Country Dashboards

28 mn
US$14 bn
Inflation rate

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 0.52%
Insurance density: Premium / capita USD 2.47
Local currency MGA
Market Composition
Domestic life insurers 0
Domestic non-life insurers 1
Domestic composite insurers 2
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 2
Domestic reinsurers 0
Foreign reinsurers 0
State-owned insurers 2
State-owned reinsurers 0
Insurance intermediaries 25
Reinsurance intermediaries 0
Insurance Regulatory Authority
Commission de Supervision bancaire et Financiere BP 550, Lalana Revolisiona Sosialista Antaninarenina 101 Antananarivo

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
Bancassurance is allowed Yes
Allowed ownership structures Mutuals
Foreign ownership restrictions No
Minimum capital requirement sociétés d’assistance : 100 Millions d’Ariary sociétés d’assurance générale : 600 Millions d’Ariary sociétés Vie et Capitalisation : 1 Milliard d’Ariary sociétés d’assurance mutuelle : 100 Millions d’Ariary (fonds d’établissement)
Minimum paid-up share capital 0
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 Yes
Compulsory insurance lines RC Automobile, Tous risques Chantier et RC Décennale, Facultés à l’importation, RC et Accident scolaire et RC professionnelle de la réparation, de la vente et du contrôle de véhicule terrestre à moteur
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
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