Lidwala Insurance Company Limited is a short-term insurance company domiciled in Eswatini. The company was established in 2009, being majority owned (56%) by an individual. In May 2021, Wellom Holding acquired the 56% private stake of Lidwala Insurance, with the balance spread across Emeritus Re(19%), Cell Insure (16%) and Resure (10%).
Eswatini’s banking sector is relatively small with assets of about 30% of GDP. The financial sector is dominated by non-bank financial institutions (“NBFs”) i.e., the pensions sector, insurance sector and collective investment schemes, with gross assets accounting for about 110% of GDP, including a large government retirement fund (with assets of about 35% of GDP). The financial institutions are closely interconnected and have large foreign exposures, with NBFIs providing a sizable share of banks’ deposits while holding about half of their assets abroad (about 40% of GDP), exposing the system to external shocks. Households are highly leveraged compared to neighboring and other middle-income countries; and the sovereign-financial sector linkages have been strengthening, exposing the sector to the government’s weak fiscal position.
Lidwala Insurance Company Limited is a short-term insurance company domiciled in Eswatini. The company was established in 2009, being majority owned (56%) by an individual. In May 2021, Wellom Holding acquired the 56% private stake of Lidwala Insurance, with the balance being spread across Emeritus Re(19%), Cell Insure (16%) and Resure (10%).