Country Dashboards

Population
15 mn
2016
GDP (USD)
US$14 bn
2016
gdp/capita
US$979
2016
Inflation rate
-1.6%
2016

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 58 mn
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
Market Composition
Domestic life insurers 20
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
Insurance Regulatory Authority
Institution
160 Rhodesville Avenue, Greendale

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 Yes
Licensing
Bancassurance is allowed Yes
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
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
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
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: