Country Dashboards

Population
56 mn
2016
GDP (USD)
$280 bn
2016
gdp/capita
$5,018
2016
Inflation rate
6.4%
2016

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 12.38%
Insurance density: Premium / capita USD 915
Local currency ZAR
Market Composition
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
Insurance Regulatory Authority
Institution
Financial Services Board P.O. Box 35655, Menlo Park 0102

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
Licensing
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
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, PL
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No