Magazine date:
Oct 2004 
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 premiums | Incurred claims | |
|---|---|---|
1999 | 19.015 | 19.178 |
2000 | 21.235 | 16.600 |
2001 | 23.201 | 9.680 |
2002 | 25.701 | 9.060 |
2003 | 32.112 | 16.254 |
in millions USD 
Written premiums split by class of business and by company 2002-2003
in millions USD| ARO | NY HAVANA | Total | ||||
|---|---|---|---|---|---|---|
| Class of business | 2002 | 2003 | 2002 | 2003 | 2002 | 2003 |
| Non life | ||||||
Motor | 4.277 | 5.03 | 2.784 | 2.971 | 7.061 | 8.001 |
Fire | 0.999 | 1.106 | 1.029 | 1.394 | 2.028 | 2.500 |
Workmen compensation | 1.689 | 2.712 | 1.439 | 1.698 | 3.128 | 4.410 |
Miscellaneous | 3.153 | 4.695 | 0.632 | 0.672 | 3.785 | 5.367 |
Agricultural risks | 0.014 | 0.027 | - | - | 0.014 | 0.027 |
Special risks | 0.433 | 0.367 | 0.22 | 0.244 | 0.653 | 0.611 |
Aviation | 3.798 | 3.271 | 0.537 | 0.949 | 4.335 | 4.220 |
Marine | 0.862 | 1.263 | 0.702 | 1.244 | 1.564 | 2.507 |
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 | 16.482 | 20.679 | 9.219 | 11.433 | 25.701 | 32.112 |
Insurance market structure in 2003
By class of business | By company | |
 |  |
Claims
in millions USD| Year | Paid claims | Outstanding claims | Total claims |
|---|---|---|---|
1999 | 11.882 | 7.236 | 19.118 |
2000 | 14.401 | 2.200 | 16.601 |
2001 | 11.429 | -1.749 | 9.681 |
2002 | 9.394 | -0.333 | 9.061 |
2003 | 11.936 | 4.319 | 16.255 |
This study was prepared with the kind co-operation of NY HAVANA