Country Dashboards

Population
25 mn
2016
GDP (USD)
$10 bn
2016
gdp/capita
$391
2016
Inflation rate
6.7%
2016

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 11 mn
Non-life premium volume (USD) 41 mn
Total premium volume 52 mn
Total premium volume (MGA) 109 bn
Insurance penetration: Premiums in % of GDP 0.60%
Insurance density: Premium / capita USD 2.48
Local currency MGA
Market Composition
Domestic life insurers
Domestic non-life insurers
Domestic composite insurers 3
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers 2
Domestic reinsurers
Foreign reinsurers
State-owned insurers
State-owned reinsurers 1
Insurance intermediaries 21
Reinsurance intermediaries
Insurance Regulatory Authority
Institution
Service des Assurances, Immeuble SOLIMA, 1er etage, Ampefiloha, Antananarivo
Contact

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates unknown
Cross-border insurance allowed No
Licensing
Bancassurance is allowed unknown
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions unknown
Minimum capital requirement MAG 600mn - MAG 1bn
Minimum paid-up share capital
Requirement for independent audits Yes
Requirement to appoint actuaries unknown
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 unknown
Compulsory insurance lines
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: