Reinsurance Sector Uplifting Mauritius Insurance Industry: Ken Research
Posted on 05 February 2017 by KenResearch Banking Financial Services and Insurance,
Ken Research has announced publication titled, “The Insurance Industry in Mauritius, Key Trends and Opportunities to 2020” which provides an in-depth market analysis, information and insights into the Mauritian insurance industry. The report furnishes major 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).
It 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. It offers a detailed analysis of the key segments in the Mauritian insurance industry, with market forecasts to 2020 and profiles the top insurance companies in Mauritius, and highlights recent developments. The report identifies growth opportunities and market dynamics in key segments and assesses the competitive dynamics in the Mauritian insurance industry.
The insurance industry is developing well since the beginning. It forms extensive use of reinsurance facilities and is free from the acceptable premium, product, investment, and reinsurance controls that have afflicted the insurance markets of so many developing countries around the world.
Total premiums amounted in 2001 to 4.1 percent of GDP, while insurance company assets were equivalent to 18 percent of GDP. Life insurance, which had been favored by generous tax incentives and had also benefited from the growth of pension business and housing finance, represented 61 percent of total premiums.
Nonlife business was also well organized. Large industrial and commercial risks were reinsured with top international companies, while motor insurance, which was the largest class of business with 45 percent of total nonlife premiums, did not suffer from high loss ratios or unduly long delays in settlement.
Insurance regulation and supervision is entrusted to the Financial Services Commission (FSC). The current regulatory framework has many strong elements, including reliance on solvency monitoring, prudent asset diversification, international accounting standards, and actuarial methods.
In 2014, the Financial Services Commission Mauritius issued licenses to two new general insurers: Quantum II and Swan Specialty Risk. The Financial Services Commission launched Act No. 32 of 2015 in order to regulate captive insurance that was effective from January, 29, 2016.
Motor-third party liability, craft third-party liability, and workmen's compensation insurance have become compulsory recently and are expected to gain importance in the future years.
The insurance sector is expected to ameliorate well in the coming years as growth is forecasted at increasing CAGRs in the years to proceed due to rising awareness and needs of the people to invest in insurance.
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