Mauritius Insurance, Companies & Insurance Quote
The sector of insurance in Mauritius is showing sound development. This sector of insurance makes extensive use of the reinsurance rules and amenities. Mauritius insurance is liberated from encompassing premium, product speculation and reinsurance controls.
The insurance parameter is determined by the Financial Service Commission. The total premium in 2004 from Mauritius Insurance amounts to 4.1% GDP. Nearly 61% of total insurance premiums account for Mauritius life insurance policies.
The life premiums in 2001 accounted to 5.3 billion showing a GDP of 4.1%. The insurance companies’ total assets in 201 amounted to MUR 24 billion representing GDP to 18.2%. This showed net contractual savings to 45%. 22 insurance companies function here and there are smaller companies also serving the market segments.
11 companies are engaged in life and non-life businesses, 6 in short-term general insurance and 2 in long-term life business, while 18 companies are in general insurance market.
Mauritius union assurance co. Ltd is the foremost insurance organizations and insurance provider in Mauritius serving both, businesses and individuals with a range of insurance related products and services.
The services offered by this insurance provider in Mauritius include Life Assurance, Personal Insurance, Personal Pension Plan, Travel Insurance and Commercial Insurance. This organization also covers other financing areas such as housing loan, education loan, commercial loan, miscellaneous loan and special loan.
Chartered Broker Insurance is a broking house providing autonomous advice to support clients and to manage risks involved relating to insurance policy. This insurance gives the opportunity of bulk purchase and the risk management is covered perfectly.
Life insurance is favored by tax incentives and has benefited representing the premiums. Non-life business dealing with insurance in Mauritius is also well organized. However, large industrial as well as commercial risks are insured with repute international companies, and the motor insurance is the largest business of non-life premiums that does not face high loss ratios or long delays during settlement.
Insurance in Mauritius is highly concentrated and the three major groups possess 76% total assets. The high level of concentration appears to be very competitive, besides high efficiency operating system showing reasonable profitability. The most important type of insurance in Mauritius is the motor insurance. This sector works aggressively with high competence showing decent profitability.