Insurance in Suriname

A policy states the insured risk, coverage limit, premium, duration, exclusions and conditions for receiving payment. The policyholder concludes the contract and pays the premium; the insured person or property receives protection under its terms. A claim is a request for payment or assistance after a covered event. The insurer assesses the event, documents and policy conditions before deciding whether and how much to pay. Suriname has a formal insurance market supervised by the Centrale Bank van Suriname (CBvS), through its Afdeling Toezicht Verzekeringen (TVZ). The supervisor conducts prudential and integrity supervision, including reviews of reserves, solvency, reporting, anti-money-laundering controls and the suitability of responsible managers. The market has 12 insurance companies and one holding company. In the first quarter of 2025, six companies provided non-life insurance, four provided life insurance and two provided funeral insurance. Among 2022 non-life premiums, approximately 52% concerned fire insurance, 21% motor insurance, 17% medical or personal-accident insurance and 10% other products. These percentages describe premium composition, not each household's likelihood of buying a policy. The Ministry of Economic Affairs, Entrepreneurship and Technological Innovation handles business licensing matters. Insurance supervision is still principally based on the Wet Toezicht Kredietwezen 1968, as amended by the 1986 decree. A separate Wet Toezicht Verzekeringswezen has been proposed, but the legislative process was interrupted in January 2025 and later material did not show an enacted replacement. The policy wording and the insurance contract remain decisive, together with applicable provisions of the Nieuw Burgerlijk Wetboek, effective from 1 May 2025. CBvS cannot act as an individual broker or claims representative. Public insurance-related systems cover particular risks. AOV, the Algemene Ouderdomsvoorziening, is a public old-age benefit administered by the AOV-Fonds under the Wet Algemeen Oudedagsvoorzieningsfonds 1981. Surinamese nationals residing in Suriname generally qualify from age 60. A non-Surinamese resident generally needs 10 uninterrupted years of residence and the relevant premium liability and payments. Entitlement begins on the first day of the month in which the person turns 60, and payment is made quarterly. An application normally includes a birth-register extract, two passport photographs and proof from the population register. The 2026 budget status lists SRD 2,250 per month, but benefit amounts can change through policy decisions. The Algemene Pensioenregeling is a separate contributory pension system under the Wet Algemeen Pensioen 2014. Residents working in Suriname contribute through employment or self-employment. For employees, the employer contributes at least 50% and the employee contributes no more than 50% of the required contribution. A pension right arises after at least five years of contributions. Self-employed workers register themselves. The Algemeen Pensioenfonds registers participants, collects contributions, invests funds, administers the scheme and pays benefits. A public example of a 3% total contribution should not be treated as the current general tariff for every worker. The Surinaamse Ongevallenregeling, or SOR, is the work-accident system under the Ongevallenwet 1947. An employer has a duty to insure a worker from the first working day. The cover concerns work accidents, occupational disease, temporary incapacity, permanent disability and death. The journey between home and work is included. Compensation is based on the correct daily wage. A worker does not automatically become insured merely because the employer failed to arrange cover; the statutory compensation liability remains with the employer. Implementation and payroll-base questions have been highlighted by the Arbeidsinspectie and SURVAM, so employers should keep employment, wage and insurance records accurate. WAM is the wettelijke aansprakelijkheidsverzekering for motor vehicles. It is compulsory third-party liability insurance, not cover for damage to the owner's own vehicle. The statutory contract term is 12 months. After the vehicle is approved, the insurer issues a visible control certificate. An injured third party has a direct claim against the WAM insurer. Own-vehicle damage requires optional CASCO or mini-Casco cover. A current Assuria product example lists WAM limits from SRD 375,000 to SRD 2,000,000, depending on the product, and cover for Suriname and Guyana. An amendment adopted on 14 May 2026 extends the same traffic and insurance duties to electric and electric-assisted vehicles; its promulgation and effective date require separate verification. Private personal policies can cover death, savings, endowment benefits, retirement income, mortgage-linked benefits, investments or funeral expenses. Accident insurance can cover accidental death, permanent disability, temporary incapacity and accident-related medical costs. Personal liability insurance can cover certain claims by third parties for personal or property damage. Travel policies may include short-term medical expenses, baggage, lost documents, repatriation and cancellation. Life applications can involve identity, health, occupation and hobby information, medical evidence and anti-money-laundering checks. Property insurance commonly starts with building cover for fire, lightning, explosion, firefighting water and aircraft impact. Optional extensions can cover storm or wind, burglary, vandalism, collision, riot, glass, tenant improvements and home assistance. Contents are not automatically insured by a building policy. The insurer may request a valuation or inspection. Rental-home products exist, and one Assuria example provides alternative rent for up to six months after an insured loss. Businesses can also insure buildings, contents, transport, boats, construction work, liability, fraud and robbery. Premiums depend on the risk, insured sum, currency and selected cover. Payment may be monthly, quarterly, semi-annually or annually, depending on the product. Taking out cover usually involves an application, review by an insurer or intermediary, a quote, underwriting, an inspection or valuation where relevant, and issuance of a policy or certificate. Common evidence includes identification, address, vehicle registration and use, driver information, purchase or valuation documents, occupation and health information. Home products may be offered for terms such as one, three or five years. A product-specific Basic Savings Insurance example accepts applicants aged 21 to 40 for 10- or 15-year terms with a premium of SRD 250 per month; this is not a market-wide tariff. After an incident, notify the insurer promptly and preserve photographs, the policy or certificate, registration and licence documents, identification, invoices and medical evidence. For a motor accident, contact the damage unit or roadside service, exchange a signed collision form and photograph the scene and vehicles. Report serious injury, an offence, a dispute, hit-and-run, theft, burglary or vandalism to the police. The insurer's damage expert may inspect the loss. Claims may be submitted through a website, application, email, WhatsApp, telephone or branch, depending on the insurer. Deadlines, excess amounts, approved repair networks and exclusions come from the policy. One Assuria TRIAS product allows a maximum of 90 days for notification, but that period is not a general rule for all insurance. The insured must disclose relevant facts truthfully, pay premiums, notify losses, cooperate with the assessment, provide documents and take reasonable steps to limit further damage. Concealing facts or presenting a fraudulent claim can lead to refusal, recovery of payments or reporting. The insurer must provide the agreed cover, explain its defined scope and exclusions, handle claims under the contract and pay benefits when the conditions are met. To change an address, insured sum, beneficiary or coverage, contact the insurer or intermediary and obtain written confirmation. Renewal, cancellation, portability and notice periods are policy-specific. Non-payment can suspend or end cover under the policy, and a new insurer may require fresh underwriting. A complaint should first go through the insurer's own complaint channel. No centralized insurance ombudsman was identified in the reviewed official sources. Further action may follow through the contract or applicable legal process, depending on the policy, WAM legislation, the Nieuw Burgerlijk Wetboek or the facts. National Basic Health Insurance, known as AZPAS, is mandatory health cover and belongs primarily to the Health topic; banking products, loans and general household costs are separate subjects.