Country Dashboards

Population
4 mn
2021
GDP (USD)
US$9 bn
2021
gdp/capita
US$2,153
2021
Inflation rate
3.8%
2021

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 0
Non-life premium volume (USD) 13 mn
Total premium volume 13 mn
Total premium volume (MRO) 4 bn
Insurance penetration: Premiums in % of GDP 0.24%
Insurance density: Premium / capita USD 4.04
Local currency MRO
Market Composition
Domestic life insurers 0
Domestic non-life insurers 14
Domestic composite insurers 0
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 0
Foreign reinsurers 0
State-owned insurers 0
State-owned reinsurers 0
Insurance intermediaries 0
Reinsurance intermediaries 2
Insurance Regulatory Authority
Institution
N/A
Contact
N/A

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed Yes
Licensing
Bancassurance is allowed No
Allowed ownership structures Stock Companies
Foreign ownership restrictions Yes
Minimum capital requirement N/A
Minimum paid-up share capital N/A
Requirement for independent audits Yes
Requirement to appoint actuaries No
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 Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines MOTOR TPL
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
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