The Mauritian insurance market: 2012-2016

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Mauritian insurance market features

  • Regulatory authority: Financial Services Commission
  • Life and non life premiums (2016): 511 895 000 USD
  • Insurance density (2016): 405 USD
  • Insurance penetration rate (2016): 4.2%

The Mauritian insurance market structure in 2016

  • Non life insurance companies: 14
  • Life insurance companies: 6

Profile

Area: 2 040 Km2
  • Population(1) (2016): 1 263 473 inhabitants
  • GDP(1) (2016): 12.168 billion USD
  • GDP per capita (2016): 9 630 USD
  • Inflation rate (2016): 3.8%
  • Main economic sectors: food industry (sugar), textile, tourism and services

Major cities*

(per number of inhabitants in 2016)

  • Port Louis (capital): 148 465
  • Vacoas-Phoenix : 106 163
  • Beau Bassin-Rose Hill : 104 425
(1) Source : World Bank
(2) Source : Demographic statistics 2016 / Ministry of finance and economic development
 

The Mauritian insurance market: evolution of life and non life premiums(2012-2016)

in thousands USD
 20122013201420152016
Non life
202 378242 233243 602218 034231 412
Life
454 889517 835535 771268 280280 483
Total
657 267 760 068 779 373 486 314 511 895

The Mauritian non life insurance market: evolution of turnover per company (2012-2016)

in thousands USD
 201220132014201520162016 shares
Swan General
54 96371 38668 73663 54169 39130%
Mauritius Union
50 40456 18454 59251 55755 06123.8%
Mauritian Eagle Insurance
24 19929 82635 05132 19733 71014.6%
State Insurance Company of Mauritius
18 41421 79321 93621 51121 1669.1%
Phoenix Insurance (Mauritius)
7 9228 4239 3639 2029 9304.3%
New India Assurance
12 47011 66910 9139 0219 6994.2%
Jubilee Insurance Mauritius
7 88813 48915 02810 3059 1444%
LAMCO Insurance
5 9257 1157 0246 3796 7452.9%
GFA Insurance
5 0815 5715 1774 9575 3112.3%
Swan Speciality Risk(1)
---2 3813 8151.6%
Sun Insurance
6 6725 7284 5313 2952 7431.2%
Credit Guarantee Insurance
1 0901 6472 9322 2611 7620.8%
Indian Ocean GeneralAssurance
1 9311 7051 4671 3161 7060.7%
Quantum Insurance(1)
---1111 2290.5%
British American Insurance(2)
5 4197 6976 852---
Total
202 378242 233243 602218 034231 412100%
(1) Newly licensed companies
(2) Cessation of activity in 2015

Market shares of the top five non life insurance companies in 2016

market mauritius insurance non life

(1) 9 companies

The Mauritian life insurance market: evolution of turnover per company in 2016

in thousands USD
 201220132014201520162016 shares
State Insurance Company of Mauritius Life
124 121117 775122 111128 759124 59944.4%
Swan for Life(1)
----111 53239.8%
La Prudence Life Insurance
20 79623 28321 64019 71022 5078%
Life Insurance Corporation of India
11 05011 66311 06310 02611 1354%
Island Life Assurance
6 1115 6396 2266 4336 1602.2%
Metropolitan Life
6 0485 7385 1385 1774 5501.6%
The Anglo Mauritius Assurance
87 893103 448100 62897 650--
British American Insurance(2)
197 981249 446268 296---
IOGA(2)
17817312992--
Lamco International Insurance(2)
142175144124--
Phoenix Insurance(2)
569495396309--
Total
454 889517 835535 771268 280280 483100%
(1) Newly licensed companies
(2) Under run-off

Market shares per life insurance company in 2016

market mauritius insurance life

The Mauritian insurance market: Evolution of turnover per life and non life class of business (2012-2016)

in thousands USD
 201220132014201520162016 shares
Motor
88 31995 03792 75584 05388 91917.4%
Accident and health
43 22658 42061 78752 95460 69811.8%
Engineering
7 7098 9158 3447 7307 7401.5%
Third party liability
11 55913 88114 70513 89915 7203.1%
Property damage
30 23537 77736 78836 02634 0446.6%
Marine
10 80812 65413 33011 53411 6612.3%
Guarantee
2 0101 7463 0532 3961 9270.4%
Miscellaneous accident
8 51213 80312 8409 44210 7032.1%
Total non life
 202 378 242 233 243 602 218 034 231 412 45.2%
Life
454 889517 835535 771268 280280 48354.8%
Grand total
657 268760 068779 373486 314511 895100%

Turnover’s breakdown per class of business in 2016

market mauritius insurance life non life

The Mauritian non life insurance market: loss ratio per class of business in 2016

in thousands USD
 Net earned premiumsNet incurred lossesNet loss ratio
Motor
82 57555 80167.57%
Accident and health
33 49024 65373.61%
Engineering
1 42258140.86%
Third party liability
4 71499921.19%
Property damage
9 6401 20512.50%
Marine
4 7982 18245.47%
Guarantee
47920041.63%
Miscellaneous accident
5 0301 61032%
Total non life
 142 149 87 230 61.36%

Loss ratio per class of business in 2016

marché maurice ratio non vie

Exchange rate
MUR/USD as at 31/12
2012
2013
2014
2015
2016
0.03273
0.03446
0.03287
0.02882
0.02890
Source: Financial Services Commission, Mauritius
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Fri, 30/03/2018 - 17:32
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