The Malagasy insurance market

Photo credit: US Gov / CIA World Factbook

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
 

Turnover evolution 1999-2003

in millions USD
 Written premiumsIncurred claims
1999
19.01519.178
2000
21.23516.600
2001
23.2019.680
2002
25.7019.060
2003
32.11216.254
in millions USD
 

Written premiums split by class of business and by company 2002-2003

in millions USD
 ARONY HAVANATotal
Class of business200220032002200320022003
Non life
Motor
4.2775.032.7842.9717.0618.001
Fire
0.9991.1061.0291.3942.0282.500
Workmen compensation
1.6892.7121.4391.6983.1284.410
Miscellaneous
3.1534.6950.6320.6723.7855.367
Agricultural risks
0.0140.027--0.0140.027
Special risks
0.4330.3670.220.2440.6530.611
Aviation
3.7983.2710.5370.9494.3354.220
Marine
0.8621.2630.7021.2441.5642.507
Total Non life
15.226 18.471 7.343 9.172 22.569 27.643
Life
Total life
1.256 2.208 1.876 2.261 3.132 4.469
Grand total
16.48220.6799.21911.43325.70132.112

Insurance market structure in 2003

By class of business
 
By company
 

Claims

in millions USD
YearPaid claimsOutstanding claimsTotal claims
1999
11.8827.23619.118
2000
14.4012.20016.601
2001
11.429-1.7499.681
2002
9.394-0.3339.061
2003
11.9364.31916.255

This study was prepared with the kind co-operation of NY HAVANA
0
Your rating: None
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits