The Insurance Industry in Mauritius, Key Trends and Opportunities to 2017

The Insurance Industry in Mauritius, Key Trends and Opportunities to 2017

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Mauritius is one of the most dynamic and fastest-growing economies in the sub-Saharan Africa region, and the country's business environment and investment climate also made it one of the most business-friendly destinations in the region. Mauritius is ranked first in Sub-Sahara and 19th worldwide in terms of ease of doing business, according to the World Bank's Doing Business 2013 report. It has also emerged as an important platform between Asia, the Middle East and Africa for investment into the African continent. The financial services sector, including the insurance industry, is an important economic pillar of the Mauritian economy. The insurance industry is governed by the Finance Service Commission (FSC) and grew at a stable rate during the 2008-2012 review period, supported by sustained demand for pension, motor and property insurance products. The healthcare category in Mauritius recorded fast growth, mainly driven by rising healthcare expenditure and an aging population.

Report Highlights
  • The Mauritian insurance industry is one of the most developed in the sub-Saharan Africa region and grew at a CAGR of 9.8% during the review period
  • The Mauritian insurance industry was relatively unaffected by global uncertainty caused by the Eurozone debt crisis, and the industry's total assets grew from MUR95.9 billion (US$3.2 billion) in 2011 to MUR105 billion (US$3.5 billion), registering a growth of 9.5% in 2012
  • The Mauritian insurance industry is supervised and regulated by the Financial Services Commission (FSC), which is mainly responsible for licensing, regulating, monitoring and supervising activities in the non-banking financial services sector, including the insurance industry
  • The industry is going through a phase of consolidation impacted by new insurance law
  • The Mauritian insurance industry is concentrated, but still highly competitive. The industry comprises 12 general insurers and seven long-term insurance companies
Report Scope

This report provides a comprehensive analysis of the insurance industry in Mauritius:
  • It provides historical values for Mauritian insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
  • It offers a detailed analysis of the key segments and sub-segments in the Mauritian insurance industry, along with forecasts until 2017
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions
  • It profiles the top insurance companies in Mauritius, and outlines the key regulations affecting them
Reasons to Get this Report
  • Make strategic business decisions using in depth historic and forecast industry data related to the Mauritian insurance industry and each segment within it
  • Understand the demand-side dynamics, key trends and growth opportunities within the Mauritian insurance industry
  • Assess the competitive dynamics in the Mauritian insurance industry
  • Identify the growth opportunities and market dynamics within key segments
  • Gain insights into key regulations governing the Mauritian insurance industry and its impact on companies and the industry's future

Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Mauritius Insurance Industry Overview
3.1 Mauritian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 Individual pension insurance
4.1.3 Other insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation Trends by Type of Insurance
5.2.1 Life insurance regulatory trends
5.2.2 Property insurance regulatory trends
5.2.3 Motor insurance regulatory trends
5.2.4 Marine, aviation and transit insurance regulatory trends
5.2.5 Personal accident and health insurance regulatory trends
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Craft third-party liability insurance
5.3.3 Workmen's compensation insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors
5.4.2 Committee of Insurance, Securities and Non-Banking Financial Authorities
5.4.3 Financial Services Commission
5.5 Non-Admitted Insurance Regulatory Trends
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Policy terms and conditions
5.7 Taxation
5.7.1 Corporate tax
5.7.2 VAT
5.7.3 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 BAI Co (Mtius) Ltd - company overview
6.2.2 The State Insurance Company of Mauritius Ltd (Sicom) - company overview
6.2.3 Anglo-Mauritius Assurance Society Ltd - company overview
6.2.4 Mauritius Union Assurance (MUA) - company overview
6.2.5 Swan Insurance Company - company overview
7 Macroeconomic Indicators
7.1 Market Capitalization Trend - Stock Exchange of Mauritius
7.2 GDP at Constant Prices (US$)
7.3 GDP per Capita at Constant Prices (US$)
7.4 GDP at Current Prices (US$)
7.5 GDP per Capita at Current Prices (US$)
7.6 Construction Net Output at Current Prices (US$)
7.7 Construction Net Output at Current Prices as a Percentage of GDP
7.8 Healthcare Expenditure
7.9 Healthcare Expenditure as a Percentage of GDP
7.1 Healthcare Expenditure per Capita
7.11 Labor Force
7.12 Exports as a Percentage of GDP
7.13 Imports as a Percentage of GDP
7.14 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Mauritian Insurance Industry - Overall Written Premium by Segment (MUR Billion), 2008-2012

Companies Mentioned:

State Insurance Company of Mauritius Ltd
Anglo-Mauritius Assurance Society Ltd
La Prudence Mauricienne Assurances Ltee
Cim Life
Mauritius Union General Insurance (MUA)
Swan Group
Cim Insurance
Mauritian Eagle Insurance Company Ltd
State Insurance Company of Mauritius
New India Assurance Company
Phoenix Insurance
Sun Insurance Company Ltd
Lamco International Insurance Ltd