AISL Executive Summary
Eswatini obtient un score AISL ajusté de 43.0/100 (restrictif). Le marché de l'assurance y pesait 118 millions $ en 2024, pour une pénétration de 2.4% du PIB. L'accès des réassureurs étrangers est conditionné par une cession légale obligatoire (Africa Re 5% (base Union Africaine, presume)).
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Mbabane
Population
Not documented
GDP
$4.9 B
Currency
SZL
Insurance market
Market size
$118 M
Penetration
2.4%
Density / capita
Not documented
Growth (GDP proxy)
4.6%
Regulatory framework
Regulatory openness
RestrictiveCompulsory cession
Yes
Africa Re 5% (base Union Africaine, presume) - aucune cession locale specifique chiffree trouvee
Active friction mechanisms
1 / 7
Reference year
2024
AISL Score
Base score
46.4
Adjusted score (friction)
43.0
Regulatory access
86/100
Methodology breakdown
AISL recommendation: WATCH / MONITOR
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Similar markets
Structurally close profiles to Eswatini, computed on market size, growth, sector structure, environment and founder judgment.
Market (2024)
Vie : 48%
$56.5M
Non-vie : 52%
$61.7M
Total : $118.1M
Total premiums
$118.1M
Penetration
2.4%
Density / capita
Not documented
Growth
—
Number of insurers
—
International comparison
This market is -61% versus the OECD average (6.2% of GDP, 2024) and -55% versus the average across all reporting jurisdictions (5.4%, 2024).
Source: OECD, Global Insurance Market Trends 2025. These averages cover jurisdictions reporting to the OECD, not an exhaustive global sample.
Source: Atlas Magazine - African Insurance Market 2024
Macroeconomic context (2024)
GDP
$4.9 B
GDP growth
4.6%
Population
—
Inflation
3.1%
Currency
SZL
Source: AfDB Eswatini Economic Outlook, juillet 2026
Regulatory mechanisms
Africa Re 5% (base Union Africaine, presume) - aucune cession locale specifique chiffree trouvee
Source: Recherche web juillet 2026 - PAS de source GRF dediee, alignement SACU/CMA presume
What this market requires at entry
1 active regulatory mechanism on this market, with what each one concretely means for entering Eswatini.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 46.4, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
43.0
1 mechanism active (1 × 3.4 = −3.4 pts)
Market players
12 companies, 2024 premiums in USD millions
Market concentration
ConcentratedHHI 252297
Leader: SRIC (44.1%) — 12 companies
HHI = Herfindahl-Hirschman Index, a standard market concentration measure (sum of squared shares). <1500 = competitive, 1500-2500 = moderately concentrated, >2500 = concentrated.
Segment Life (2 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| Liberty Life | 9.5 | 7.9% | -0.1% | 8.2 | 7.1 | 6.1 | 5.3 |
| United Life Assurance Limited | 3.0 | 2.5% | +0.0% | 3.1 | 3.2 | 3.3 | 3.4 |
Segment Non-Life (10 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| SRIC | 53.0 | 44.1% | +0.0% | 55.1 | 57.2 | 59.5 | 61.8 |
| Lidwala Insurance Company | 19.0 | 15.8% | +0.2% | 22.6 | 26.8 | 31.8 | 37.8 |
| Oracle Insurance Eswatini Limited | 16.0 | 13.3% | +0.1% | 17.1 | 18.2 | 19.4 | 20.7 |
| Old Mutual | 9.6 | 8.0% | +0.1% | 10.2 | 10.9 | 11.7 | 12.4 |
| Orchard Insurance | 2.3 | 1.9% | +0.0% | 2.4 | 2.5 | 2.6 | 2.7 |
| Phoenix of Swaziland Assurance Co. Ltd | 2.3 | 1.9% | +0.1% | 2.5 | 2.8 | 3.0 | 3.3 |
| SAFRICAN | 1.8 | 1.5% | +0.1% | 1.9 | 2.0 | 2.1 | 2.3 |
| Medscheme Health Insurance | 1.4 | 1.2% | +1.8% | 2.1 | 3.1 | 4.7 | 7.1 |
| United General Insurance | 1.3 | 1.1% | +0.0% | 1.3 | 1.3 | 1.3 | 1.3 |
| Finsure | 0.8 | 0.7% | -0.7% | 0.6 | 0.4 | 0.3 | 0.2 |
Market share: official source figure when available, otherwise computed from the companies listed for this segment (not necessarily 100% of the country's total market). The 2025-2028 columns, in italics, are projections: never a blank cell, but the color indicates the reliability of the method used: gray = company-specific growth rate, amber = failing that, the country's market growth, orange = failing that, the country's GDP growth, light red = no growth data available, flat 0% by default.
Active reinsurers
9 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | Net income (M$) | Observed growth | 2022(est.) | 2023(est.) | 2024(est.) | 2025(est.) | 2026(est.) | 2027(est.) | 2028(est.) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ghana Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re | Regional | — | — | — | — | — | — | — | — | — | — |
| CICA - Re | Regional | — | — | — | — | — | — | — | — | — | — |
| Waica Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| WAICA Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re (PTA Reinsurance Co) | Regional | 213.0 | 18.1 | +2.3% | 218.0 | 223.0 | 228.0 | 233.2 | 238.6 | 244.0 | 249.6 |
| CICA-RE | Regional | 176.2 | 13.4 | +11.3% | 196.1 | 218.3 | 243.0 | 270.6 | 301.3 | 335.5 | 373.7 |
| WAICA Re | Regional | 153.3 | 19.9 | +49.5% | 229.5 | 343.3 | 513.5 | 768.1 | 1148.9 | 1719.1 | 2572.0 |
Source: Atlas Magazine, Reinsurance Yearbook 2023. Last real data available: fiscal year 2021 (left-hand columns). The "2028 revenue (estimated)" column, in italic gray, is a projection based solely on the growth rate observed between 2020 and 2021 (capped between -30% and +50%/year); this is not an observed figure and should be treated with caution, particularly for companies with volatile or negative net income.
AISL Summary
- AISL positioning: 43/100, "Restrictive" market.
- Insurance market: $118M, fiscal year 2024.
- Main entry barrier: compulsory cession (Africa Re 5% (base Union Africaine, presume) - aucune cession locale specifique chiffree trouvee).
- Sits 2.6 points below the regional average (4 scored markets).
Regional comparison
Average adjusted score in Southern Africa : 45.6 (out of 4 scored markets)
Eswatini is 2.6 points below the regional average