This document provides an outline and summary of competition and regulation in the insurance services industry in the Southern African Development Community (SADC) region. It discusses the structure of the SADC insurance market, levels of competition and foreign participation, countries' commitments under the General Agreement on Trade in Services (GATS), and existing trade barriers. Key points include high concentration in most markets, strong involvement by foreign insurers, and limitations mostly relating to commercial presence and cross-border supply. The document analyzes data on insurance penetration, density, and the life/non-life split across SADC states.
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- Gross insurance premiums grew slightly to RO 451.57 million in 2017.
- The number of insurance policies increased 4% to 1.72 million policies in 2017.
- Takaful (Islamic) insurance premiums grew 9% to RO 45.76 million in 2017.
- The insurance sector contributed an estimated 1.63% to Oman's GDP in 2017.
- Various regulatory actions were taken by the CMA, including 164 related to licensing.
- Training programs reached 468 insurance sector employees to further Omanization.
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Contents:
Acknowledgment……………………………………………………………………………
Abstract ……………………………………………………………………………………………...Chapter 1:
Economic insurance sector in Saudi Arabia……………………………………………..
Problems that the economical insurance sector in Saudi Arabia is facing………..
Goal of the project……………………………………………………………………..
Objective of the project……………………………………………………………….
Company profile ……………………………………………………………………………..
Introduction of Marsh………………………………………………………………..
Marsh & McLennan Company SWOT analysis……………………………………
General line…………………………………………………………………………………
Medical………………………………………………………………………………………
Placement……………………………………………………………………………………
Chapter 2:
Data collocation……………………………………………………………………………
Chapter 3:
Computing liquidity ratio ………………………………………………………………..
Computing profitability measures ……………………………………………………….
Profit margin ……………………………………………………………………………..
Computing market value measure ………………………………………………………….
Conclusion &recommendation……………………………………………………………..
Reference…………………………………………………………………………………..
Appendix …………………………………………………………………………………...
Abstract
Insurance companies have played a big role in ensuring that they take risks on behalf of the insured. By being insured, the insured is able to have peace of mind. A good protection and management are done for your business. However, in order to be successful in the insurance sector, there are several participants who play key roles in the sector. This project shows how one of the participants, the insurance broker, works in this sector.
An insurance broker is one of the participants who help the company in selling and negotiating insurance for compensation. The insurance broker duty is to work and get the best interest of the insured or his client and provide the right advice, which is independent of any influence of the insurance company in terms of professional advice.
This project shows a framework of all the roles of the insurance broker in the insurance company into much detail. An insurance broker is very important in the insurance company in ensuring its success. In this project, the insurance broker is the main theme and a clear illustration is made on how they bring an effect in the sector. The growth of the insurance services sector is illustrated how it has affected by the presence of the insurance broker in the sector.
A close statistical data review of the insurance sector is undertaken in the project. A review of how Marsh &McLennan shows the role of their insurance broker is laid out. They particularly deal with clients and new customers by explaining to them the products offered by the company and the benefit they get from it. The project talks about how to avoid risks that insurers are exposed to, and how strategies on how to grow in the sector.
Chapter1:Introduction
Background
Economic insurance sector in Saudi Arabia
In the 1950s Saudi Arabia had a small amount of the insurance activity. The industry started showing sustained growth after the oil ...
This tenth edition of Global Insurance Market Trends provides an overview of market trends to better understand the overall performance and health of the insurance market. This monitoring report is compiled using data from the OECD Global Insurance Statistics (GIS) exercise. The OECD has collected and analysed data on insurance in OECD countries, such as the number of insurance companies and employees, insurance premiums and investments by insurance companies, dating back to the 1980s. Over time, the framework of this exercise has expanded and now includes key items of the balance sheet and income statement of direct insurers and reinsurers.
The QE index in Qatar rose 1.7% led by gains in the Transportation and Real Estate indices. Gulf International Services and Qatar Navigation were the top gainers rising 3.8% and 3.4% respectively, while Al Ahli Bank fell 1.8%. Across other GCC markets, indices in Saudi Arabia, Dubai, Abu Dhabi and Kuwait rose between 1.8-4.8% while Oman and Bahrain gained 0.7% and 0.3% respectively. Trading activity on the QE increased with volume rising 80.2% and value traded up 70% compared to prior day.
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Globalisation, liberalisation, and privatisation have transformed the insurance industry in India. The Insurance Regulatory and Development Authority Act of 1999 ended state-owned insurers' monopoly and allowed private companies to enter the market. Many private insurers have global insurance companies as partners, bringing foreign investment. While this increased competition benefits consumers, it has also led to consolidation in the industry through mergers and acquisitions. The globalization of insurance continues to impact regulations and the competitive landscape in India.
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- Key segments are airbags, seatbelts, and new technologies like blind spot detection. The market is led by companies like Bosch and Continental and is expected to reach $166 billion by 2025.
- Factors driving growth include regulations, accidents, new features from manufacturers, and income growth in emerging markets. However, high costs can restrain the market.
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Contents:
Acknowledgment……………………………………………………………………………
Abstract ……………………………………………………………………………………………...Chapter 1:
Economic insurance sector in Saudi Arabia……………………………………………..
Problems that the economical insurance sector in Saudi Arabia is facing………..
Goal of the project……………………………………………………………………..
Objective of the project……………………………………………………………….
Company profile ……………………………………………………………………………..
Introduction of Marsh………………………………………………………………..
Marsh & McLennan Company SWOT analysis……………………………………
General line…………………………………………………………………………………
Medical………………………………………………………………………………………
Placement……………………………………………………………………………………
Chapter 2:
Data collocation……………………………………………………………………………
Chapter 3:
Computing liquidity ratio ………………………………………………………………..
Computing profitability measures ……………………………………………………….
Profit margin ……………………………………………………………………………..
Computing market value measure ………………………………………………………….
Conclusion &recommendation……………………………………………………………..
Reference…………………………………………………………………………………..
Appendix …………………………………………………………………………………...
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Insurance companies have played a big role in ensuring that they take risks on behalf of the insured. By being insured, the insured is able to have peace of mind. A good protection and management are done for your business. However, in order to be successful in the insurance sector, there are several participants who play key roles in the sector. This project shows how one of the participants, the insurance broker, works in this sector.
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A close statistical data review of the insurance sector is undertaken in the project. A review of how Marsh &McLennan shows the role of their insurance broker is laid out. They particularly deal with clients and new customers by explaining to them the products offered by the company and the benefit they get from it. The project talks about how to avoid risks that insurers are exposed to, and how strategies on how to grow in the sector.
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In the 1950s Saudi Arabia had a small amount of the insurance activity. The industry started showing sustained growth after the oil ...
This tenth edition of Global Insurance Market Trends provides an overview of market trends to better understand the overall performance and health of the insurance market. This monitoring report is compiled using data from the OECD Global Insurance Statistics (GIS) exercise. The OECD has collected and analysed data on insurance in OECD countries, such as the number of insurance companies and employees, insurance premiums and investments by insurance companies, dating back to the 1980s. Over time, the framework of this exercise has expanded and now includes key items of the balance sheet and income statement of direct insurers and reinsurers.
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9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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1. 26.10.2023
Competition and Regulation
in SADC: Insurance Services
Presentation for the
SADC Financial Services Liberalisation Forum,
1-2 July 2013, Johannesburg
Presented by Christopher Smith,
GFA Consulting Group
2. 26.10.2023 Competition and Regulation in SADC: Insurance Services 2
Outline
1. Structure of the SADC insurance industry
2. Competition and foreign participation in the
SADC insurance industry
3. SADC countries’ GATS commitments in
insurance services
4. SADC insurance services regulation and trade
barriers in insurance services
5. Opportunities and challenges for regional
liberalisation of insurance services in SADC
3. 1. Structure of the SADC insurance industry
– number and types of operators
26.10.2023 Competition and Regulation in SADC: Insurance Services 3
Number of
licensed insurance
companies (2010)
Number of
licensed insurance
brokers (2010)
Number of
licensed insurance
agents (2010)
Number of
licensed
reinsurance
companies (2010)
Angola 9 2.4% 16 104 1
Botswana 18 4.9% 42 377 2
D.R. Congo (1) - n.a. n.a. n.a.
Lesotho 7 1.9% 11 199 0
Malawi 12 3.3% 10 24 1
Mauritius 21 5.7% 24 180 0
Mozambique 8 2.2% 35 282 1
Namibia 17 4.6% 105 2,610 1
Seychelles (7) - (10) (40) (0)
South Africa 182 49.5% 12,094 194,124 12
Swaziland 9 2.4% 31 91 0
Tanzania 26 7.1% 72 190 1
Zambia 14 3.8% 46 254 2
Zimbabwe 45 12.2% 27 629 10
SADC Total 368 100% 12,513 198,960 31
4. 1. Structure of the SADC insurance industry
– market size and distribution of GPW (2010)
South
Africa
93.71%
Rest
6.29%
26.10.2023 Competition and Regulation in SADC: Insurance Services 4
Botswana,
0.75%
Lesotho,
0.17%
Malawi,
0.16%
Mauritius,
0.97%
Mozambiq
ue, 0.21%
Namibia,
1.70%
Swaziland,
0.15%
Tanzania,
0.34%
Zambia,
0.39%
Zimbabwe,
0.36%
6,29% of
GPW:
3,582
USD
millions
Total SADC
GPW in
2010:
56,975 USD
millions
5. 1. Structure of the SADC insurance industry
– insurance density and penetration
26.10.2023 Competition and Regulation in SADC: Insurance Services 5
Growth of total GPW
over last 5 years
(until 2010)
Insurance
penetration ratio
(GPW contribution
to GDP) (2010)
Insurance density
(GPW per capita) in
Dollar units (2010)
Angola 61.30% 1.00% 43.0
Botswana 48.58% 2.80% 236.9
D.R. Congo n.a. n.a. n.a.
Lesotho 53.58% 4.45% 50.1
Malawi 81.65% 1.65% 6.5
Mauritius 76.86% 5.86% 433.9
Mozambique 96.07% 1.26% 5.3
Namibia 68.92% 7.98% 426.0
Seychelles n.a. n.a. n.a.
South Africa 38.84% 19.30% 1,070.0
Swaziland n.a. 2.12% 83.0
Tanzania 117.94% 0.89% 4.5
Zambia 99.38% 1.38% 17.1
Zimbabwe n.a. 3.01% 15.0
SADC Average 40.63% 11.76% 211.0
6. 1. Structure of the SADC insurance industry
– microinsurance coverage
26.10.2023 Competition and Regulation in SADC: Insurance Services 6
7. 1. Structure of the SADC insurance industry
– life and non-life insurance distribution
SADC
Total
Market
Life
Insurance
75%
26.10.2023 Competition and Regulation in SADC: Insurance Services 7
67
%
33
%
Botswana
69
%
31
%
Lesotho
68
%
32
%
Mauritius
69
%
31
%
Namibia
77
%
23
%
South Africa
5%
95
%
Angola
35
%
65
%
Malawi
16
%
84
%
Mozambique
42
%
58
%
Swaziland
22
%
78
%
Zambia
42
%
58
%
Zimbabwe
11
%
89
%
Tanzania
Countries with a larger life
insurance subsector
Countries with a larger
non-life insurance subsector
Non-life
Insurance
25%
8. 2. Competition and foreign participation in the
SADC insurance industry
SADC countries No.
of
comp
anies
Market
concentration:
(Market share
(GPW) of largest 2
companies)
Foreign
Participation:
(GPW written by
majority foreign-
owned companies)
Comments
Botswana Life 7 86% (2010) 80% – 90% • very concentrated:
Botswana Life 85.6% GPW
• high SA/ZIM ownership
General 11 49% (2010) 80% – 90% • less concentrated
• SA/ZIM oligopoly
D.R. Congo Life 1 100% (2009) 0% • state-owned monopoly provider:
Société Nationale d’Assurance”
(SONAS)
• recent efforts towards liberalis.
General 1 100% (2009) 0%
Lesotho Life 4 (+1) 96% (2007) 80% - 90% • very concentrated:
Metropolitan Lesotho 85% GPW
General 1 (+1) 100% (2007) ~ 50% • very concentrated
• Leading insurer 50% gov.-owned
26.10.2023 Competition and Regulation in SADC: Insurance Services 8
9. 2. Competition and foreign participation in the
SADC insurance industry
SADC countries No.
of
comp
anies
Market
concentration:
(Market share
(GPW) of largest 2
companies)
Foreign
Participation:
(GPW written by
majority foreign-
owned companies)
Comments
Malawi Life 4 84% (2011) 80% - 90% • foreign-owned Old Mutual and
NICO Life are leading companies
General 7 56% (2011) 40% - 60% • NICO General Insurance
(foreign-owned) market leader
(37%)
Mauritius Life 15 71% (2011) • SICOM and BAI market leaders
General 14 46% (2011) • Mauritius Union Assurance
(MUA) and SWAN market leaders
Mozambique Life/
General
2 65% (2007) 40% - 60% • EMOSE (state-owned) and SIM
(mixed) market leaders
General 5 40% - 60% • EMOSE and SIM market leaders;
• Global Alliance third (fully foreign-
owned)
Namibia Life 17
General 13 75% (3 largest;
2010)
70% - 90% • Three largest insurers are South
African subsidiaries
26.10.2023 Competition and Regulation in SADC: Insurance Services 9
10. 2. Competition and foreign participation in the
SADC insurance industry
SADC countries No.
of
comp
anies
Market
concentration:
(Market share
(GPW) of largest 2
companies)
Foreign
Participation:
(GPW written by
majority foreign-
owned companies)
Comments
Seychelles Domestic 4 high 20% - 50% • SACOS Life, SACOS Insurance
(government-owned), H. Savy Ins.
(mixed owned)
Non-dom. 3 100% (2011)
Swaziland Life 6 70% (2010/11) 90% - 100% • SRIC and Old Mutual market
leaders (both foreign owned)
• 9 of 10 companies owned by SA
parent firms/shareholders; one ZIM
General 4 100% (2010/11) • SRIC: 99% market share alone
Tanzania Life 2 (+4) 83% (2010) 40% - 60% • African Life and NIC (both mixed
ownership) market leaders;
General 20 24% (2010) 40% - 60% • less concentrated than life
subsector
26.10.2023 Competition and Regulation in SADC: Insurance Services 10
11. 2. Competition and foreign participation in the
SADC insurance industry
SADC countries No.
of
comp
anies
Market
concentration:
(Market share
(GPW) of largest 2
companies)
Foreign
Participation:
(GPW written by
majority foreign-
owned companies)
Comments
Zimbabwe Life 9 66% (2012) <50% • Old Mutual (foreign-owned)
market leader (46%)
General 27 First seven insurers
account for 72%
<50% • oligopoly market structure
• Majority of companies owned by
Zimbabweans
26.10.2023 Competition and Regulation in SADC: Insurance Services 11
High concentration in most SADC insurance markets – often more
pronounced in the life insurance subsector;
High involvement by foreign owned insurers in many SADC
insurance markets;
Presence of strong regional insurance companies.
12. 26.10.2023 Competition and Regulation in SADC: Insurance Services 12
Outline
1. Structure of the SADC insurance industry
2. Competition and foreign participation in the
SADC insurance industry
3. SADC countries’ GATS commitments in
insurance services
4. SADC insurance services regulation and trade
barriers in insurance services
5. Opportunities and challenges for regional
liberalisation of insurance services in SADC
13. 3. GATS commitments in insurance services
26.10.2023 Competition and Regulation in SADC: Insurance Services 13
Only 3 SADC Member States have made commitments in insurance
services at the WTO level: Lesotho, Mauritius, South Africa.
Lesotho Mode Market Access National Treatment
07.A. All insurance
and insurance related
services
(a) Direct Life
Insurance (CPC
8121 +)
(b) Non-life insurance
services (CPC
8129+)
(c) Reinsurance and
Retrocession
(CPC 81299 +)
1 Unbound Unbound
2 None None
3 • Requirement to be incorporated
as a public company
• Requirement for written approval
by Registrar of Companies for
acquisition of 25% or more of
ownership in an insurer
None
4 Unbound, except as indicated in
the horizontal section
Unbound, except as indicated in
the horizontal section
14. 3. GATS commitments in insurance services
26.10.2023 Competition and Regulation in SADC: Insurance Services 14
Mauritius Mode Market Access National Treatment
07.A. a. Direct (incl.
Co-insurance)
(a) Direct Insurance
Life and Non-Life
1 Unbound None
2 None, except for assets and insurance
which are compulsory
None
3 None None
4 Unbound, except horizontal section Unbound, except horizontal section
07.A. All insurance and
Insurance-related
Services
(b) Reinsurance and
retrocession
1 None, except 5% compulsory
reinsurance with African-Re Corp.
None
2 None, except 5% compulsory
reinsurance with African-Re Corp.
None
3 None, except 5% compulsory
reinsurance with African-Re Corp.
None
4 Unbound, except horizontal section Unbound, except horizontal section
(c) Insurance
intermediation
comprising Agents
and Brokers
1 Must act only for insurers registered in
Mauritius and must be registered with
commercial presence in Mauritius
None
2 None, except for assets and insurance
which are compulsory
None
3 Must act only for insurers registered in
Mauritius
4 Unbound, except horizontal section Unbound, except horizontal section
15. 3. GATS commitments in insurance services
26.10.2023 Competition and Regulation in SADC: Insurance Services 15
South Africa Mode Market Access National Treatment
07.A. All insurance
and insurance-related
services
(a) Direct Life
Insurance (CPC
8121 +)
(b) Direct non-life
insurance
services (CPC
8129+)
(c) Reinsurance and
Retrocession
(CPC 81299 +)
(d) Insurance
intermediation
and auxiliary
services (CPC
8140)
1 Unbound Unbound
2 None None
3 • Requirement to be incorporated
as a public company
• Requirement for written approval
by Registrar of Companies for
acquisition of 25% or more of
ownership in an insurer
• Executive chairman, public officer
and the majority of directors must
be resident in South Africa
• Life insurance actuaries must be
resident in South Africa
None
4 Unbound, except as indicated in
the horizontal section
Unbound, except as indicated in
the horizontal section
16. 3. GATS commitments in insurance services
- conclusions
• No restrictions on national treatment;
• Specification of some market access limitations, mostly with regard to
commercial presence (mode 3);
• Market access under mode 1 (cross-border supply) is left unbound by all
three countries;
GATS commitments do not provide a complete picture of the extent of
liberalisation in SADC;
Many SADC countries have undergone significant reform of their financial
services systems, but have not committed the reforms in GATS;
Lack of SADC countries’ participation in GATS negotiations
Indication that some countries may not want to bind themselves until
they are certain that the reforms are successful.
26.10.2023 Competition and Regulation in SADC: Insurance Services 16
17. 4. Regulation/ Trade Barriers in Insurance
Services in SADC – sources used
1. Insurance Acts/Regulations and national legislation
2. World Bank Services Trade Restrictions Database (no data for Angola,
Seychelles and Swaziland)
3. Other secondary sources (e.g. WTO Trade Policy Reviews, etc.)
26.10.2023 Competition and Regulation in SADC: Insurance Services 17
Country Year of the
Insurance Act in use
Country Year of the
Insurance Act in use
Angola 2010 Namibia 1998
Botswana 2005 Seychelles 2008
D.R. Congo 1966 South Africa 1998
Lesotho 1976 Swaziland 2005
Malawi 2010 Tanzania 2009
Mauritius 2005 Zambia 2005
Mozambique 2003 Zimbabwe 2004
18. 4. Trade Barriers in Insurance Services in SADC
- Types of Barriers
1) Market Access Limitations
a) Limitations on the number of service suppliers
b) Limitations on the total value of services transactions or assets
c) Limitations on the total number services operations / quantity of service output
d) Limitations on the number of natural persons
e) Restrictions on the type of legal entity or joint venture
• Establishment of a branch
• Establishment of a subsidiary
f) Limitations on the participation of foreign capital
26.10.2023 Competition and Regulation in SADC: Insurance Services 18
2) National Treatment Limitations
a) Discriminatory measures in licensing
b) Other discriminatory measures
3) Other restrictions
a) Mandatory cessation requirements to domestic reinsurers
b) Limitations on the repatriation of earnings
c) Minimum capital requirements for licensing
d) Purchase of insurance from suppliers located outside the host country
19. 4. Trade Barriers in Insurance Services in SADC
• The number of licenses available to applicants not limited in SADC countries;
exception: D.R. Congo (state-owned monopoly SONAS)
• Services transactions generally also not limited apart from mandatory cessation
requirements to domestic reinsurers;
• None of the jurisdictions has fixed quotas with regard to the set-up of branches or
limitations on the number of insurance policies to be sold.
26.10.2023 Competition and Regulation in SADC: Insurance Services 19
1) Market Access Limitations
a) Limitations on the number of service suppliers
b) Limitations on the total value of services transactions or assets
c) Limitations on the total number services operations / quantity of service output
20. 4. Trade Barriers in Insurance Services in SADC
• Many SADC countries apply Mode 4 restrictions referring to the ability of insurance
companies to employ foreign staff – mostly residency and citizenship restrictions;
• Domestic residency requirements:
– Botswana: for principal officers;
– Malawi: for the majority of the directors and the chairperson of the board;
– Mauritius: Minimum of one member of the board of directors;
– Mozambique: for >50% of the members of the board;
– South Africa: for head office and public officer;
– Zambia: for Chief Executive Officer and minimum of 50% of the board of
directors.
26.10.2023 Competition and Regulation in SADC: Insurance Services 20
1) Market Access Limitations
d) Limitations on the number of natural persons
21. 4. Trade Barriers in Insurance Services in SADC
• Citizenship requirements:
– Namibia: Managing director and a minimum of 50% of the members of the
board have to be Namibian citizens resident in Namibia;
– Swaziland: Minimum of 25% of the directors of a company have to be citizens
of Swaziland;
– Tanzania: One third of the members of the board must be Tanzanian citizens;
– Zimbabwe: Minimum of 51% of the members of the board must be Zimbabwean
citizens
• Other limitations:
– Labour market test requirement for foreigners (Malawi, Zimbabwe);
– Mozambique: Quotas for foreign employees according to the size of the
company
– Malawi: Maximum of five top executive positions may be occupied by foreigners
26.10.2023 Competition and Regulation in SADC: Insurance Services 21
1) Market Access Limitations
d) Limitations on the number of natural persons (continued)
22. 4. Trade Barriers in Insurance Services in SADC
Establishment of a branch
• The majority of SADC jurisdictions does not allow foreign insurers to establish a
commercial presence through a branch – insurers must be locally incorporated
under the Companies Act;
• The two exceptions are: Mauritius and Mozambique; Mozambique requires the
foreign insurer to demonstrate that he has at least five years of operational
experience for the particular insurance product.
Establishment of a subsidiary
• The majority of SADC countries are open and do not impose any ownership
restrictions on the foreign insurer;
• Exceptions: D.R. Congo and Swaziland restrict establishment of foreign subsidiaries
• Tanzania: foreign ownership limited to 66.7%
• Zimbabwe: at least 51% of ownership has to be held by indigenous Zimbabweans.
26.10.2023 Competition and Regulation in SADC: Insurance Services 22
1) Market Access Limitations
e) Restrictions on the type of legal entity or joint venture
• Establishment of a branch
• Establishment of a subsidiary
23. 4. Trade Barriers in Insurance Services in SADC
• Many SADC countries do not impose any barriers: Botswana, Lesotho, Malawi,
Mozambique, Namibia, Seychelles, and Zambia all allow foreign investors to acquire
domestic insurance companies without setting any limits on foreign ownership;
• In some countries requirement for approval:
– Mauritius: Approval by Financial Services Commission if acquiring significant
interest in an insurer;
– South Africa: Approval by Registrar when acquisition of 25% or more;
– Angola: Approval by Ministry of Finance for foreign shareholding in excess of
50%;
• Three countries limit foreign ownership: Swaziland (49%), Tanzania (66.7%) and
Zimbabwe (49%)
• SADC countries are more restrictive in the acquisition of domestic government-
owned insurance companies: Namibia, South Africa, Tanzania and DRC do not
allow this; Lesotho limits foreign ownership to 70%; Botswana and Zimbabwe do not
allow foreigners to acquire controlling stakes.
26.10.2023 Competition and Regulation in SADC: Insurance Services 23
1) Market Access Limitations
f) Limitations on the participation of foreign capital
24. 4. Trade Barriers in Insurance Services in SADC
• Almost no National Treatment Limitations exist in the national legislations –
domestic and foreign insurers are treated equally;
• Two small exceptions:
– Malawi: Foreign applicants seeking to obtain a license may not be exempted
from solvency margin requirements, whereas this may be possible for domestic
applicants;
– Mauritius: branches of foreign insurers may not invest more than 10% of the
total assets of the insurer in commodities or corporations whose shares are
listed on a licensed exchange in Mauritius or certain other specified exchanges.
26.10.2023 Competition and Regulation in SADC: Insurance Services 24
2) National Treatment Limitations
a) Discriminatory measures in licensing
b) Other discriminatory measures
25. 4. Trade Barriers in Insurance Services in SADC
• Four countries prescribe their insurers to cede a certain amount of their business
with a predetermined insurer:
– Tanzania: Minimum of 5% of the portfolio with the African Reinsurance
Corporation (Africa-Re); another 10% with the Preferential Trade Area
reinsurance Company (ZEP-Re);
– Mauritius: Minimum of 5% with Africa-Re;
– Namibia: Minimum of 20% with Namib-Re;
– Zimbabwe: 100% with domestic reinsurer, although the Insurance
commissioner my allow excess insurance to be insured outside Zimbabwe in
the case of insufficient domestic capacity.
26.10.2023 Competition and Regulation in SADC: Insurance Services 25
3) Other Restrictions
a) Mandatory cessation requirements to domestic reinsurers
26. 4. Trade Barriers in Insurance Services in SADC
• Foreign insurance companies face barriers in some SADC countries, mostly with
regard to foreign exchange regulations;
– In Lesotho, Malawi, Mozambique, and Zimbabwe repatriation of earnings
requires the prior approval of the Central Bank;
– In Namibia, repatriation of dividends is subject to a withholding tax of 10%.
26.10.2023 Competition and Regulation in SADC: Insurance Services 26
3) Other Restrictions
b) Limitations on the repatriation of earnings
27. 4. Trade Barriers in Insurance Services in SADC
• Minimum share capital requirements differ widely among SADC member states.
26.10.2023 Competition and Regulation in SADC: Insurance Services 27
3) Other Restrictions
c) Minimum capital requirements for licensing
Country Life Insurers
(2010)
Non-Life
Insurers
(2010)
Country Life Insurers
(2010)
Non-Life
Insurers
(2010)
Angola 8,000,000 6,000,000 Namibia 150,200 15,000
Botswana 310,100 310,100 Seychelles
D.R. Congo South Africa 1,507,700 753,900
Lesotho 7,900 8,900 Swaziland 285,700 285,700
Malawi 497,300 331,600 Tanzania 675,900 675,900
Mauritius Zambia 208,300 208,300
Mozambique 2,030,300 1,000,000 Zimbabwe 500,000 300,000
28. 4. Trade Barriers in Insurance Services in SADC
• Many SADC countries restrict the ability of local consumers to access insurance
services (cross border) from foreign providers located outside the country
– Mostly the case for short-term and long-term insurance products;
– More openness for reinsurance contracts across the border;
• Often requirement to demonstrate that the specific insurance product is locally not
available – practical application is unclear;
• Tanzania and Zimbabwe require approval by the regulating authority for cross-
border transactions;
• Zimbabwe and Mozambique impose restrictions on the value and the sector
receiving the service;
• South Africa prohibits the solicitation of insurance by foreign non-registered
insurers.
26.10.2023 Competition and Regulation in SADC: Insurance Services 28
3) Other Restrictions
b) Purchase of insurance from insurers located outside the host country
(cross-border)
29. 4. Trade Barriers in Insurance Services in SADC
- Evidence of Barriers in SADC
1) Market Access Limitations
a) Limitations on the number of service suppliers
b) Limitations on the total value of services transactions or assets
c) Limitations on the total number services operations / quantity of service output
d) Limitations on the number of natural persons
e) Restrictions on the type of legal entity or joint venture
• Establishment of a branch
• Establishment of a subsidiary
f) Limitations on the participation of foreign capital
26.10.2023 Competition and Regulation in SADC: Insurance Services 29
2) National Treatment Limitations
a) Discriminatory measures in licensing
b) Other discriminatory measures
3) Other restrictions
a) Mandatory cessation requirements to domestic reinsurers
b) Limitations on the repatriation of earnings
c) Minimum capital requirements for licensing
d) Purchase of insurance from suppliers located outside the host country
30. 5. Opportunities and challenges for regional
liberalisation of insurance services in SADC
Opportunities
• Large foreign insurers might be able to absorb risks which domestic insurers
are unable or unwilling to take on
• Competition from new entrants might lead to better products and services
and lower prices
• New entrants might also contribute to the transfer of technical and industry
know-how to local providers
Challenges/concerns
• Foreign-based firms may create regulatory challenges – complex
management structures, jurisdictional overlaps, new products etc.
• Admission of larger insurers could result in anti-competitive practices,
including predatory pricing
• More intensive competition could result in selective marketing to high-value
clients while lower-value clients are ignored.
26.10.2023 Competition and Regulation in SADC: Insurance Services 30
31. 5. Opportunities and challenges for regional
liberalisation of insurance services in SADC
SADC - key policy issues and questions:
• Insurance penetration is generally low; and market concentration and
foreign participation is generally high
• Barriers to entry do not seem, in law, to be particularly onerous
– Why does the SACU insurance market seem to be that much more
mature that that of the rest of SADC (excl. Mauritius)?
– Is it possible and desirable to extend some of the regulatory features of
the SACU insurance market to the rest of SADC?
– Could regional harmonisation in insurance regulation contribute to some
‘convergence’ in coverage?
• Concluding a reasonably comprehensive and consistent agreement in this
sector seems possible
26.10.2023 Competition and Regulation in SADC: Insurance Services 31
32. 5. Opportunities and challenges for regional
liberalisation of insurance services in SADC
SADC - key scheduling issues and questions:
• Despite the emergence of a number of large and credible regional companies, they
are generally required to incorporate in all countries to do business
– Is regional cross-border trade in any insurance products permissible / possible?
– Might it be possible to develop a regional prudential framework for the
establishment of branch offices, which does not put policy holders at risk?
• Mandatory prescriptions for domestic reinsurance
– Could there be benefits from opening this cession to regional reinsurance firms?
• Residency & citizenship requirements for senior officials (differ markedly by country)
– Does this cause problems for regional insurance companies? What is
necessary / optimal for regulatory supervision?
• Many of the potential barriers to trade are couched in prudential regulations
– Are SADC prudential regulations in line with international best practice?
– Is it possible & desirable for SADC member states to harmonise certain aspects
of prudential regulation in order to facilitate intra-regional trade & investment?
26.10.2023 Competition and Regulation in SADC: Insurance Services 32
33. Thank you for your attention.
26.10.2023 Competition and Regulation in SADC: Insurance Services 33