Eswatini Insurance Industry – Key Trends and Opportunities to 2025

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The Eswatini insurance market size was $109.6 million in 2021. The market is expected to grow at a CAGR of more than 8% from 2020 to 2025.

The Eswatini insurance market research report provides a detailed outlook by product category for the Swazi insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Swazi economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.

Eswatini Insurance Industry

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What are the key Eswatini insurance market trends?

On January 8, 2021, the Financial Services Regulatory Authority (FSRA) issued Circular No.1 of 2021, which came with immediate effect regarding the settlement of all funeral and burial claims. The Circular stipulates that insurers are required to settle funeral-related claims within 24 hours after receiving the receipt of claims, along with all relevant claim documents.

The Micro Insurance Regulations, 2020 were established in Eswatini and came into force on December 18, 2020. Microinsurance products are described in the Regulations as being available, accessible, and inexpensive to low-income people. The Regulations require potential microinsurers to submit a written licensing application to the authorities. Microinsurers’ capital requirements are reduced, with a minimum paid-up share capital or non-distributable reserves of 400,000 Emalangeni required.

What are the key segments in the Eswatini insurance market?

The key segments in the Eswatini insurance market are life insurance and general insurance.

Life insurance market in Eswatini

The Eswatini insurance industry was dominated by the life insurance segment in 2020. In comparison to developed countries and emerging markets, Eswatini’s life insurance market penetration remained low over the review period. The life insurance segment’s paid claims increased in 2020, owing mostly to the spread of COVID-19 and the rise in infections in the country.

General insurance market in Eswatini

The loss ratio of the general insurance segment increased in 2020, owing primarily due to the impact of the COVID-19 pandemic and the closure of economic activities in the country. Due to the closure of businesses and other economic activities in the country, paid claims in the general insurance market also decreased in 2020.

Eswatini Insurance Market Analysis by Segments

Eswatini Insurance Market Analysis by Segments

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Which are the leading companies in the Eswatini insurance market?

Some of the leading insurance companies in Eswatini are Eswatini Royal Insurance Corporation, Old Mutual Life Assurance Company (Swaziland) Limited, Metropolitan Life Swaziland, Lidwala Insurance, Liberty Life Swaziland, Dups Direct Insurance, Orchard Insurance, Safrican Swaziland, United General Insurance, and Momentum Life Swaziland. Eswatini Royal Insurance Corporation was the leading insurer in 2020.

Eswatini Insurance Market Analysis by Companies

Eswatini Insurance Market Analysis by Companies

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Market Report Overview

Market size (2021)

$109.6 million
CAGR (2020 – 2025) >8%
Key segments Life Insurance and General Insurance
Leading companies Eswatini Royal Insurance Corporation, Old Mutual Life Assurance Company (Swaziland) Limited, Metropolitan Life Swaziland, Lidwala Insurance, Liberty Life Swaziland, Dups Direct Insurance, Orchard Insurance, Safrican Swaziland, United General Insurance, and Momentum Life Swaziland


This report provides a comprehensive analysis of the Eswatini insurance industry –

  • It provides historical values for the Swazi insurance industry for the report’s review period, and projected figures for the forecast period.
  • It offers a detailed analysis of the key categories in the Swazi insurance industry, and market forecasts till 2025.
  • It profiles the top life insurance companies in Eswatini and outlines the key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Swazi insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Swazi insurance industry.
  • Assess the competitive dynamics in the Swazi insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

State Life Insurance Corporation of Eswatini
Jubilee Life Insurance Company Limited
EFU Life Assurance Limited
Adamjee Life Insurance Company Limited
Pak Qatar Family Takaful Limited
IGI Life Insurance Limited
TPL Life Insurance Limited
Askari Life Insurance Company Limited
E.F.U. General Insurance Company Limited
Adamjee Insurance Company Limited
Jubilee General Insurance Company Limited
Security General Insurance Company Limited
IGI General Insurance Limited
United Insurance Company of Eswatini Limited
UBL Insurers Limited
East West Insurance Company Limited
Askari General Insurance Company Limited
Atlas Insurance Limited

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Life Insurance Overview

Penetration and Growth

Premiums Trends

General Insurance Overview

Penetration and Growth

Premiums and Profitability

Competitive Landscape

Insurance Industry – Market Share and Concentration

Competitor Profiles

Reinsurance Overview

Ceded Premiums by Segment

Regulatory and Compliance Framework



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