Insurances - Mauritius

Mauritius

The Insurances market in Mauritius is projected to reach a market size (gross written premium) of US$1.49bn in 2024.
Non-Life Insurances dominate this market with a projected market volume of US$0.84bn in 2024.
The average spending per capita in the Insurances market is expected to amount to US$1.14k in 2024.
When comparing globally, the United States stands out with the highest nominal value, reaching US$4,642.0bn in 2024.
The gross written premium is anticipated to show an annual growth rate (CAGR 2024-2028) of 0.00%, resulting in a market volume of US$1.49bn by 2028.
Once again, the United States is expected to generate the highest gross written premium in the global comparison, reaching US$4,642.0bn in 2024.
Mauritius has experienced a significant growth in demand for life insurance policies due to its increasing population and rising income levels.

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Analyst Opinion

The Insurances market in Mauritius has been witnessing significant growth and development in recent years. Customer preferences in Mauritius are shifting towards more comprehensive insurance coverage, including health, life, and property insurance. Customers are increasingly looking for customized insurance solutions that cater to their specific needs and offer additional benefits such as wellness programs and digital services. Trends in the market indicate a rise in the adoption of technology and digital platforms for insurance services in Mauritius. Insurers are leveraging digital tools to enhance customer experience, streamline operations, and offer innovative products. Additionally, there is a growing focus on sustainable and environmentally friendly insurance products to align with global trends. Local special circumstances in Mauritius, such as its strategic location as a financial hub in the Indian Ocean region, have contributed to the growth of the insurance market. The country's stable political environment, strong regulatory framework, and well-established insurance industry have attracted both local and international insurers to operate in Mauritius. Underlying macroeconomic factors, including steady economic growth, increasing disposable income, and a growing middle class, have also played a significant role in driving the development of the insurance market in Mauritius. As the population becomes more aware of the importance of insurance protection, there is a growing demand for a wide range of insurance products and services in the country.

Methodology

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.