Life premium volume (USD) | 58 mn |
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Non-life premium volume (USD) | 117 mn |
Total premium volume | 176 mn |
Total premium volume (ZWL) | 176 mn |
Insurance penetration: Premiums in % of GDP | 1.86% |
Insurance density: Premium / capita USD | 14.2 |
Local currency | ZWL |
Domestic life insurers | 20 |
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Domestic non-life insurers | 27 |
Domestic composite insurers | |
Foreign life insurers | |
Foreign non-life insurers | |
Foreign composite insurers | |
Domestic reinsurers | 11 |
Foreign reinsurers | 1 |
State-owned insurers | |
State-owned reinsurers | |
Insurance intermediaries | |
Reinsurance intermediaries |
Overarching principle in insurance supervision | Financial supervision |
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Requirement for minimum insurance rates | No |
Cross-border insurance allowed | Yes |
Bancassurance is allowed | Yes |
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Allowed ownership structures | Stock Companies, Mutuals |
Foreign ownership restrictions | Yes |
Minimum capital requirement | USD 1.5mn |
Minimum paid-up share capital | USD 1.5mn |
Requirement for independent audits | Yes |
Requirement to appoint actuaries | Yes |
Premium rate approval needed | No |
Solvency referred to as the difference between assets and liabilities | Yes |
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RBC (Risk-based capital) principles applied | Yes |
Ceded reinsurance is regarded as a permissible asset | Yes |
Compulsory insurance lines | Motor TPL, WC, Certain Marine |
Compulsory reinsurance cessions | No |
Established guarantee or policyholder protection fund | Yes |
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