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.
The Life
Insurance Corporation of India (LIC) came into being on 1st September 1956
as an amalgamated entity after the nationalisation of 245 odd private
insurance companies in India. Today, after achieving several milestones, it
has transformed into a global financial conglomerate. From its humble
beginnings in 1956, LIC today has earned the status of being the world's
largest life insurance company with an asset base of more than USD 300
billion as at 31 March 2015. The LIC family comprises over 115,000
employees, more than 1.37 million agents and over 300 million customers.
Mauritian Eagle
Insurance Company Limited (MEI) was incorporated in December 1973
and started its operations in January 1974. MEI started as a joint
venture between Ireland Blyth Limited (holding 80% of the issued
share capital) and South African Eagle Insurance Company Limited,
presently a member of the Zurich Financial Services Group, holding
the rest.
The New India
Assurance Company Limited is the largest non-life Insurance Company
of India. It is the only Indian Multinational General Insurance
Company with Registered Office in Mumbai. The Company was
incorporated in July 1919 in Mumbai (erstwhile Bombay) by the House
of Tata and was the first Indian Composite Insurance Company.
The State
Insurance Company of Mauritius Ltd (SICOM) with an established
presence in the economic landscape of Mauritius since 1975, stands
proudly today as one of the leading insurance and financial
companies in Mauritius. SICOM together with its subsidiaries, SICOM
General Insurance ltd (SICOM GIN), SICOM Financial Services Ltd
(SFSL), SICOM Global Fund Ltd and SICOM Management Ltd, constitute
the SICOM Group.
Established in 1855, Swan is the leading financial solutions provider in
Mauritius.
Swan provides a full range of non banking financial
solutions - general insurance, life assurance, pension and actuarial
services, pension administration, investment advisory, wealth management
and stockbroking for corporate clients and individual customers. It has
five branches across the island: Port Louis, Grand Bay, Flacq, Ebene and
Black River.