Country Dashboards

US$2 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 1 mn
Non-life premium volume (USD) 25 mn
Total premium volume 26 mn
Total premium volume (CVE) 2 bn
Insurance penetration: Premiums in % of GDP 1.56%
Insurance density: Premium / capita USD 51.8
Local currency CVE
Market Composition
Domestic life insurers 0
Domestic non-life insurers 0
Domestic composite insurers 2
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 0
Reinsurance intermediaries 0
Insurance Regulatory Authority
Bank of Cape Verde (BCV)

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision unknown
Requirement for minimum insurance rates No
Cross-border insurance allowed 0
Bancassurance is allowed No
Allowed ownership structures Translation missing: en.country_dashboard.allowed_ownership_structures_values.0
Foreign ownership restrictions No
Minimum capital requirement Life Insurers: CVE 100m; Non-life Insurers: CVE 200m; Composite Insurers: CVE 250m
Minimum paid-up share capital 0
Requirement for independent audits No
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 No
Compulsory insurance lines Automobile Liability, Accidents at work and occupational diseases
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: