Mauritius Insurance Industry – Key Trends and Opportunities to 2027
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Mauritius Insurance Market Report Overview
The gross written premium (GWP) of the Mauritius insurance market was MUR26.9 billion ($610.8 million) in 2022. The market is expected to achieve a CAGR of more than 8% during 2023-2027. The Mauritius insurance market research report provides in-depth market analysis, information, and insights into the Mauritius insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Mauritius Insurance Market Outlook, 2022-2027 (MUR Billion)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Mauritius’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size GWP (2022) | MUR26.9 billion ($610.8 million) |
CAGR (2023-2027) | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Key Line of Business (General Insurance) | · Property
· Motor · Liability · Financial Lines · MAT · Miscellaneous · General Insurance PA&H |
Leading Players | · Swan Life
· Sicom General · La Prudence · National Insurance · Life Insurance Corporation of India |
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Mauritius Insurance Market Trends
The key trends shaping the Mauritian insurance industry are electric vehicles, reinsurance, medical tourism, and digitalization.
Medical Tourism: The Government of Mauritius is trying to establish itself as a medical tourist center for high-end medical and aesthetic procedures, through medical insurance for both foreign and domestic citizens. As a part of the development of medical tourism, the Government has announced in their 2023-24 budget that foreign retirees above the age of 60 will be provided with medical insurance.
Digitalization: In May 2023, SICOM Group launched a mobile app through which users can now navigate and obtain quotations for insurance products, as well as enabling SICOM to provide all services to new and existing customers with ease and convenience of the digital platform. In March 2023, MUA launched a dedicated health portal through a mobile application named Health By MUA, allowing its customers to access health policy details, submit and track claims as well and seek assistance from the customer service team.
Mauritius Insurance Market by Segments
The key segments in the Mauritius insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022. Growth in the sector in 2022 can be attributed to rising growth in the motor and non-life personal accident and health (PA&H) segments.
General Insurance: The general insurance segment led the market in 2022. Motor, general insurance PA&H, property, liability, financial lines, MAT, and miscellaneous among others are the key lines of business in the general insurance segment. Motor insurance is the leading sub-segment due to the rise in automobile sales in 2022, as more than 12,000 new vehicles were sold, surpassing pre-pandemic sales. Mauritius is also developing itself as a medical tourism center by providing advanced facilities, for both medical and aesthetic treatments, through medical insurance. This should further boost the health insurance industry.
Life Insurance: The life insurance segment includes endowment, pension, life PA&H, and other life insurance. The Mauritian life insurance market will have a growing customer base of older people as the average population of the country continues to age. This will lead to more premiums per capita as claims continue to rise.
Mauritius Insurance Market Analysis by Segments, 2022 (%)
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Mauritius Insurance Market – Competitive Landscape
The key companies in the Mauritius insurance market are –
- Swan Life
- Sicom General
- La Prudence
- National Insurance
- Life Insurance Corporation of India
- Island Life
Swan Life was the largest insurer in 2022 in terms of GWP.
Mauritius Insurance Market Analysis by Players, 2022 (%)
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Segments Covered in the Report
Mauritius Insurance Market Segments Outlook (Value, MUR Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Mauritius insurance industry –
- It provides historical values for the Mauritius insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Mauritius insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Mauritius and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Mauritius insurance industry.
- A comprehensive overview of the Mauritius economy, government initiatives, and investment opportunities.
- The Mauritius insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Mauritius insurance industry’s market structure gives details of lines of business.
- Mauritius’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Mauritius insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Mauritius insurance industry.
- Assess the competitive dynamics in the Mauritius insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
La Prudence
SICOM General
Mauritian Eagle
Swan Insurance
National Insurance
Mauritius Union
Phoenix Insurance
Table of Contents
Frequently asked questions
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What was the Mauritius insurance market gross written premium in 2022?
The gross written premium of the Mauritius insurance market was MUR26.9 billion ($610.8 million) billion in 2022.
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What is the growth rate of the Mauritius insurance market?
The insurance market in Mauritius is expected to achieve a CAGR of more than 8% during 2023-2027.
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Which segment dominated the Mauritius insurance market in 2022?
The general insurance segment dominated the Mauritius insurance market in 2022.
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Who are the major players operating in the Mauritius insurance market?
The key companies in the Mauritius insurance market are Swan Life, Sicom General, La Prudence, National Insurance, Life Insurance Corporation of India among others.
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