The Mauritian insurance market
Insurance market features
- Regulatory authority: Financial Services Commission
- 2002 written premiums: 213.7 millions USD
- Insurance density: 193 USD per capita
- Insurance penetration ratio: 5%
- The insurance sector is regulated by the «Insurance Act 1987»
Market structure
| Insurance companies and bodies | Number |
|---|---|
Life insurance companies | 4 |
Non-life insurance companies | 7 |
Life and non-life insurance companies | 12 |
Agents | 169 |
Insurance brokers | 11 |
Identity
- Area: 2 040 Km²
- Population (2002): 1 200 000 inhabitants
- GDP (2002): 4.5 billion USD
- GDP per habitant (2002): 3 750 USD
- GDP growth rate (2002): +4%
- Inflation rate (2002): +6%
- Main economic sectors: food processing industry (sugar), textiles, tourism and other services
Major cities
(in number of inhabitants)
- Port Louis: 150 000
- Curepipe: 79 000
- Quatre Bornes: 76 000
New regulations
- A new bill would grant the Financial Services Commission (FSC) more supervising powers to allow intervention before insurance companies be in deficit.
- New insurance legislation projecting to make segregation between life and non-life insurance business.
- The amendment to the "Road Traffic Act", voted on August 19th, 2003 inaugurates easier compensation procedures by instituting: the «amicable» accident report form, a scale for responsibilities, and the «Motor Vehicle Insurance Arbitration Committee» which examines disputes between the insurers and the insured regarding the compensation amount.
2002 market turnover
Total written premiums | 1998-2002 | |
 | in thousands USD |
The 2002 turnover by class of business
in millions USD
|  |
2002 Turnover per company
Non-life | Life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The first 3 companies own 46% of the non-life market premium |
The first 3 companies own 80% of the life market premium | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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