Country Dashboards

12 mn
US$3 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 4 mn
Non-life premium volume (USD) 5 mn
Total premium volume 9 mn
Total premium volume (BIF) 11 bn
Insurance penetration: Premiums in % of GDP 0.45%
Insurance density: Premium / capita USD 1.04
Local currency BIF
Market Composition
Domestic life insurers 5
Domestic non-life insurers 9
Domestic composite insurers 1
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 0
Foreign reinsurers 0
State-owned insurers 1
State-owned reinsurers 0
Insurance intermediaries 31
Reinsurance intermediaries 1
Insurance Regulatory Authority
ARCA-Agence de Regulation et de Controle des Assurances - Boulevard du Japon No 51, Building des Finances, 2eme etage

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed No
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement FBU 3,000,000,000 for Non-Life;and FBU 2,000,000,000 for life
Minimum paid-up share capital FBU 1,500,000,000 for Non-Life;and FBU 1,000,000,000 for life
Requirement for independent audits Yes
Requirement to appoint actuaries No
Premium rate approval needed No
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 Motor TPL, PI doctors & Lawyers, Construction insurance
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: