Country Dashboards

US$1 bn
Inflation rate

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 0
Domestic non-life insurers 0
Domestic composite insurers 3
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 3
Domestic reinsurers 1
Foreign reinsurers 0
State-owned insurers 0
State-owned reinsurers 0
Insurance intermediaries 20
Reinsurance intermediaries 0
Insurance Regulatory Authority
Financial Services Authority Bois De Rose Avenue, P.O.Box 991, Victoria, Mahé, Seychelles

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
Bancassurance is allowed No
Allowed ownership structures Translation missing: en.country_dashboard.allowed_ownership_structures_values.0
Foreign ownership restrictions No
Minimum capital requirement 100,000 USD
Minimum paid-up share capital 0
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 No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor Third Party Bodily Injury
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: