Country Dashboards

Population
1 mn
2021
GDP (USD)
US$5 bn
2021
gdp/capita
US$4,110
2021
Inflation rate
3.7%
2021

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 39 mn
Non-life premium volume (USD) 45 mn
Total premium volume 84 mn
Total premium volume (SZL) 615 mn
Insurance penetration: Premiums in % of GDP 1.89%
Insurance density: Premium / capita USD 80.7
Local currency SZL
Market Composition
Domestic life insurers 7
Domestic non-life insurers 7
Domestic composite insurers 1
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 2
Foreign reinsurers 9
State-owned insurers 1
State-owned reinsurers 0
Insurance intermediaries 33
Reinsurance intermediaries 14
Insurance Regulatory Authority
Institution
Financial Services Regulatory Authority, 5th Floor Ingcamu Building, Mhlambanyatsi Road, P.O. Box 3365, Mbabane, H100, Eswatini

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Material supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed No
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions Yes
Minimum capital requirement Reinsurers- E15 000 000 for Long-term & Short-term, E20 000 000 for composite. Insurers- E2 000 000 all categories
Minimum paid-up share capital Reinsurers- E15 000 000 for Long-term & Short-term, E20 000 000 for composite. Insurers- E2 000 000 all categories
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 No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines WC
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: