Mauritius has a well-developed insurance industry regulated and supervised by the Financial Services Commission (FSC) under the Insurance Act 2005.

Over the last 15 years, with the creation of the FSC as a full-fledged regulator, the insurance industry has witnessed a major transformation of its business model. The current regulatory framework is aligned with the International Association of Insurance Supervisors (IAIS) standards and principles and has many strong elements focusing on specific regulatory issues relating to capital adequacy, solvency, corporate governance, early warning systems and the protection of policyholders.

According to the Insurance Act 2005, the insurance business is a business which undertakes, by way of insurance or reinsurance, under long term insurance policies or general insurance policies, and might also include external insurance business and the business of a professional re-insurer.

Insurance companies in Mauritius offer various services and also products which may include property and casualty insurance, motor insurance, financial risks, aviation insurance amongst others.

Long Term Insurance

The long-term business insurance, meaning life insurance, pension and permanent health insurance business, held 8 licenses in 2017. Accounting for roughly 55% of total written insurance premiums in 2017, long term insurance constitutes the largest segment of Mauritius' insurance industry. Companies in the long-term insurance industry held assets which amounted to MUR 99.8 billion in 2017 as compared to MUR 89.6 billion in 2016.

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General Insurance

15 licenses were issued to the general insurance business i.e. insurance business other than long term insurance business whereby policies are delivered with respect to accident & health, engineering, guarantee, liability, motor, property, transportation by the FSC by end of 2017. The general insurance is also well organised and in 2017 general insurance companies held assets which amounted to MUR 17.5 billion as compared to MUR 15.9 billion in 2016. Large industrial and commercial risks are reinsured with top international companies, while motor insurance, which is the largest class of business with around 40 percent of total general premiums, does not suffer from high loss ratios or unduly long delays in settlement.

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