Country Dashboards

Population
1 mn
2016
GDP (USD)
$0
2016
gdp/capita
$0
2016
Inflation rate
1.5%
2016

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 389 mn
Non-life premium volume (USD) 181 mn
Total premium volume 570 mn
Total premium volume (MUR) 18 bn
Insurance penetration: Premiums in % of GDP 5.82%
Insurance density: Premium / capita USD 456
Local currency MUR
Market Composition
Domestic life insurers 6
Domestic non-life insurers 11
Domestic composite insurers
Foreign life insurers
Foreign non-life insurers 2
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers 5
State-owned insurers
State-owned reinsurers 1
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
Institution
Financial Services Commission FSC House, 54 Cybercity Ebene
Contact

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed No
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement MUR 25mn
Minimum paid-up share capital MUR 25mn
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
On-Going Supervision
Solvency referred to as the difference between assets and liabilities No
RBC (Risk-based capital) principles applied Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, WC
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: