Country Dashboards

Population
93000
2016
GDP (USD)
$1 bn
2016
gdp/capita
$15,258
2016
Inflation rate
-0.8%
2016

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 4 mn
Non-life premium volume (USD) 17 mn
Total premium volume 21 mn
Total premium volume (SCR) 250 mn
Insurance penetration: Premiums in % of GDP 2.14%
Insurance density: Premium / capita USD 230
Local currency SCR
Market Composition
Domestic life insurers
Domestic non-life insurers
Domestic composite insurers 2
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers
State-owned insurers 1
State-owned reinsurers
Insurance intermediaries 12
Reinsurance intermediaries
Insurance Regulatory Authority
Institution
Seychelles International Business Authority, Bois de rose avenue , Victoria, Seychelles

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates unknown
Cross-border insurance allowed Yes
Licensing
Bancassurance is allowed unknown
Allowed ownership structures Stock Companies
Foreign ownership restrictions unknown
Minimum capital requirement USD 100k
Minimum paid-up share capital
Requirement for independent audits Yes
Requirement to appoint actuaries unknown
Premium rate approval needed unknown
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 unknown
Compulsory insurance lines Motor TPL
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund unknown
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