The Life insurance market in Mauritius has been experiencing significant growth and development in recent years. Customer preferences in Mauritius are shifting towards life insurance products that offer not only financial protection but also investment opportunities. Customers are increasingly looking for policies that provide long-term savings and investment options, in addition to traditional life insurance coverage. Trends in the market show a growing demand for unit-linked and whole life insurance products in Mauritius. Unit-linked policies, which offer investment opportunities linked to the performance of financial markets, are becoming more popular among customers seeking higher returns on their premiums. Whole life insurance, on the other hand, is gaining traction due to its coverage for the entire lifetime of the policyholder. Local special circumstances in Mauritius, such as the country's stable political environment and well-established regulatory framework, have contributed to the growth of the life insurance market. The presence of a strong network of insurance providers and intermediaries has also made it easier for customers to access a wide range of life insurance products tailored to their needs. Underlying macroeconomic factors, including the country's steady economic growth and rising disposable incomes, have further fueled the expansion of the life insurance market in Mauritius. As individuals and families seek to secure their financial future and protect their loved ones, the demand for life insurance products is expected to continue growing in the coming years.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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