The Insurance Industry in Mauritius, Key Trends and Opportunities to 2020

Published: Jan, 2017 | Pages: 136 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'The Insurance Industry in Mauritius, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Mauritian insurance industry, including:

• An overview of the Mauritian insurance industry

• The Mauritian insurance industry's growth prospects by segment and category

• A comprehensive overview of the Mauritian economy and demographics

• The detailed competitive landscape in the Mauritian insurance industry

• Details of regulatory policy applicable to the Mauritian insurance industry

• Analysis of natural hazards in the Mauritian insurance industry

Synopsis

Timetric’s 'The Insurance Industry in Mauritius, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Mauritian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also gives a comprehensive overview of the Mauritian economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes analysis of the impact of natural hazards on the insurance industry.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and 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.

Scope

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

• It provides historical values for the Mauritian insurance industry for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key segments in the Mauritian insurance industry, with market forecasts to 2020.

• 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 highlights recent developments.

• It covers the economy and demographic structure of Mauritius.

• It analyzes the impact of natural hazards in the Mauritian insurance industry.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Mauritian insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Mauritian insurance industry.

• Assess the competitive dynamics in the Mauritian insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Mauritian insurance industry, and their impact on companies and the industry's future.

Key Highlights

• The Financial Services Commission (FSC) introduced Act No. 32 of 2015 to regulate captive insurance effective from January, 29, 2016.

• In 2014, the Financial Services Commission (FSC) Mauritius issued licenses to two new general insurers: Quantum II and Swan Speciality Risk.

• The Mauritian non-life segment accounted for 33.3% of the industry‘s gross written premium.

• Motor-third party liability, craft third-party liability, and workmen’s compensation insurance are mandatory.

 Table of Content

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHY

4 INDUSTRY OUTLOOK
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Assets and investments

5 LIFE INSURANCE OUTLOOK
5.1 Individual Life Insurance
5.1.1 Gross written premium
5.2 Group Life Insurance
5.2.1 Gross written premium

6 NON-LIFE INSURANCE OUTLOOK
6.1 Property Insurance
6.1.1 Gross written premium
6.1.2 Policies sold
6.1.3 Claims
6.1.4 Profitability
6.2 Motor Insurance
6.2.1 Gross written premium
6.2.2 Policies sold
6.2.3 Claims
6.2.4 Profitability
6.3 Liability Insurance
6.3.1 Gross written premium
6.3.2 Policies sold
6.3.3 Claims
6.3.4 Profitability
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
6.4.2 Policies sold
6.4.3 Claims
6.4.4 Profitability

7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK
7.1 Personal Accident Insurance
7.1.1 Gross written premium
7.1.2 Claims
7.1.3 Profitability

8 REINSURANCE OUTLOOK
8.1 Premium Ceded

9 DISTRIBUTION CHANNEL OUTLOOK

10 NATURAL HAZARDS
10.1 Flooding
10.2 Exposure

11 COMPETITIVE LANDSCAPE
11.1 Company Profiles
11.1.1 State Insurance Company of Mauritius Ltd (Sicom) – company overview
11.1.2 Anglo-Mauritius Assurance Society Ltd – company overview
11.1.3 Swan Insurance Company Ltd – company overview
11.1.4 Mauritius Union General Insurance – company overview
11.1.5 Mauritian Eagle Insurance Company Ltd – company overview

12 GOVERNANCE, RISK AND COMPLIANCE
12.1 Legislation Overview and Historical Evolution
12.2 Latest Changes in Regulation
12.3 Legislation and Market Practice by Type of Insurance
12.3.1 Life insurance
12.3.2 Property insurance
12.3.3 Motor insurance
12.3.4 Liability insurance
12.3.5 Marine, aviation and transit insurance
12.3.6 Personal accident and health insurance
12.4 Compulsory Insurance
12.4.1 Motor third party liability insurance
12.4.2 Craft third-party liability insurance
12.4.3 Workmen’s compensation
12.4.4 Marine oil pollution insurance
12.4.5 Professional indemnity insurance for brokers
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors
12.5.2 African Insurance Organization
12.5.3 Committee of Insurance, Securities and Non-Banking Financial Authorities
12.5.4 Financial Services Commission
12.6 Non-Admitted Insurance Regulation
12.6.1 Overview
12.6.2 Intermediaries
12.6.3 Market practices
12.6.4 Fines and Penalties
12.7 Company Registration and Operations
12.7.1 Type of insurance organization
12.7.2 Establishing a local company
12.7.3 Foreign ownership
12.7.4 Types of license
12.7.5 Capital requirements
12.7.6 Solvency margin
12.7.7 Reserve requirements
12.7.8 Investment regulations
12.7.9 Statutory return requirements
12.7.10 Fee structure
12.8 Taxation
12.8.1 Insurance premium or policy taxation
12.8.2 Withholding taxes on premium paid overseas
12.8.3 Corporate tax
12.8.4 VAT
12.8.5 Captives
12.9 Legal System
12.9.1 Introduction
12.9.2 Access to court
12.9.3 Alternative dispute resolution (ADR)

13 DATABOOK
13.1 Life Insurance
13.1.1 Policies and premium
13.1.2 Claims and expenses
13.1.3 Assets and investments
13.1.4 Individual life insurance
13.1.5 Individual life insurance by product
13.1.6 Group life insurance
13.1.7 Group life insurance by product
13.1.8 Linked vs. non-linked policies
13.2 Non-Life Insurance
13.2.1 Policies and premium
13.2.2 Claims and expenses
13.2.3 Assets and investments
13.2.4 Property insurance
13.2.5 Property insurance by product
13.2.6 Motor insurance
13.2.7 Liability insurance
13.2.8 Marine, aviation and transit insurance
13.3 Personal Accident and Health Insurance
13.3.1 Policies and premium
13.3.2 Claims and expenses
13.3.3 Assets and investments

14 DEFINITIONS AND METHODOLOGY
14.1 Definitions
14.2 Methodology

15 ABOUT TIMETRIC
15.1 Contact Timetric
15.2 About Timetric
15.3 Timetric’s Services
15.4 Disclaimer

List of Tables

Table 1: Mauritian Insurance Industry – Key Facts, 2015
Table 2: Mauritian Insurance Industry – Segment Shares of the Top Insurers, 2014
Table 3: Mauritian Government Credit Ratings
Table 4: Mauritian Insurance Industry – Gross Written Premium by Segment (MUR Billion), 2011–2015
Table 5: Mauritian Insurance Industry – Gross Written Premium by Segment (MUR Billion), 2015–2020
Table 6: Mauritian Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (MUR), 2011–2015
Table 7: Mauritian Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (MUR), 2015–2020
Table 8: Mauritian Insurance Industry – Number of Policies Sold by Segment (Thousand), 2011–2015
Table 9: Mauritian Insurance Industry – Number of Policies Sold by Segment (Thousand), 2015–2020
Table 10: Mauritian Insurance Industry – Paid Claims by Segment (MUR Billion), 2011–2015
Table 11: Mauritian Insurance Industry – Paid Claims by Segment (MUR Billion), 2015–2020
Table 12: Mauritian Insurance Industry – Total Assets by Segment (MUR Billion), 2011–2015
Table 13: Mauritian Insurance Industry – Total Assets by Segment (MUR Billion), 2015–2020
Table 14: Mauritian Insurance Industry – Total Investment Income by Segment (MUR Billion), 2011–2015
Table 15: Mauritian Insurance Industry – Total Investment Income by Segment (MUR Billion), 2015–2020
Table 16: Mauritian Insurance Industry – Life Insurance Investment Portfolio (MUR Billion), 2011–2015
Table 17: Mauritian Insurance Industry – Life Insurance Investment Portfolio (MUR Billion), 2015–2020
Table 18: Mauritian Insurance Industry – Non-Life Insurance Investment Portfolio (MUR Billion), 2011–2015
Table 19: Mauritian Insurance Industry – Non-Life Insurance Investment Portfolio (MUR Billion), 2015–2020
Table 20: Mauritian Insurance Industry – Personal Accident and Health Insurance Investment Portfolio (MUR Million), 2011–2015
Table 21: Mauritian Insurance Industry – Personal Accident and Health Insurance Investment Portfolio (MUR Million), 2015–2020
Table 22: Mauritian Individual Life Insurance – Gross Written Premium (MUR Billion and US$ Million), 2011–2015
Table 23: Mauritian Individual Life Insurance – Gross Written Premium (MUR Billion and US$ Million), 2015–2020
Table 24: Mauritian Group Life Insurance – Gross Written Premium (MUR Billion and US$ Million), 2011–2015
Table 25: Mauritian Group Life Insurance – Gross Written Premium (MUR Billion and US$ Million), 2015–2020
Table 26: Mauritian Property Insurance – Gross Written Premium (MUR Billion and US$ Million), 2011–2015
Table 27: Mauritian Property Insurance – Gross Written Premium (MUR Billion and US$ Million), 2015–2020
Table 28: Mauritian Property Insurance – Number of Active Policies (Thousand), 2011–2015
Table 29: Mauritian Property Insurance – Number of Active Policies (Thousand), 2015–2020
Table 30: Mauritian Property Insurance – Paid Claims (MUR Million and US$ Million), 2011–2015
Table 31: Mauritian Property Insurance – Paid Claims (MUR Billion and US$ Billion), 2015–2020
Table 32: Mauritian Property Insurance – Loss Ratio (%), 2011–2015
Table 33: Mauritian Property Insurance – Loss Ratio (%), 2015–2020
Table 34: Mauritian Motor Insurance – Gross Written Premium (MUR Billion and US$ Million), 2011–2015
Table 35: Mauritian Motor Insurance – Gross Written Premium (MUR Billion and US$ Million), 2015–2020
Table 36: Mauritian Motor Insurance – Number of Active Policies (Thousand), 2011–2015
Table 37: Mauritian Motor Insurance – Number of Active Policies (Thousand), 2015–2020
Table 38: Mauritian Motor Insurance – Paid Claims (MUR Billion and US$ Million), 2011–2015
Table 39: Mauritian Motor Insurance – Paid Claims (MUR Billion and US$ Billion), 2015–2020
Table 40: Mauritian Motor Insurance – Loss Ratio (%), 2011–2015
Table 41: Mauritian Motor Insurance – Loss Ratio (%), 2015–2020
Table 42: Mauritian Liability Insurance – Gross Written Premium (MUR Million and US$ Million), 2011–2015
Table 43: Mauritian Liability Insurance – Gross Written Premium (MUR Million and US$ Million), 2015–2020
Table 44: Mauritian Liability Insurance – Number of Active Policies (Thousand), 2011–2015
Table 45: Mauritian Liability Insurance – Number of Active Policies (Thousand), 2015–2020
Table 46: Mauritian Liability Insurance – Paid Claims (MUR Million and US$ Million), 2011–2015
Table 47: Mauritian Liability Insurance – Paid Claims (MUR Million and US$ Million), 2015–2020
Table 48: Mauritian Liability Insurance – Loss Ratio (%), 2011–2015
Table 49: Mauritian Liability Insurance – Loss Ratio (%), 2015–2020
Table 50: Mauritian Marine, Aviation and Transit Insurance – Gross Written Premium (MUR Million and US$ Million), 2011–2015
Table 51: Mauritian Marine, Aviation and Transit Insurance – Gross Written Premium (MUR Million and US$ Million), 2015–2020
Table 52: Mauritian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2011–2015
Table 53: Mauritian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2015–2020
Table 54: Mauritian Marine, Aviation and Transit Insurance – Paid Claims (MUR Million and US$ Million), 2011–2015
Table 55: Mauritian Marine, Aviation and Transit Insurance – Paid Claims (MUR Million and US$ Million), 2015–2020
Table 56: Mauritian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015
Table 57: Mauritian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020
Table 58: Mauritian Personal Accident Insurance – Gross Written Premium (MUR Billion and US$ Million), 2011–2015
Table 59: Mauritian Personal Accident Insurance – Gross Written Premium (MUR Billion and US$ Billion), 2015–2020
Table 60: Mauritian Personal Accident Insurance – Paid Claims (MUR Million and US$ Million), 2011–2015
Table 61: Mauritian Personal Accident Insurance – Paid Claims (MUR Million and US$ Million), 2015–2020
Table 62: Mauritian Personal Accident Insurance – Loss Ratio (%), 2011–2015
Table 63: Mauritian Personal Accident Insurance – Loss Ratio (%), 2015–2020
Table 64: Mauritian Reinsurance – Premium Ceded by Insurance Segment (MUR Billion), 2011–2015
Table 65: Mauritian Reinsurance – Premium Ceded by Insurance Segment (MUR Billion), 2015–2020
Table 66: Mauritian Insurance Industry – Segment Shares (%) of Leading Life Insurers, 2015
Table 67: Mauritian Insurance Industry – Segment Shares (%) of Leading General Insurers, 2015
Table 68: State Insurance Company of Mauritius Ltd (Sicom) – Key Facts
Table 69: Anglo-Mauritius Assurance Society Ltd – Key Facts
Table 70: Swan Insurance Company Ltd – Key Facts
Table 71: Mauritius Union General Insurance – Key Facts
Table 72: Mauritian Eagle Insurance Company Ltd – Key Facts
Table 73: Mauritius – Insurance Regulatory Framework Key Features
Table 74: Mauritius – Life Insurance Regulatory Framework
Table 75: Mauritius – Property Insurance Regulatory Framework
Table 76: Mauritius – Motor Insurance Regulatory Framework
Table 77: Mauritius – Contribution to Hit and Run Sub-fund
Table 78: Mauritius – Liability Insurance Regulatory Framework
Table 79: Mauritius – Capital Requirement for Captive Insurance Companies
Table 80: Mauritius – Fee for Carrying on Insurance Business
Table 81: Mauritius – Fee for Insurance Intermediaries
Table 82: Mauritius – Corporate Tax Rates for the Financial Year 2016
Table 83: Mauritian Life Insurance – Policies and Premium, 2011–2015
Table 84: Mauritian Life Insurance – Policies and Premium, 2015–2020
Table 85: Mauritian Life Insurance – Claims and Expenses, 2011–2015
Table 86: Mauritian Life Insurance – Claims and Expenses, 2015–2020
Table 87: Mauritian Life Insurance – Assets and Investments, 2011–2015
Table 88: Mauritian Life Insurance – Assets and Investments, 2015–2020
Table 89: Mauritian Life Insurance – Individual Life Insurance, 2011–2015
Table 90: Mauritian Life Insurance – Individual Life Insurance, 2015–2020
Table 91: Mauritian Life Insurance – Individual Life Insurance by Product, 2011–2015
Table 92: Mauritian Life Insurance – Individual Life Insurance by Product, 2015–2020
Table 93: Mauritian Life Insurance – Group Life Insurance, 2011–2015
Table 94: Mauritian Life Insurance – Group Life Insurance, 2015–2020
Table 95: Mauritian Life Insurance – Group Life Insurance by Product, 2011–2015
Table 96: Mauritian Life Insurance – Group Life Insurance by Product, 2015–2020
Table 97: Mauritian Life Insurance – Linked vs. Non-Linked Policies, 2011–2015
Table 98: Mauritian Life Insurance – Linked vs. Non-Linked Policies, 2015–2020
Table 99: Mauritian Non-Life Insurance – Policies and Premium, 2011–2015
Table 100: Mauritian Non-Life Insurance – Policies and Premium, 2015–2020
Table 101: Mauritian Non-Life Insurance – Claims and Expenses, 2011–2015
Table 102: Mauritian Non-Life Insurance – Claims and Expenses, 2015–2020
Table 103: Mauritian Non-Life Insurance – Assets and Investments, 2011–2015
Table 104: Mauritian Non-Life Insurance – Assets and Investments, 2015–2020
Table 105: Mauritian Non-Life Insurance – Property Insurance, 2011–2015
Table 106: Mauritian Non-Life Insurance – Property Insurance, 2015–2020
Table 107: Mauritian Non-Life Insurance – Property Insurance by Product, 2011–2015
Table 108: Mauritian Non-Life Insurance – Property Insurance by Product, 2015–2020
Table 109: Mauritian Non-Life Insurance – Motor Insurance, 2011–2015
Table 110: Mauritian Non-Life Insurance – Motor Insurance, 2015–2020
Table 111: Mauritian Non-Life Insurance – Liability Insurance, 2011–2015
Table 112: Mauritian Non-Life Insurance – Liability Insurance, 2015–2020
Table 113: Mauritian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015
Table 114: Mauritian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020
Table 115: Mauritian Personal Accident and Health Insurance – Policies and Premium, 2011–2015
Table 116: Mauritian Personal Accident and Health Insurance – Policies and Premium, 2015–2020
Table 117: Mauritian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015
Table 118: Mauritian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020
Table 119: Mauritian Personal Accident and Health Insurance – Assets and Investments, 2011–2015
Table 120: Mauritian Personal Accident and Health Insurance – Assets and Investments, 2015–2020
Table 121: Insurance Industry Definitions