The Insurance Industry in Mauritius, Key Trends and Opportunities to 2017


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Timetric

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Synopsis

The report provides in depth industry analysis, information and insights into the insurance industry in Mauritius, including:

  • The Mauritian insurance industry’s growth prospects by insurance segments and sub-segments
  • The competitive landscape in the Mauritian insurance industry
  • The current trends and drivers of the Mauritian insurance industry
  • The challenges facing the Mauritian insurance industry
  • The regulatory framework of the Mauritian insurance industry

Executive summary

Mauritius is one of the most dynamic and fastest-growing economies in the sub-Saharan Africa region, and the country’s business environment and investment climate also made it one of the most business-friendly destinations in the region. Mauritius is ranked first in Sub-Sahara and 19th worldwide in terms of ease of doing business, according to the World Bank’s Doing Business 2013 report. It has also emerged as an important platform between Asia, the Middle East and Africa for investment into the African continent. The financial services sector, including the insurance industry, is an important economic pillar of the Mauritian economy. The insurance industry is governed by the Finance Service Commission (FSC) and grew at a stable rate during the 2008–2012 review period, supported by sustained demand for pension, motor and property insurance products. The healthcare category in Mauritius recorded fast growth, mainly driven by rising healthcare expenditure and an aging population.

Scope

This report provides a comprehensive analysis of the insurance industry in Mauritius:

  • It provides historical values for Mauritian insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
  • It offers a detailed analysis of the key segments and sub-segments in the Mauritian insurance industry, along with forecasts until 2017
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions
  • It profiles the top insurance companies in Mauritius, and outlines the key regulations affecting them

Reasons to buy

  • Make strategic business decisions using in depth historic and forecast industry data related to the Mauritian insurance industry and each segment within it
  • Understand the demand-side dynamics, key trends and growth opportunities within the Mauritian insurance industry
  • Assess the competitive dynamics in the Mauritian insurance industry
  • Identify the growth opportunities and market dynamics within key segments
  • Gain insights into key regulations governing the Mauritian insurance industry and its impact on companies and the industry's future

Key highlights

  • The Mauritian insurance industry is one of the most developed in the sub-Saharan Africa region and grew at a CAGR of 9.8% during the review period
  • The Mauritian insurance industry was relatively unaffected by global uncertainty caused by the Eurozone debt crisis, and the industry’s total assets grew from MUR95.9 billion (US$3.2 billion) in 2011 to MUR105 billion (US$3.5 billion), registering a growth of 9.5% in 2012
  • The Mauritian insurance industry is supervised and regulated by the Financial Services Commission (FSC), which is mainly responsible for licensing, regulating, monitoring and supervising activities in the non-banking financial services sector, including the insurance industry
  • The industry is going through a phase of consolidation impacted by new insurance law
  • The Mauritian insurance industry is concentrated, but still highly competitive. The industry comprises 12 general insurers and seven long-term insurance companies
Table of contents

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Mauritius Insurance Industry Overview
3.1 Mauritian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges

4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 Individual pension insurance
4.1.3 Other insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Reinsurance

5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation Trends by Type of Insurance
5.2.1 Life insurance regulatory trends
5.2.2 Property insurance regulatory trends
5.2.3 Motor insurance regulatory trends
5.2.4 Marine, aviation and transit insurance regulatory trends
5.2.5 Personal accident and health insurance regulatory trends
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Craft third-party liability insurance
5.3.3 Workmen's compensation insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors
5.4.2 Committee of Insurance, Securities and Non-Banking Financial Authorities
5.4.3 Financial Services Commission
5.5 Non-Admitted Insurance Regulatory Trends
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Policy terms and conditions
5.7 Taxation
5.7.1 Corporate tax
5.7.2 VAT
5.7.3 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)

6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 BAI Co (Mtius) Ltd - company overview
6.2.2 The State Insurance Company of Mauritius Ltd (Sicom) - company overview
6.2.3 Anglo-Mauritius Assurance Society Ltd - company overview
6.2.4 Mauritius Union Assurance (MUA) - company overview
6.2.5 Swan Insurance Company - company overview

7 Macroeconomic Indicators
7.1 Market Capitalization Trend - Stock Exchange of Mauritius
7.2 GDP at Constant Prices (US$)
7.3 GDP per Capita at Constant Prices (US$)
7.4 GDP at Current Prices (US$)
7.5 GDP per Capita at Current Prices (US$)
7.6 Construction Net Output at Current Prices (US$)
7.7 Construction Net Output at Current Prices as a Percentage of GDP
7.8 Healthcare Expenditure
7.9 Healthcare Expenditure as a Percentage of GDP
7.10 Healthcare Expenditure per Capita
7.11 Labor Force
7.12 Exports as a Percentage of GDP
7.13 Imports as a Percentage of GDP
7.14 Total Population

8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer

Table 1: Insurance Industry Definitions
Table 2: Mauritian Insurance Industry - Overall Written Premium by Segment (MUR Billion), 2008-2012
Table 3: Mauritian Insurance Industry - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 4: Mauritian Insurance Industry - Overall Written Premium by Segment (MUR Billion), 2012-2017
Table 5: Mauritian Insurance Industry - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 6: Mauritian Insurance Industry - Segmentation (% Share), 2008-2017
Table 7: Mauritian Life Insurance - Written Premium by Category (MUR Billion), 2008-2012
Table 8: Mauritian Life Insurance - Written Premium by Category (US$ Billion), 2008-2012
Table 9: Mauritian Life Insurance - Written Premium by Category (MUR Billion), 2012-2017
Table 10: Mauritian Life Insurance - Written Premium by Category (US$ Billion), 2012-2017
Table 11: Mauritian Life Insurance - Paid Claims (MUR Billion), 2008-2012
Table 12: Mauritian Life Insurance - Paid Claims (MUR Billion), 2012-2017
Table 13: Mauritian Life Insurance - Incurred Loss (MUR Billion), 2008-2012
Table 14: Mauritian Life Insurance - Incurred Loss (MUR Billion), 2012-2017
Table 15: Mauritian Life Insurance - Loss Ratio (%), 2008-2012
Table 16: Mauritian Life Insurance - Loss Ratio (%), 2012-2017
Table 17: Mauritian Life Insurance - Combined Ratio (%), 2008-2012
Table 18: Mauritian Life Insurance - Combined Ratio (%), 2012-2017
Table 19: Mauritian Life Insurance - Total Assets (MUR Billion), 2008-2012
Table 20: Mauritian Life Insurance - Total Assets (MUR Billion), 2012-2017
Table 21: Mauritian Life Insurance - Total Investment Income (MUR Billion), 2008-2012
Table 22: Mauritian Life Insurance - Total Investment Income (MUR Billion), 2012-2017
Table 23: Mauritian Life Insurance - Retentions (MUR Billion), 2008-2012
Table 24: Mauritian Life Insurance - Retentions (MUR Billion), 2012-2017
Table 25: Mauritian Individual Life Insurance - Written Premium (MUR Billion), 2008-2012
Table 26: Mauritian Individual Life Insurance - Written Premium (MUR Billion), 2012-2017
Table 27: Mauritian Individual Pension Insurance - Written Premium (MUR Billion), 2008-2012
Table 28: Mauritian Individual Pension Insurance - Written Premium (MUR Billion), 2012-2017
Table 29: Mauritian Other Insurance - Written Premium (MUR Billion), 2008-2012
Table 30: Mauritian Other Insurance - Written Premium (MUR Billion), 2012-2017
Table 31: Mauritian Non-Life Insurance - Written Premium (MUR Billion), 2008-2012
Table 32: Mauritian Non-Life Insurance - Written Premium (US$ Million), 2008-2012
Table 33: Mauritian Non-Life Insurance - Written Premium by Category (MUR Billion), 2012-2017
Table 34: Mauritian Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 35: Mauritian Non-Life Insurance - Paid Claims (MUR Billion), 2008-2012
Table 36: Mauritian Non-Life Insurance - Paid Claims (MUR Billion), 2012-2017
Table 37: Mauritian Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 38: Mauritian Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 39: Mauritian Non-Life Insurance - Incurred Loss (MUR Billion), 2008-2012
Table 40: Mauritian Non-Life Insurance - Incurred Loss (MUR Billion), 2012-2017
Table 41: Mauritian Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 42: Mauritian Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 43: Mauritian Non-Life Insurance - Total Assets (MUR Billion), 2008-2012
Table 44: Mauritian Non-Life Insurance - Total Assets (MUR Billion), 2012-2017
Table 45: Mauritian Non-Life Insurance - Total Investment Income (MUR Billion), 2008-2012
Table 46: Mauritian Non-Life Insurance - Total Investment Income (MUR Billion), 2012-2017
Table 47: Mauritian Non-Life Insurance - Retentions (MUR Billion), 2008-2012
Table 48: Mauritian Non-Life Insurance - Retentions (MUR Billion), 2012-2017
Table 49: Mauritian Property Insurance - Written Premium (MUR Billion), 2008-2012
Table 50: Mauritian Property Insurance - Written Premium (MUR Billion), 2012-2017
Table 51: Mauritian Motor Insurance - Written Premium (MUR Billion), 2008-2012
Table 52: Mauritian Motor Insurance - Written Premium (MUR Billion), 2012-2017
Table 53: Mauritian Liability Insurance - Written Premium (MUR Billion), 2008-2012
Table 54: Mauritian Liability Insurance - Written Premium (MUR Billion), 2012-2017
Table 55: Mauritian Marine, Aviation and Transit Insurance - Written Premium (MUR Billion), 2008-2012
Table 56: Mauritian Marine, Aviation and Transit Insurance - Written Premium (MUR Billion), 2012-2017
Table 57: Mauritian Personal Accident and Health Insurance - Paid Claims (MUR Billion), 2008-2012
Table 58: Mauritian Personal Accident and Health Insurance - Paid Claims (MUR Billion), 2012-2017
Table 59: Mauritian Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 60: Mauritian Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 61: Mauritian Personal Accident and Health Insurance - Incurred Loss (MUR Billion), 2008-2012
Table 62: Mauritian Personal Accident and Health Insurance - Incurred Loss (MUR Billion), 2012-2017
Table 63: Mauritian Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 64: Mauritian Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 65: Mauritian Personal Accident and Health Insurance - Total Assets (MUR Billion), 2008-2012
Table 66: Mauritian Personal Accident and Health Insurance - Total Assets (MUR Billion), 2012-2017
Table 67: Mauritian Personal Accident and Health Insurance - Total Investment Income (MUR Billion), 2008-2012
Table 68: Mauritian Personal Accident and Health Insurance - Total Investment Income (MUR Billion), 2012-2017
Table 69: Mauritian Personal Accident and Health Insurance - Retentions (MUR Billion), 2008-2012
Table 70: Mauritian Personal Accident and Health Insurance - Retentions (MUR Billion), 2012-2017
Table 71: Mauritian Reinsurance Ceded by Insurance Segment (MUR Billion), 2008-2012
Table 72: Mauritian Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012
Table 73: Mauritian Reinsurance Ceded by Insurance Segment (MUR Billion), 2012-2017
Table 74: Mauritian Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017
Table 75: Mauritian Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 76: Mauritian Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 77: Mauritian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 78: Mauritian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 79: Mauritian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 80: Mauritian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 81: Mauritius - Capital Requirement for Captive Insurance Companies
Table 82: Mauritius - Corporate Tax Rates for the Financial Year 2013
Table 83: Mauritian Life Insurance - Segment Shares, 2010 and 2011
Table 84: Mauritian Non-Life Insurance - Segment Shares, 2010 and 2011
Table 85: BAI Co (Mtius) Ltd, Main Products
Table 86: BAI Co (Mtius) Ltd, Key Employees
Table 87: The State Insurance Company of Mauritius Ltd (Sicom), Main Products
Table 88: The State Insurance Company of Mauritius Ltd (Sicom), Key Employees
Table 89: Anglo-Mauritius Assurance Society Ltd, Main Products
Table 90: Anglo-Mauritius Assurance Society Ltd, Key Employees
Table 91: Mauritius Union General Insurance (MUA), Main Products
Table 92: Mauritius Union General Insurance (MUA), Key Employees
Table 93: Swan Insurance Company, Main Products
Table 94: Swan Insurance Company, Key Employees

Figure 1: Mauritian Insurance Industry - Overall Written Premium by Segment (MUR Billion), 2008-2017
Figure 2: Mauritian Insurance Industry - Dynamics by Segment (%), 2008-2017
Figure 3: Mauritian Life Insurance - Written Premium by Category (MUR Billion), 2008-2017
Figure 4: Mauritian Life Insurance - Paid Claims (MUR Billion), 2008-2012
Figure 5: Mauritian Life Insurance - Paid Claims (MUR Billion), 2012-2017
Figure 6: Mauritian Life Insurance - Incurred Loss (MUR Billion), 2008-2012
Figure 7: Mauritian Life Insurance - Incurred Loss (MUR Billion), 2012-2017
Figure 8: Mauritian Life Insurance - Loss Ratio (%), 2008-2012
Figure 9: Mauritian Life Insurance - Loss Ratio (%), 2012-2017
Figure 10: Mauritian Life Insurance - Combined Ratio (%), 2008-2012
Figure 11: Mauritian Life Insurance - Combined Ratio (%), 2012-2017
Figure 12: Mauritian Life Insurance - Total Assets (MUR Billion), 2008-2012
Figure 13: Mauritian Life Insurance - Total Assets (MUR Billion), 2012-2017
Figure 14: Mauritian Life Insurance - Total Investment Income (MUR Billion), 2008-2012
Figure 15: Mauritian Life Insurance - Total Investment Income (MUR Billion), 2012-2017
Figure 16: Mauritian Life Insurance - Retentions (MUR Billion), 2008-2012
Figure 17: Mauritian Life Insurance - Retentions (MUR Billion), 2012-2017
Figure 18: Mauritian Life Insurance - Penetration (%), 2008-2012
Figure 19: Mauritian Life Insurance - Premium Per Capita (MUR), 2008-2012
Figure 20: Mauritian Individual Life Insurance - Written Premium (MUR Billion), 2008-2012
Figure 21: Mauritian Individual Life Insurance - Written Premium (MUR Billion), 2012-2017
Figure 22: Mauritian Individual Pension Insurance - Written Premium (MUR Billion), 2008-2012
Figure 23: Mauritian Individual Pension Insurance - Written Premium (MUR Billion), 2012-2017
Figure 24: Mauritian Other Insurance - Written Premium (MUR Billion), 2008-2012
Figure 25: Mauritian Other Insurance - Written Premium (MUR Billion), 2012-2017
Figure 26: Mauritian Non-Life Insurance - Written Premium by Category (MUR Billion), 2008-2017
Figure 27: Mauritian Non-Life Insurance - Written Premium by Category (% Share), 2012 and 2017
Figure 28: Mauritian Non-Life Insurance - Dynamics by Category (%), 2008-2017
Figure 29: Mauritian Non-Life Insurance - Paid Claims (MUR Billion), 2008-2012
Figure 30: Mauritian Non-Life Insurance - Paid Claims (MUR Billion), 2012-2017
Figure 31: Mauritian Non-Life Insurance - Loss Ratio (%), 2008-2012
Figure 32: Mauritian Non-Life Insurance - Loss Ratio (%), 2012-2017
Figure 33: Mauritian Non-Life Insurance - Incurred Loss (MUR Billion), 2008-2012
Figure 34: Mauritian Non-Life Insurance - Incurred Loss (MUR Billion), 2012-2017
Figure 35: Mauritian Non-Life Insurance - Combined Ratio (%), 2008-2012
Figure 36: Mauritian Non-Life Insurance - Combined Ratio (%), 2012-2017
Figure 37: Mauritian Non-Life Insurance - Total Assets (MUR Billion), 2008-2012
Figure 38: Mauritian Non-Life Insurance - Total Assets (MUR Billion), 2012-2017
Figure 39: Mauritian Non-Life Insurance - Total Investment Income (MUR Billion), 2008-2012
Figure 40: Mauritian Non-Life Insurance - Total Investment Income (MUR Billion), 2012-2017
Figure 41: Mauritian Non-Life Insurance - Retentions (MUR Billion), 2008-2012
Figure 42: Mauritian Non-Life Insurance - Retentions (MUR Billion), 2012-2017
Figure 43: Mauritian Non-Life Insurance - Penetration (%), 2008-2012
Figure 44: Mauritian Non-Life Insurance - Premium Per Capita (MUR), 2008-2012
Figure 45: Mauritian Property Insurance - Written Premium (MUR Billion), 2008-2012
Figure 46: Mauritian Property Insurance - Written Premium (MUR Billion), 2012-2017
Figure 47: Mauritian Motor Insurance - Written Premium (MUR Billion), 2008-2012
Figure 48: Mauritian Motor Insurance - Written Premium (MUR Billion), 2012-2017
Figure 49: Mauritian Liability Insurance - Written Premium (MUR Billion), 2008-2012
Figure 50: Mauritian Liability Insurance - Written Premium (MUR Billion), 2012-2017
Figure 51: Mauritian Marine, Aviation and Transit Insurance - Written Premium (MUR Billion), 2008-2012
Figure 52: Mauritian Marine, Aviation and Transit Insurance - Written Premium (MUR Billion), 2012-2017
Figure 53: Mauritian Personal Accident and Health Insurance - Paid Claims (MUR Billion), 2008-2012
Figure 54: Mauritian Personal Accident and Health Insurance - Paid Claims (MUR Billion), 2012-2017
Figure 55: Mauritian Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Figure 56: Mauritian Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Figure 57: Mauritian Personal Accident and Health Insurance - Incurred Loss (MUR Billion), 2008-2012
Figure 58: Mauritian Personal Accident and Health Insurance - Incurred Loss (MUR Billion), 2012-2017
Figure 59: Mauritian Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Figure 60: Mauritian Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Figure 61: Mauritian Personal Accident and Health Insurance - Total Assets (MUR Billion), 2008-2012
Figure 62: Mauritian Personal Accident and Health Insurance - Total Assets (MUR Billion), 2012-2017
Figure 63: Mauritian Personal Accident and Health Insurance - Total Investment Income (MUR Billion), 2008-2012
Figure 64: Mauritian Personal Accident and Health Insurance - Total Investment Income (MUR Billion), 2012-2017
Figure 65: Mauritian Personal Accident and Health Insurance - Retentions (MUR Billion), 2008-2012
Figure 66: Mauritian Personal Accident and Health Insurance - Retentions (MUR Billion), 2012-2017
Figure 67: Mauritian Personal Accident and Health Insurance - Penetration (%), 2008-2012
Figure 68: Mauritian Personal Accident and Health Insurance - Premium Per Capita (MUR), 2008-2012
Figure 69: Mauritian Reinsurance Ceded by Insurance Segment (MUR Billion), 2008-2017
Figure 70: Mauritian Reinsurance - Dynamics by Insurance Segment (%), 2008-2017
Figure 71: Mauritian Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 72: Mauritian Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 73: Mauritian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 74: Mauritian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 75: Mauritian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 76: Mauritian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 77: Mauritius - Insurance Regulatory Framework
Figure 78: Mauritius - Insurance Supervision at Various Levels
Figure 79: Mauritius - Insurance Regulatory Framework for Company Registration and Operation
Figure 80: Mauritian Life Insurance - Segment Shares, 2010 and 2011
Figure 81: Mauritian Non-Life Insurance - Segment Shares, 2010 and 2011
Figure 82: Mauritian Stock Exchange Market Capitalization (US$ Billion), 2007-2011
Figure 83: Mauritian GDP at Constant Prices (US$ Billion), 2007-2011
Figure 84: Mauritian GDP per Capita at Constant Prices (US$), 2007-2011
Figure 85: Mauritian GDP at Current Prices (US$ Billion), 2007-2011
Figure 86: Mauritian GDP per Capita at Current Prices (US$), 2007-2011
Figure 87: Mauritian Construction Net Output at Current Prices (US$ Billion), 2007-2011
Figure 88: Mauritian Construction Output at Current Prices as a Percentage of GDP (%), 2007-2011
Figure 89: Mauritian Healthcare Expenditure (US$ Billion), 2007-2011
Figure 90: Mauritian Healthcare Expenditure as a Percentage of GDP (%), 2007-2011
Figure 91: Mauritian per Capita Healthcare Expenditure (US$), 2007-2011
Figure 92: Mauritian Size of Labor Force in 15-59 Age Group (Million), 2007-2011
Figure 93: Mauritian Exports as a Percentage of GDP (%), 2007-2011
Figure 94: Mauritian Imports as a Percentage of GDP (%), 2007-2011
Figure 95: Mauritian Total Population (Million), 2007-2011