Insurance in São Tomé and Príncipe

São Tomé and Príncipe has two main insurance channels. The Instituto Nacional de Segurança Social (INSS) is the public legal entity responsible for statutory social insurance. Private insurers provide contractual cover for defined risks, subject to supervision by the Banco Central de São Tomé e Príncipe (BCSTP), whose insurance functions are carried out through its financial-institutions supervision and consumer-support directorates. The main legal framework includes Lei 8/92 and Decreto-Lei 47/98. The current BCSTP insurer directory lists SAAR S.Tomé e Príncipe and NICON SEGUROS. NICON provides non-life and accident insurance, including motor third-party liability, comprehensive and limited motor cover, marine and cargo insurance, professional and product liability, personal and group accident cover, electronic equipment, workers compensation, theft, fidelity, fire and special risks, machinery, homeowner and tenant cover, construction all-risks, money, travel, aviation, oil and gas risks. SAAR offers motor, liability, transport, fire, miscellaneous-risk and agro-industrial insurance, as well as selected health products. Historic references to SAT Insurance do not confirm that it is a current insurer, so its present authorization should be checked directly with BCSTP. Príncipe has no separately evidenced regulator, insurer regime or local branch; BCSTP and INSS operate nationally, and local distribution should be verified before relying on it. The private market remains small. Gross premiums reached 73.76 million Dobras in 2024, an 8.7% year-on-year increase, with motor and fire insurance as major growth drivers. Claims costs increased by 21%, total assets reached 163.77 million Dobras, own funds represented 60.4% of assets and the net result reached 13.04 million Dobras, up 19.8%. Insurance penetration was 0.45% of GDP in 2023, with density of 294 Dobras per person. These figures describe the market and do not determine the premium or coverage available under an individual policy. Statutory social insurance operates under the Regime de Proteção Social Obrigatória (REPSO), established by Decreto-Lei 19/2022. Employees and independent workers fall under mandatory regimes, subject to statutory exceptions. Employees contribute 4% of remuneration and employers contribute 6%. The employer registers the company and workers, withholds the worker contribution, keeps remuneration and payment evidence and submits the electronic monthly declaration and payment by the 10th day of the following month. Independent workers pay 10% under the compulsory scheme, which covers old-age, invalidity and survivor pensions. An extended 14% scheme adds sickness, parentality and funeral protection. The independent worker chooses the contribution base. Insurers, pension-fund managers and mutual associations can provide optional complementary protection, but they do not replace the statutory INSS regime. In 2021, only 31.7% of the working population contributed to INSS, leaving 68.3% outside contributory coverage. Non-contributory social protection is a separate public safety net rather than private insurance. INSS benefits include old-age, invalidity and survivor pensions. Sickness benefit is generally 75% of the reference average after 10 months of qualification, with a professional medical assessment and a claim limit of six months; payment can continue for up to 360 days under the applicable rules. Parentality benefit covers 90 days, with 15 additional days for a multiple birth. Work accidents and occupational disease have no contribution waiting period. The employer reports the event within 30 days, the claim limit is six months, and the benefit is 100% for the first 30 days, 90% from day 31 to day 360 and 75% thereafter, for up to 24 months. The funeral benefit equals 2.75 UCSS units, using the statutory social-security calculation unit, after 12 months of qualification and with a six-month claim limit. Motor third-party liability is compulsory under Decreto-Lei 30/2000. The Fundo de Garantia Automóvel can compensate death or bodily injury when the liable vehicle is unknown, uninsured, covered by invalid insurance or connected to an insolvent insurer. Insurers finance the fund through a levy of 2.5% of the previous year's gross motor premiums, excluding refunds and cancellations. Policyholders should verify the insurer in the current BCSTP directory, request the policy wording and compare the insured sum, exclusions, beneficiaries, premium, renewal, cancellation and amendment terms. Premiums, national tariffs and claim deadlines are not uniformly published; the contract controls unless a specific legal rule applies. The policyholder must provide accurate risk information, pay premiums, follow safety conditions and notify the insurer about relevant events or material changes such as a vehicle, risk or beneficiary change. Request written confirmation of any amendment and keep proof of payment and notices. For a claim, notify the insurer according to the policy and preserve the policy, premium evidence, photographs or other event evidence, invoices, medical records and police documents where relevant. NICON provides an online claim form. No single nationwide claim timetable or settlement service standard has been publicly verified, so the policy wording and written communication are especially important. If the insurer does not resolve the matter, complain to the insurer first and then use the BCSTP consumer-support channel for information, forwarding or mediation. A São Tomé and Príncipe resident who arranges travel medical insurance with a foreign insurer that is not authorized and domiciled in São Tomé and Príncipe may have a contract treated as legally void in the country, even if a foreign consulate accepts the document. Schengen acceptance does not establish domestic validity. Travel cover should therefore be arranged with a locally authorized and domiciled insurer when the contract must have legal effect in São Tomé and Príncipe. Renewal, cancellation and termination depend on the policy unless a specific legal rule applies, so written notice and payment records should be retained.