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Mauritius insurance market

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Magazine Issue: 
The insurance business in the post-Covid-19 era [3]
Magazine date: 
Mar 2021
Mauritius

Mauritius insurance market features

  • Regulatory authority: Financial Services Commission
  • Life and non-life premiums (2019): 516 million USD
  • Insurance density (2019): 408 USD
  • Penetration rate (2019): 3.68 %

Mauritius’ insurance market structure in 2019

Market stakeholdersTotal
Non-life insurance companies
15
Life insurance companies
9
Insurance brokers
37
Insurance agents
227
Total
288

Identity

  • Area (2): 2 040 Km2
  • Population (1) (2019) : 1 265 711 inhabitants
  • GDP (1) (2019): 14.048 billion USD
  • GDP per capita (2019): 11 099 USD
  • GDP growth rate (1) (2019) : 3.01 %
  • Inflation rate (1) (2019) : 0.4%
  • Inflation rate: Food industry (sugar), textile, tourism and services.

Main cities (2)

(per number of inhabitants) (2016)

  • Port Louis (capital): 148 465
  • Vacoas-Phoenix: 106 163
  • Beau Bassin-Rose Hill: 104 425

(1) Source : World Bank
(2) Source : population.data

 

Read also | Ranking of insurers in Mauritius [4]

Mauritius insurance market: evolution of premiums 2015-2019

Figures in thousands USD

 20152016201720182019
Non-life
204 568217 271257 753265 840273 366
Life
251 710259 769300 550361 065242 470
Total456 278477 040558 303626 905515 836

Mauritius insurance market: turnover per class of business 2015-2019

Figures in thousands USD

Classes of business20152016201720182019Part 2019
Motor
78 86282 24096 26499 439101 18919.62%
Health and accident
49 68359 40471 43074 53478 36215.19%
Property damage
33 80131 47737 35038 35237 9957.36%
Third party liability
13 04114 53420 70915 53016 4023.18%
Marine
10 82210 78210 91113 01113 3882.59%
Engineering
7 2527 1567 4309 2468 2631.60%
Credit-bond
2 2481 7821 4841 9012 0520.40%
Miscellaneous accident
8 8599 89612 17513 82715 7153.05%
Total non-life204 568217 271257 753265 840273 36652.99%
Total life251 710259 769300 550361 065242 47047.01%
Grand total456 278477 040558 303626 905515 836100%

2019 turnover per class of business

maurice assurance

Mauritius insurance market: 2019 net loss ratio per non-life insurance

Figures in thousands

 Net incurred lossesNet earned premiumsNet loss ratio
In MURIn USDIn MURIn USD
Motor
2 452 03565 1263 492 47792 76070.21%
Health and accident
1 198 55531 8341 675 50544 50171.53%
Property damage
125 6773 338384 15510 20332.72%
Third party liability 
67 1701 784187 4074 97835.84%
Marine
65 3781 736200 2595 31932.65%
Engineering
37 41099464 7641 72057.76%
Credit-bond
20 39054119 304513105.63%
Miscellaneous accident
42 5881 131283 6487 53415.01%
Total non-life4 009 203106 4846 307 519167 52863.56%
Exchange as at
MUR/USD au 31/12
2015
2016
2017
2018
2019
0.02704
0.02672
0.02882
0.02835
0.02656

Read also | Mauritius insurance companies: technical ratios [5]

Wed, 14/04/2021 - 14:26

Source URL: https://www.atlas-mag.net/en/article/mauritius-insurance-market

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[3] https://www.atlas-mag.net/en/issue/insurance-in-the-aftermath-of-covid-19
[4] https://www.atlas-mag.net/en/article/ranking-of-insurers-in-mauritius
[5] https://www.atlas-mag.net/en/article/mauritius-insurance-companies-in-2019-technical-ratios