Long Term Insurance business means insurance business of any or substantially any one of the following classes:
(a) life assurance business;
(b) pension business; or
(c) permanent health insurance business.
Long Term Insurance
The Long Term Insurance industry yielded a total gross premium of MUR 9.71 billion in 2016 representing an increase of 4% when compared to the MUR 9.31 billion generated in the previous year. Given the long term nature of the life insurance business, income arising from the investment of funds in this sector plays an important role. The total assets of Long Term Insurers stood at MUR 89.38 billion in 2016, an increase of 3% from the MUR 86.76 billion of 2015.
The gross premium of general insurance business for 2016 amounted to MUR 8.01 billion, an increase of 6 % on the premiums of 2015 which totalled MUR 7.57 billion. The total assets of insurers underwriting general insurance business reached MUR 15.92 billion in 2016, which represented a decrease of 4% when compared to the 2015 total assets of MUR 16.67 billion.