The Insurance Sector
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.
Phoenix Insurance
(Mauritius) Limited has grown very rapidly in recent years with an
extensive well established network around the island. The total turnover
of the Company exceeded MUR 325 Million in the year 2016.
Sun Insurance
Co. Ltd, incorporated in Mauritius in February 1981, has its head
office at 2, St Georges Street, in the centre of Port-Louis, and has
two branch offices located in the north of Mauritius at Triolet and
in the capital of Rodrigues at Port Mathurin. The rest of the
Mauritian territory is serviced by its broad network of accredited
agents who are driven to provide and maintain the same high standard
of service as that offered by the Sun Insurance corporate office and
its branches. Sun Insurance, whilst maintaining profitability for
its shareholders, continues to be a major player in the highly
competitive local market.
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.