Non-life insurances - Mauritius

Mauritius

The Non-life insurance market in Mauritius is expected to witness significant growth in the coming years.
According to projections, the market size, measured by the gross written premium, is estimated to reach US$837.60m in 2024.
This indicates a positive trend in the insurance sector within the country.
Furthermore, the average spending per capita in the Non-life insurance market is predicted to amount to US$643.30 in 2024.
This figure highlights the level of individual investment in insurance coverage and indicates the importance placed on protecting assets and mitigating risks.
Looking ahead, the gross written premium is anticipated to demonstrate an annual growth rate of 0.21% from 2024 to 2029, as indicated by the compound annual growth rate (CAGR).
This steady growth is expected to result in a market volume of US$846.30m by 2029, further solidifying the Non-life insurance sector in Mauritius.
In global comparison, it is noteworthy that the United States is projected to generate the highest gross written premium in 2024, amounting to a staggering US$2,500.0bn.
This figure underscores the significant market presence and dominance of the United States in the global insurance landscape.
Overall, the Non-life insurance market in Mauritius is poised for growth and presents opportunities for both insurers and consumers alike.
The projected numbers reflect a positive outlook and highlight the importance of insurance coverage in safeguarding assets and managing risks in the country.
Mauritius' non-life insurance market is experiencing a surge in demand due to the country's growing economy and increasing awareness about risk management.

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Analyst Opinion

The Non-life insurances market in Mauritius is experiencing steady growth and development.

Customer preferences: Customers in Mauritius are increasingly seeking comprehensive non-life insurance coverage to protect their assets and mitigate risks. They are showing a growing interest in policies that offer a wide range of coverage options, including property, motor, and health insurance. Additionally, there is a rising demand for customized insurance solutions that cater to specific needs and preferences of individuals and businesses in the country.

Trends in the market: One of the key trends shaping the non-life insurance market in Mauritius is the adoption of digital technologies. Insurers are leveraging digital platforms to enhance customer experience, streamline operations, and offer innovative insurance products. Furthermore, there is a growing emphasis on sustainability and climate-resilient insurance solutions in response to the increasing frequency of natural disasters and climate change impacts in the region. This trend is driving the development of new insurance products that address environmental risks and promote sustainable practices.

Local special circumstances: Mauritius is a small island nation with a rapidly growing economy and a strong focus on tourism and financial services. The country's strategic location and favorable business environment make it an attractive destination for foreign investors and multinational corporations. As a result, there is a growing need for specialized insurance products to protect businesses against emerging risks and uncertainties. Moreover, the government's initiatives to promote financial inclusion and consumer protection are driving the expansion of the non-life insurance market in Mauritius.

Underlying macroeconomic factors: The economic stability and regulatory framework in Mauritius are conducive to the growth of the non-life insurance market. The country's robust financial sector, political stability, and sound governance practices create a favorable environment for insurance companies to operate and expand their business. Additionally, the increasing awareness of the importance of insurance among the population, coupled with rising disposable incomes, is fueling the demand for non-life insurance products in Mauritius.

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.