Life premium volume (USD) | 17 mn |
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Non-life premium volume (USD) | 58 mn |
Total premium volume | 76 mn |
Total premium volume (MWK) | 11 bn |
Insurance penetration: Premiums in % of GDP | 1.09% |
Insurance density: Premium / capita USD | 4.82 |
Local currency | MWK |
Domestic life insurers | 4 |
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Domestic non-life insurers | 8 |
Domestic composite insurers | |
Foreign life insurers | |
Foreign non-life insurers | |
Foreign composite insurers | |
Domestic reinsurers | 1 |
Foreign reinsurers | |
State-owned insurers | |
State-owned reinsurers | |
Insurance intermediaries | 12 |
Reinsurance intermediaries |
Overarching principle in insurance supervision | Financial supervision |
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Requirement for minimum insurance rates | No |
Cross-border insurance allowed | No |
Bancassurance is allowed | Yes |
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Allowed ownership structures | Stock Companies |
Foreign ownership restrictions | No |
Minimum capital requirement | MWK 50mn - MWK 100mn |
Minimum paid-up share capital | |
Requirement for independent audits | Yes |
Requirement to appoint actuaries | Yes |
Premium rate approval needed | No |
Solvency referred to as the difference between assets and liabilities | Yes |
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RBC (Risk-based capital) principles applied | No |
Ceded reinsurance is regarded as a permissible asset | Yes |
Compulsory insurance lines | Motor TPL |
Compulsory reinsurance cessions | No |
Established guarantee or policyholder protection fund | No |
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