Life premium volume (USD) | 4 mn |
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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 | 1.09 |
Local currency | BIF |
Domestic life insurers | |
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Domestic non-life insurers | 1 |
Domestic composite insurers | 4 |
Foreign life insurers | |
Foreign non-life insurers | |
Foreign composite insurers | 1 |
Domestic reinsurers | |
Foreign reinsurers | |
State-owned insurers | |
State-owned reinsurers | 1 |
Insurance intermediaries | 11 |
Reinsurance intermediaries |
Overarching principle in insurance supervision | Financial supervision |
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Requirement for minimum insurance rates | No |
Cross-border insurance allowed | No |
Bancassurance is allowed | Yes |
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Allowed ownership structures | Stock Companies |
Foreign ownership restrictions | No |
Minimum capital requirement | BIF 500mn (Life) - BIF 1bn (Non-Life) |
Minimum paid-up share capital | BIF 250mn (Life) - BIF 500mn (Non-Life) |
Requirement for independent audits | Yes |
Requirement to appoint actuaries | No |
Premium rate approval needed | No |
Solvency referred to as the difference between assets and liabilities | No |
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RBC (Risk-based capital) principles applied | No |
Ceded reinsurance is regarded as a permissible asset | Yes |
Compulsory insurance lines | Motor TPL, PI Doctors & Lawyers, CAR |
Compulsory reinsurance cessions | Yes |
Established guarantee or policyholder protection fund | No |
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