| Life premium volume (USD) | 37 bn |
|---|---|
| Non-life premium volume (USD) | 10 bn |
| Total premium volume | 46 bn |
| Total premium volume (ZAR) | 340 bn |
| Insurance penetration: Premiums in % of GDP | 11.13% |
| Insurance density: Premium / capita USD | 905 |
| Local currency | ZAR |
| Domestic life insurers | 72 |
|---|---|
| Domestic non-life insurers | 73 |
| Domestic composite insurers | 4 |
| Foreign life insurers | 0 |
| Foreign non-life insurers | 0 |
| Foreign composite insurers | 0 |
| Domestic reinsurers | 9 |
| Foreign reinsurers | 20 |
| State-owned insurers | 2 |
| State-owned reinsurers | 0 |
| Insurance intermediaries | 12000 |
| Reinsurance intermediaries | 12 |
| Overarching principle in insurance supervision | Material supervision |
|---|---|
| Requirement for minimum insurance rates | No |
| Cross-border insurance allowed | Yes |
| Bancassurance is allowed | Yes |
|---|---|
| Allowed ownership structures | Stock Companies, Mutuals |
| Foreign ownership restrictions | Yes |
| Minimum capital requirement | Non Life- R5 000 000, Life R10 000 00 |
| Minimum paid-up share capital | Non Life- R5 000 000, Life R10 000 00 |
| 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 | No |
|---|---|
| RBC (Risk-based capital) principles applied | Yes |
| Ceded reinsurance is regarded as a permissible asset | Yes |
| Compulsory insurance lines | WC |
| Compulsory reinsurance cessions | No |
| Established guarantee or policyholder protection fund | No |
|---|
