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.