AISL Executive Summary
Avec un score AISL ajusté de 39.4/100, Seychelles se classe dans la catégorie « restrictif ». Le marché de l'assurance y pesait 41 millions $ en 2024, pour une pénétration de 1.8% du PIB. L'absence de cession légale obligatoire distingue ce marché, avec un accès plus direct pour les réassureurs étrangers.
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Victoria
Population
Not documented
GDP
$2.2 B
Currency
SCR
Insurance market
Market size
$41 M
Penetration
1.8%
Density / capita
Not documented
Growth (GDP proxy)
3.5%
Regulatory framework
Regulatory openness
RestrictiveCompulsory cession
No
Active friction mechanisms
0 / 7
Reference year
2024
AISL Score
Base score
39.4
Adjusted score (friction)
39.4
Regulatory access
100/100
Methodology breakdown
AISL recommendation: WATCH / DEVELOP
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Similar markets
Structurally close profiles to Seychelles, computed on market size, growth, sector structure, environment and founder judgment.
Market (2024)
Vie : 8%
$3.1M
Non-vie : 92%
$38.2M
Total : $41.3M
Total premiums
$41.3M
Penetration
1.8%
Density / capita
Not documented
Growth
—
Number of insurers
—
International comparison
This market is -70% versus the OECD average (6.2% of GDP, 2024) and -66% 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
$2.2 B
GDP growth
3.5%
Population
—
Inflation
2.5%
Currency
SCR
Source: Wikipedia/IMF Seychelles, estimation inflation faute de chiffre precis 2025 trouve, juillet 2026
Regulatory mechanisms
Source: Recherche web juillet 2026 - PAS de source GRF dediee
What this market requires at entry
No regulatory friction mechanism identified for Seychelles — no specific requirement beyond standard licensing procedures.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 39.4, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
39.4
0 mechanisms active (0 × 3.4 = −0.0 pts)
Active reinsurers
9 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | 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: 39/100, "Restrictive" market.
- Insurance market: $41M, fiscal year 2024.
- No compulsory cession identified, more direct access than elsewhere on the continent.
- Sits 10.2 points above the regional average (17 scored markets).
Regional comparison
Average adjusted score in East Africa : 29.2 (out of 17 scored markets)
Seychelles is 10.2 points above the regional average