Country Dashboards

Population
29 mn
2016
GDP (USD)
$12 bn
2016
gdp/capita
$419
2016
Inflation rate
16.7%
2016

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 19 mn
Non-life premium volume (USD) 97 mn
Total premium volume 116 mn
Total premium volume (MZN) 4 bn
Insurance penetration: Premiums in % of GDP 1.11%
Insurance density: Premium / capita USD 4.78
Local currency MZN
Market Composition
Domestic life insurers 3
Domestic non-life insurers 2
Domestic composite insurers 1
Foreign life insurers 13
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers 1
State-owned insurers
State-owned reinsurers
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
Institution
Mozambique Supervisory Institute of Insurance, Av. 24 de Julho nr. 1097- Maputo- Mozambique
Contact

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
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement MZN 33mn - MZN 67mn
Minimum paid-up share capital
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
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 Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, WC
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: