The Malagasy insurance market

Insurance market features

• Regulatory authority : Ministry of Finance Management of Financial Operations / Insurance Department
• Written premiums (2003):
  32.11 millions USD
• Insurance density (2003): 1.89 USD
• Penetration rate (2003): 0.005%
• Number of companies: 2

Identity

• Area: 587 040 Km² (fourth largest island in the world)
• Population (2003): 16 979 700 inhabitants
• GDP (2003): 5.5 billion USD
• GDP per capita (2003): 324 USD
• GDP growth rate (2003): 9.6%
• Inflation rate (2003): 2.7%
• Main economic sectors: agriculture (including forestry and fishing), first world producer of vanilla, food crops (rice, manioc), food industry, textile industry.

Major towns

(in number of inhabitants)

• Antananrivo (capital): 880 000
• Toamasina: 160 000
• Fianarantsoa: 135 000
• Mahajanga: 130 000
• Antsirabe: 110 000