Insurance in Eswatini

A policy sets out the risk covered, insured amount, exclusions, waiting periods, excesses, premium, payment terms, claim procedure and termination conditions. The policyholder is the person or organisation that holds the contract. Formal cover is obtained from a licensed insurer through a broker, direct agent, corporate agent, bank or bancassurance channel, SACCO or funeral-parlour channel. The Financial Services Regulatory Authority (FSRA) licenses and supervises insurers and intermediaries, regulates market conduct and protects consumers. Buyers should check the provider on the current FSRA register before paying a premium. The 2026 register lists six long-term insurers, including Finsure Assurance Limited, Liberty Life Swaziland Limited, Old Mutual Life Assurance Company (SD) Ltd, Oracle Life, Orchard Insurance Limited and United Life Assurance Limited. Short-term market participants include Eswatini Royal Insurance Corporation, Lidwala Insurance Company Limited, Phoenix of Eswatini Assurance Company Limited and United General Insurance Limited. Micro-insurance providers include Asihlumisane Burial and Risk Cover Association, B3 Insurance Eswatini Limited, Ekhaya Insurance Company and SNAT Burial Insurance Limited. Long-term insurance commonly covers funeral expenses, individual or group life, credit life, disability, annuities, endowments, unit-linked savings and retirement-fund-linked benefits. Short-term insurance commonly covers private motor vehicles, houses and contents, property, liability, personal accidents, transport, travel, fire, engineering and guarantees. Brokers placed 81.70% of short-term insurance premiums in the second quarter of 2025, compared with 13.07% through direct sales, 4.03% through corporate agents and 1.20% through individual agents. Bancassurance premiums reached E44.32 million in the first quarter of 2025, with 34.23% linked to long-term insurance, especially credit life. Eswatini does not currently have a comprehensive national social insurance system pooling sickness, unemployment, maternity, health, old-age, survivors and disability risks. Existing arrangements include the Eswatini National Provident Fund and occupational-injury protection, but these are limited and savings-oriented rather than a complete national risk-pooling system. Proposals to expand sickness, maternity, unemployment, health, old-age, survivors and disability protection remain planned or unresolved. Medical aid and health insurance are separate boundary areas and should not be assumed to provide national social insurance. The Workmen's Compensation Act 1983 covers employment accidents and occupational diseases within its statutory scope. A non-government employer generally has to insure that liability or maintain approved security, and the employer may not charge the worker for that protection. The worker should notify the employer as soon as possible; a compensation claim generally has to be made within six months, with limited late-claim rules that can extend the period to a maximum of three years. Employers generally report the accident to the Labour Commissioner within seven days. Medical examination, treatment and a Medical Board can form part of the assessment, and dependants may claim after a work-related death. The Sincephetelo Motor Vehicle Accidents Fund (SMVAF) provides a statutory, fuel-levy-funded process for qualifying road-injury and death compensation. It can cover bodily injury or death, medical and rehabilitation expenses, funeral costs and loss of earnings or support. Under the current regime effective from 1 July 2026, a claim is lodged within 12 months of the accident. A police report, identity documents and relevant medical, death, income, dependency or funeral evidence may be required. Published limits include up to E1 million for personal injury per accident and funeral reimbursement of up to E10,000 against proof. This statutory protection is not the same as private motor insurance: private cover protects the insured vehicle or other contractual risks according to the policy. Premiums in Emalangeni have no universal consumer tariff. The insurer assesses the risk, insurance class, sum insured, policy term, exclusions, loadings, excess and payment history. The policyholder should provide truthful material information, pay premiums on time, preserve evidence and notify the insurer or intermediary according to the policy. Arrears or lapse can prevent a claim under the contract. The insurer must provide information about its identity, product class, benefits, exclusions, waiting periods, fees, penalties, non-payment consequences, termination limits, claim process and complaints procedure in clear language. A 30-day cooling-off period generally applies after delivery of the policy schedule, subject to conditions such as no claim or benefit having been made and possible deduction of risk costs. A private claim normally starts with the insurer or intermediary. A written complaint should be sent to the provider, which generally has 30 days to respond under the Insurance Regulations. If the response is unsatisfactory or absent, the matter may proceed to FSRA, the Insurance Board or Adjudicator, or the Office of the Ombudsman of Financial Services (OFS) where its jurisdiction applies to a licensed non-bank financial service provider. The OFS can address disputes involving insurers, brokers and agents, including mis-selling, repudiated motor claims, arrears, funeral cover and death-benefit disputes. Informal burial groups and friendly societies can provide community support, but their legal protection and enforceability are not the same as regulated insurance.