Country Dashboards

Population
10 mn
2016
GDP (USD)
US$3 bn
2016
gdp/capita
US$284
2016
Inflation rate
6.3%
2016

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 1.09
Local currency BIF
Market Composition
Domestic life insurers
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
Insurance Regulatory Authority
Institution
Agence de Regulation et de ContrOle des Assurances (ARCA), Ministers des Finances, Avenue de la Revolution, B.P. 1830 Bujumbura
Contact

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
Licensing
Bancassurance is allowed Yes
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
On-Going Supervision
Solvency referred to as the difference between assets and liabilities No
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
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
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