The Mauritian insurance market

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Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Financial Services Commission
  • Life and non life premiums (2012): 657 million USD
  • Insurance density (2012): 505.4 USD
  • Penetration rate (2012): 5.97%

Market structure in 2012

Actors
Life
Non life
Total
Insurance companies
101323

Country profile

  • Area: 2 040 km2
  • Population (2012): 1 300 000 inhabitants
  • GDP (2012): 11 billion USD
  • GDP per capita (2012): 8 462 USD
  • GDP growth rate(2012): 3.2%
  • Inflation rate(2012): 3.9%
  • Main economic sectors: food industry (sugar), textile, tourism and services.

Main cities

(in number of inhabitants in 2011)
  • Port Louis (capital): 140 608
  • Vacoas-Phoenix: 105 559
  • Beau Bassin-Rose Hill: 103 098
 

Evolution of life and non life premiums: 2008-2012

in thousands USD
 20082009201020112012
Non life
158 733179 101189 871222 073202 378
Life
304 730325 337407 460460 491454 889
Total
463 463 504 438 597 331 682 564 657 267

Evolution of gross written premiums: 2008-2012

in thousands USD

Evolution of gross life and non life claims: 2008-2012

in thousands USD
 20082009201020112012
Non life
78 80581 45387 233115 545100 592
Life*
177 995208 367265 219376 246328 942
Total
256 800 289 820 352 452 491 791 429 534
* Benefits

Evolution of gross claims: 2008-2012

in thousands USD

Turnover’s evolution per class of business: 2008-2012

in thousands USD
 200820092010201120122012 shares
Health and accident
26 00432 26536 52246 23943 2266.6%
Engineering
8 3149 92410 6679 5267 7091.2%
Third party liability
7 62111 62914 99015 83711 5591.8%
Motor
63 50173 56077 75491 57088 31913.4%
Property damage
29 21931 01429 13234 10330 2354.6%
Marine
14 00413 18910 58812 63010 8081.6%
Miscellaneous accident
9 8707 2749 45810 5088 5121.3%
Bond
2002467601 6602 0100.3%
Total non life
158 733 179 101 189 871 222 073 202 378 30.8%
life
304 730325 337407 460460 491454 88969.2%
Grand total
463 463504 438597 331682 564657 267100%

Turnover’s breakdown per class of business in 2012

Turnover per class of business and per non life company in 2012

in thousands USD
 Health and accidentTPLMiscellaneous accident 1MotorProperty damageMarineTotal2012 shares
Swan
20 8411 9937 70811 02310 4562 94354 96427.1%
Mauritius Union
9 6904 4503 97225 3375 5211 43450 40424.9%
Mauritian Eagle
4 0241 5731 4836 5937 0383 48824 19912%
State Ins. of Mauritius
1 5512 9381 2057 8102 2642 64618 4149.1%
New India
36451 5537 9852 8084312 4706.2%
Phoenix
38331207 47025757 9233.9%
Jubilee
1 5302873434 8906981407 8883.9%
Sun Insurance
611193965 102944506 6723.3%
Lamco Insurance
18181055 606140375 9242.9%
GFA Insurance
139853482484105 0822.5%
British American Ins.
5 418-----5 4182.7%
Indian Ocean General
652031 67925121 9301%
Credit Guarantee
--1 090---1 0900.5%
Total
43 226 11 559 18 231 88 319 30 235 10 808 202 378 100%
1 including bond and engineering

Market shares of non life companies in 2012

Earned premiums, incurred losses and loss ratio per non life insurance in 2012

in thousands USD
 Net earned premiumsNet incurred
losses		Net loss
ratio
Health and accident
25 92721 95884.7%
Engineering
1 3641 33998.2%
Third party liability
4 5821 47232.1%
Motor
78 12643 06455.1%
Property damage
7 9522 06025.9%
Marine
4 7621 76137%
Miscellaneous accident
2 68282430.7%
Bond
96511511.9%
Grand total
126 360 72 593 57.4%

Loss ratio per class of business in 2012

Turnover of life insurance companies in 2012

in thousands USD
 Turnover 2011Turnover 20122011-2012
evolution		2012 shares
British American Insurance
233 039197 981-15%43.52%
Sicom
95 773124 12129.6%27.30%
Anglo Mauritius
78 78387 89311.6%19.32%
La Prudence Mauricienne
22 09620 796-5.9%4.57%
Life Insurance Corporation of India
11 30711 050-2.3%2.43%
Island Life
5 3006 11115.3%1.34%
Mauritian Eagle Life
2 1466 048181.8%1.33%
Phoenix
717569-20.6%0.12%
Indian Ocean General Assurance
224178-20.5%0.04%
Lamco
281142-49.5%0.03%
CIM Life
10 825---
Total
460 491 454 889 -1.2% 100%

Market shares of the top five life companies in 2012

* 6 companies Source: Financial Services Commission, Mauritius
Exchange rate
MUR/USD as at 31/12
2008
2009
2010
2011
2012
0.03352
0.03421
0.03406
0.03555
0.03273
0
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Fri, 18/07/2014 - 10:18
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