2014-04-02 16:20:03 - Mauritius Insurance Report Q1 2014 - a new market research report on companiesandmarkets.com
Mauritius is home to one of the larger and most sophisticated insurance markets in Sub- Saharan Africa. Thanks in part to a stable economic and political environment and in part to the commitment of capital by various of Mauritius´ larger conglomerates, the country is home to a substantial and resilient life insurance segment. Through conventional life insurance products and the pension plans that the life insurers manage, life insurance has become a very widely accepted conduit for organised savings. The assets supporting the insurance funds amount to around US$3.4bn. This is a respectable amount for a medium-income emerging market and very large by the standards of Africa outside South Africa.
Credit for the stability of the overall insurance sector is due
in part to the Financial Services Commission (FSC), which oversees financial services in Mauritius outside the banking sector. The FSC rightly sees Global Business, which accounts for about 10% of the country´s GDP, as a key sector. The FSC has over the years continually taken steps to strengthen the regulatory environment and to make it easier for foreign enterprises to set up Global Business Companies (GBCs). In the short term, the increased regulatory burden has implied additional costs for the insurance sector. In the long-term, though, they should benefit from the improved perceptions of the general investment environment in Mauritius.
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