Magazine date:
Mar 2018 
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
(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| 2012 | 2013 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|
Non life | 202 378 | 242 233 | 243 602 | 218 034 | 231 412 |
Life | 454 889 | 517 835 | 535 771 | 268 280 | 280 483 |
Total | 657 267 | 760 068 | 779 373 | 486 314 | 511 895 |
To discover | Mauritius insurance industry in 2017 [4]
The Mauritian non life insurance market: evolution of turnover per company (2012-2016)
in thousands USD| 2012 | 2013 | 2014 | 2015 | 2016 | 2016 shares | |
|---|---|---|---|---|---|---|
Swan General | 54 963 | 71 386 | 68 736 | 63 541 | 69 391 | 30% |
Mauritius Union | 50 404 | 56 184 | 54 592 | 51 557 | 55 061 | 23.8% |
Mauritian Eagle Insurance | 24 199 | 29 826 | 35 051 | 32 197 | 33 710 | 14.6% |
State Insurance Company of Mauritius | 18 414 | 21 793 | 21 936 | 21 511 | 21 166 | 9.1% |
Phoenix Insurance (Mauritius) | 7 922 | 8 423 | 9 363 | 9 202 | 9 930 | 4.3% |
New India Assurance | 12 470 | 11 669 | 10 913 | 9 021 | 9 699 | 4.2% |
Jubilee Insurance Mauritius | 7 888 | 13 489 | 15 028 | 10 305 | 9 144 | 4% |
LAMCO Insurance | 5 925 | 7 115 | 7 024 | 6 379 | 6 745 | 2.9% |
GFA Insurance | 5 081 | 5 571 | 5 177 | 4 957 | 5 311 | 2.3% |
Swan Speciality Risk(1) | - | - | - | 2 381 | 3 815 | 1.6% |
Sun Insurance | 6 672 | 5 728 | 4 531 | 3 295 | 2 743 | 1.2% |
Credit Guarantee Insurance | 1 090 | 1 647 | 2 932 | 2 261 | 1 762 | 0.8% |
Indian Ocean GeneralAssurance | 1 931 | 1 705 | 1 467 | 1 316 | 1 706 | 0.7% |
Quantum Insurance(1) | - | - | - | 111 | 1 229 | 0.5% |
British American Insurance(2) | 5 419 | 7 697 | 6 852 | - | - | - |
Total | 202 378 | 242 233 | 243 602 | 218 034 | 231 412 | 100% |
(2) Cessation of activity in 2015
Market shares of the top five non life insurance companies in 2016
The Mauritian life insurance market: evolution of turnover per company in 2016
in thousands USD| 2012 | 2013 | 2014 | 2015 | 2016 | 2016 shares | |
|---|---|---|---|---|---|---|
State Insurance Company of Mauritius Life | 124 121 | 117 775 | 122 111 | 128 759 | 124 599 | 44.4% |
Swan for Life(1) | - | - | - | - | 111 532 | 39.8% |
La Prudence Life Insurance | 20 796 | 23 283 | 21 640 | 19 710 | 22 507 | 8% |
Life Insurance Corporation of India | 11 050 | 11 663 | 11 063 | 10 026 | 11 135 | 4% |
Island Life Assurance | 6 111 | 5 639 | 6 226 | 6 433 | 6 160 | 2.2% |
Metropolitan Life | 6 048 | 5 738 | 5 138 | 5 177 | 4 550 | 1.6% |
The Anglo Mauritius Assurance | 87 893 | 103 448 | 100 628 | 97 650 | - | - |
British American Insurance(2) | 197 981 | 249 446 | 268 296 | - | - | - |
IOGA(2) | 178 | 173 | 129 | 92 | - | - |
Lamco International Insurance(2) | 142 | 175 | 144 | 124 | - | - |
Phoenix Insurance(2) | 569 | 495 | 396 | 309 | - | - |
Total | 454 889 | 517 835 | 535 771 | 268 280 | 280 483 | 100% |
(2) Under run-off
Market shares per life insurance company in 2016
The Mauritian insurance market: Evolution of turnover per life and non life class of business (2012-2016)
in thousands USD| 2012 | 2013 | 2014 | 2015 | 2016 | 2016 shares | |
|---|---|---|---|---|---|---|
Motor | 88 319 | 95 037 | 92 755 | 84 053 | 88 919 | 17.4% |
Accident and health | 43 226 | 58 420 | 61 787 | 52 954 | 60 698 | 11.8% |
Engineering | 7 709 | 8 915 | 8 344 | 7 730 | 7 740 | 1.5% |
Third party liability | 11 559 | 13 881 | 14 705 | 13 899 | 15 720 | 3.1% |
Property damage | 30 235 | 37 777 | 36 788 | 36 026 | 34 044 | 6.6% |
Marine | 10 808 | 12 654 | 13 330 | 11 534 | 11 661 | 2.3% |
Guarantee | 2 010 | 1 746 | 3 053 | 2 396 | 1 927 | 0.4% |
Miscellaneous accident | 8 512 | 13 803 | 12 840 | 9 442 | 10 703 | 2.1% |
Total non life | 202 378 | 242 233 | 243 602 | 218 034 | 231 412 | 45.2% |
Life | 454 889 | 517 835 | 535 771 | 268 280 | 280 483 | 54.8% |
Grand total | 657 268 | 760 068 | 779 373 | 486 314 | 511 895 | 100% |
Turnover’s breakdown per class of business in 2016
The Mauritian non life insurance market: loss ratio per class of business in 2016
in thousands USD| Net earned premiums | Net incurred losses | Net loss ratio | |
|---|---|---|---|
Motor | 82 575 | 55 801 | 67.57% |
Accident and health | 33 490 | 24 653 | 73.61% |
Engineering | 1 422 | 581 | 40.86% |
Third party liability | 4 714 | 999 | 21.19% |
Property damage | 9 640 | 1 205 | 12.50% |
Marine | 4 798 | 2 182 | 45.47% |
Guarantee | 479 | 200 | 41.63% |
Miscellaneous accident | 5 030 | 1 610 | 32% |
Total non life | 142 149 | 87 230 | 61.36% |
Loss ratio per class of business in 2016
Exchange rate MUR/USD as at 31/12 | 2012 | 2013 | 2014 | 2015 | 2016 |
0.03273 | 0.03446 | 0.03287 | 0.02882 | 0.02890 |