Country Dashboards

7 mn
US$5 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 144,148
Non-life premium volume (USD) 10 mn
Total premium volume 10 mn
Total premium volume (ERN) 157 mn
Insurance penetration: Premiums in % of GDP 0.48%
Insurance density: Premium / capita USD 1.79
Local currency ERN
Market Composition
Domestic life insurers
Domestic non-life insurers
Domestic composite insurers 1
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers
State-owned insurers
State-owned reinsurers
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
National Insurance Corporation of Eritrea Share Company, Bdho Ave. 171 Asmara, Eritrea

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 Yes
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement Yes but not proclaimed
Minimum paid-up share capital
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 No
Compulsory insurance lines Motor TPL
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: