Country Dashboards

Population
2 mn
2021
GDP (USD)
US$2 bn
2021
gdp/capita
US$1,181
2021
Inflation rate
6.1%
2021

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 65 mn
Non-life premium volume (USD) 30 mn
Total premium volume 95 mn
Total premium volume (LSL,ZAR) 697 mn
Insurance penetration: Premiums in % of GDP 4.03%
Insurance density: Premium / capita USD 49.3
Local currency LSL,ZAR
Market Composition
Domestic life insurers 6
Domestic non-life insurers 4
Domestic composite insurers 1
Foreign life insurers 3
Foreign non-life insurers 3
Foreign composite insurers 0
Domestic reinsurers 0
Foreign reinsurers 9
State-owned insurers 1
State-owned reinsurers 0
Insurance intermediaries 46
Reinsurance intermediaries 0
Insurance Regulatory Authority
Institution
Central Bank of Lesotho, CORNER AIRPORT AND MOSHOESHOE ROADS, MASERU CENTRAL

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Material 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 Insurers- M4 000 000 , Reinsurers-M45 000 000
Minimum paid-up share capital Insurers- M4 000 000 , Reinsurers-M45 000 001
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
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 0
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: