
Established guarantee or policyholder protection fund | No |
---|