| Life premium volume (USD) | 17 mn |
|---|---|
| Non-life premium volume (USD) | 58 mn |
| Total premium volume | 76 mn |
| Total premium volume (MWK) | 11 bn |
| Insurance penetration: Premiums in % of GDP | 0.77% |
| Insurance density: Premium / capita USD | 4.82 |
| Local currency | MWK |
| Domestic life insurers | 5 |
|---|---|
| Domestic non-life insurers | 8 |
| Domestic composite insurers | 0 |
| Foreign life insurers | 2 |
| Foreign non-life insurers | 2 |
| Foreign composite insurers | 0 |
| Domestic reinsurers | 1 |
| Foreign reinsurers | 0 |
| State-owned insurers | 0 |
| State-owned reinsurers | 0 |
| Insurance intermediaries | 22 |
| Reinsurance intermediaries | 1 |
| Overarching principle in insurance supervision | Financial supervision |
|---|---|
| Requirement for minimum insurance rates | No |
| Cross-border insurance allowed | No |
| Bancassurance is allowed | Yes |
|---|---|
| Allowed ownership structures | Stock Companies, Mutuals |
| Foreign ownership restrictions | No |
| Minimum capital requirement | 750000000 |
| Minimum paid-up share capital | 750000000 |
| 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 |
|---|---|
| RBC (Risk-based capital) principles applied | No |
| Ceded reinsurance is regarded as a permissible asset | Yes |
| Compulsory insurance lines | Motor TPL, Workers Compensation |
| Compulsory reinsurance cessions | Yes |
| Established guarantee or policyholder protection fund | No |
|---|
