This is the second edition of the Milliman Capital Regimes in Africa report, which provides a detailed view of the prudential regulatory requirements and developments for life insurers operating in eight countries across Africa. Our paper aims to compare and contrast capital regimes and highlight developments over the last year. The report expands the scope of countries to include Mauritius and Uganda alongside the countries included in the first edition: Botswana, Ghana, Kenya, Namibia, Nigeria, and South Africa. In recent years, there has been a shift towards the adoption of risk-based supervision and risk-based capital frameworks across sub-Saharan Africa. Our analysis of the countries revealed varied stages of implementation and adoption of these frameworks. In several of the markets considered, regulators have also incorporated—or are in the process of incorporating—IFRS 17 into prudential reporting requirements.
Discussion points for each country include:
- Overview of the nation’s technical specifications
- Liability valuation basis of policyholder liabilities
- Available capital
- Capital requirements
Download a complimentary summary