The insurance sector in Mauritius is relatively well developed with a market penetration higher than India and on the same level as Singapore (Vittas Report March 2003).
The sector was positively assessed in the Financial Sector Assessment report released in August 2003, from a programme conducted jointly by the IMF and World Bank. The report refers to the insurance industry as being "well developed". It also states that "the large and medium sized companies are efficient and financially strong. Despite the high level of concentration, the insurance industry appears competitive, efficient, and reasonably profitable". The Report recommends the promotion of further consolidation in the industry, to ensure sound competition and greater safety by raising the level of minimum capital and introducing risk-based capital requirements.
"Life Assurance Business" means the business of undertaking liability under contracts upon human life or contracts to pay annuities on human life, but excludes permanent health insurance business and personal accident insurance business.
"Pension Business" means the business of effecting and carrying on of:
(a) contracts to manage pension funds or investment of pension funds;
(b) contracts of the kind mentioned in paragraph (a) that are combined with the contract of insurance covering either conservation of capital or payment of a minimum interest; or
(c) contracts on a group basis to provide pensions during the lifetime of employees as from their retirement and to their dependants should they die in service or on pension.
An ISO 9001:2008 Certified Company.
Island Life Assurance Co. Ltd is part of the Currimjee Group of companies, and is a fully-owned subsidiary of Currimjee Jeewanjee and Company Ltd which has been in existence since 1890. The principal activity of the Company consists of long-term insurance and pension business. It is one of the Key Life Insurance providers in Mauritius.
GFA Insurance Ltd is one of the fastest growing insurance companies in Mauritius. After 20 years of dedicated service to the Mauritian nation, GFA has grown into a major insurance company with a turnover of MUR 184 million in 2016 and assets worth more than MUR 565 million. Its assets grew by 93% over the past 6 years.
Jubilee Insurance (Mauritius) Ltd (JIML), first established in the 1950s through a chief agency on the Island, is a respected insurance brand offering a range of short-term insurance products to the Mauritian market. Currently in the top 5 short-term insurers by market share (out of 13 companies), JIML has quickly developed a reputation for reliability, fast claims settlement, customer service and competitive, innovative products. The staff contingent, currently numbering 50, is made up of a blend of dedicated professionals with proven track records in the insurance industry as well as young, talented graduates who are eager and committed to providing excellent service to the growing clientele of the Company.
Lamco International Insurance Ltd is one of the oldest insurance companies in Mauritius. Established in 1978, Lamco today is a financially sound and professionally managed organisation.
The Company practices customer-focused service through its wide range of products and services, underwriting all types of general insurance as well as providing tailor-made coverage based on specific customer needs.