Country Dashboards

$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
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
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
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
The Africa Re office that supports this location is: