Market Insights Financial Insurances Non-life insurances

Motor Vehicle Insurance - Mauritius

Mauritius

The Motor Vehicle Insurance market market in Mauritius is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$0.40bn by 2024.
This indicates a positive trend in the demand for Motor Vehicle Insurance market among the Mauritian population.
Furthermore, the average spending per capita in the Motor Vehicle Insurance market market is estimated to be US$0.31k in 2024.
This figure demonstrates the financial commitment individuals in Mauritius are willing to make towards insuring their vehicles.
Looking ahead, the Motor Vehicle Insurance market market in Mauritius is anticipated to experience a compound annual growth rate (CAGR) of -1.27% between 2024 and 2028.
This steady growth trajectory is expected to result in a market volume of US$0.38bn by 2028.
In a global context, it is worth noting that the United States is projected to generate the highest gross written premium in the Motor Vehicle Insurance market market, amounting to a staggering US$1,338.0bn in 2024.
This highlights the dominance of the United States in terms of market size and underscores the significance of the Motor Vehicle Insurance market sector on a global scale.
Motor vehicle insurance in Mauritius is witnessing a surge in demand due to the increasing number of cars on the road.

Market

Region

Region comparison

Currency

Analyst Opinion

The Motor Vehicle Insurance market in Mauritius is experiencing a steady growth trajectory driven by various factors.

Customer preferences: Customers in Mauritius are increasingly valuing comprehensive motor vehicle insurance coverage that not only protects against accidents but also offers additional benefits such as roadside assistance and coverage for natural disasters. This shift in preferences is in line with global trends where customers are seeking more value-added services from their insurance providers.

Trends in the market: One notable trend in the Motor Vehicle Insurance market in Mauritius is the rising demand for usage-based insurance policies. With advancements in telematics technology, insurance companies are able to offer more personalized premiums based on individual driving behavior. This trend is gaining traction as customers look for more flexibility and cost-effective insurance solutions.

Local special circumstances: In Mauritius, the Motor Vehicle Insurance market is also influenced by the unique geographical factors of the island. The relatively small size of the country and well-developed road infrastructure contribute to lower accident rates compared to larger countries. As a result, insurance providers in Mauritius may focus more on offering tailored insurance products that cater to the specific needs of the local population.

Underlying macroeconomic factors: The economic stability and steady growth of the Mauritian economy play a significant role in the development of the Motor Vehicle Insurance market. As disposable incomes rise and vehicle ownership increases, there is a growing demand for insurance coverage to protect these valuable assets. Additionally, regulatory reforms and initiatives to promote road safety also contribute to the overall growth of the insurance market 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.