Country Dashboards

Population
32 mn
2021
GDP (USD)
US$16 bn
2021
gdp/capita
US$501
2021
Inflation rate
5.7%
2021

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 1.05%
Insurance density: Premium / capita USD 4.94
Local currency MZN
Market Composition
Domestic life insurers 4
Domestic non-life insurers 15
Domestic composite insurers 4
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 0
Foreign reinsurers 1
State-owned insurers 1
State-owned reinsurers 0
Insurance intermediaries 16
Reinsurance intermediaries 2
Insurance Regulatory Authority
Institution
Instituto de Supervisao de Seguros de Mocambique (ISSM)
Contact
0

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 Yes
Licensing
Bancassurance is allowed No
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement MZN97,000,000 (Non-Life) MZN196,000,000 (Life)
Minimum paid-up share capital 0
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, WCA
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
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