AISL Executive Summary
Mauritius obtient un score AISL ajusté de 44.8/100 (restrictif). En 2024, le marché assurantiel local représentait 663 millions $ (4.4% de pénétration du PIB). L'absence de cession légale obligatoire distingue ce marché, avec un accès plus direct pour les réassureurs étrangers.
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Port-Louis
Population
Not documented
GDP
$15.0 B
Currency
MUR
Insurance market
Market size
$663 M
Penetration
4.4%
Density / capita
Not documented
Growth (GDP proxy)
Not documented
Regulatory framework
Regulatory openness
RestrictiveCompulsory cession
No
Active friction mechanisms
0 / 7
Reference year
2024
AISL Score
Base score
44.8
Adjusted score (friction)
44.8
Regulatory access
100/100
Methodology breakdown
AISL recommendation: WAIT / DATA REVIEW (V2 provisoire)
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Similar markets
Structurally close profiles to Mauritius, computed on market size, growth, sector structure, environment and founder judgment.
Market (2024)
Vie : 39%
$258.7M
Non-vie : 61%
$404.6M
Total : $663.3M
Total premiums
$663.3M
Penetration
4.4%
Density / capita
Not documented
Growth
—
Number of insurers
—
International comparison
This market is -29% versus the OECD average (6.2% of GDP, 2024) and -18% versus the average across all reporting jurisdictions (5.4%, 2024).
Source: OECD, Global Insurance Market Trends 2025. These averages cover jurisdictions reporting to the OECD, not an exhaustive global sample.
Source: Atlas Magazine - African Insurance Market 2024
Macroeconomic context (2024)
GDP
$15.0 B
GDP growth
—
Population
—
Inflation
—
Currency
MUR
Source: IMF WEO DataMapper API
Regulatory mechanisms
Source: AISL Score V2 + Atlas Magazine + Wikipedia
What this market requires at entry
No regulatory friction mechanism identified for Mauritius — no specific requirement beyond standard licensing procedures.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 44.8, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
44.8
0 mechanisms active (0 × 3.4 = −0.0 pts)
Market players
20 companies, 2024 premiums in USD millions
Market concentration
ConcentratedHHI 122456
Leader: SWAN Life Ltd (21.5%) — 20 companies
HHI = Herfindahl-Hirschman Index, a standard market concentration measure (sum of squared shares). <1500 = competitive, 1500-2500 = moderately concentrated, >2500 = concentrated.
Segment Life (5 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| SWAN Life Ltd | 130.0 | 21.5% | +0.0% | 130.0 | 130.0 | 130.0 | 130.0 |
| La Prudence Life Insurance | 35.0 | 5.8% | -0.1% | 32.2 | 29.7 | 27.3 | 25.2 |
| Life Insurance Corporation of India (LIC) | 12.0 | 2.0% | -0.1% | 10.3 | 8.8 | 7.6 | 6.5 |
| Island Life Assurance Company Ltd | 4.0 | 0.7% | -0.1% | 3.6 | 3.3 | 3.0 | 2.7 |
| Afri Life Insurance Ltd | 2.8 | 0.5% | -0.1% | 2.6 | 2.4 | 2.3 | 2.1 |
Segment Non-Life (15 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| State Insurance Company of Mauritius (SICOM) | 100.0 | 16.5% | +0.1% | 109.9 | 120.8 | 132.7 | 145.8 |
| SWAN General Ltd | 85.0 | 14.0% | +0.1% | 91.5 | 98.4 | 105.9 | 113.9 |
| The Mauritius Union Assurance Company (MUA) | 69.0 | 11.4% | +0.1% | 75.6 | 82.8 | 90.7 | 99.3 |
| NIC | 48.0 | 7.9% | +0.0% | 49.0 | 50.1 | 51.1 | 52.2 |
| Eagle Insurance Company | 37.0 | 6.1% | +0.0% | 38.0 | 39.1 | 40.2 | 41.3 |
| Phoenix Insurance | 18.0 | 3.0% | +0.4% | 24.9 | 34.5 | 47.8 | 66.2 |
| Jubilee Insurance Company Ltd | 14.0 | 2.3% | +0.4% | 19.6 | 27.4 | 38.4 | 53.8 |
| Quantum Insurance Ltd | 13.0 | 2.1% | +1.8% | 19.5 | 29.3 | 43.9 | 65.8 |
| New India Assurance Company Ltd | 11.0 | 1.8% | +0.0% | 11.0 | 11.0 | 11.0 | 11.0 |
| Swan Special Risks Company | 6.6 | 1.1% | -0.2% | 5.0 | 3.8 | 2.9 | 2.2 |
| Lamco International Insurance | 6.5 | 1.1% | -0.0% | 6.2 | 5.9 | 5.7 | 5.4 |
| Sun Insurance Company Ltd | 5.0 | 0.8% | -0.4% | 3.5 | 2.5 | 1.7 | 1.2 |
| GFA Insurance Ltd | 4.9 | 0.8% | +0.0% | 4.9 | 4.9 | 4.9 | 4.9 |
| Indian Ocean General Assurance Ltd (IOGA) | 2.0 | 0.3% | +0.1% | 2.2 | 2.5 | 2.7 | 3.0 |
| Credit Guarantee Insurance Company Ltd | 1.8 | 0.3% | +0.1% | 1.9 | 2.0 | 2.1 | 2.3 |
Market share: official source figure when available, otherwise computed from the companies listed for this segment (not necessarily 100% of the country's total market). The 2025-2028 columns, in italics, are projections: never a blank cell, but the color indicates the reliability of the method used: gray = company-specific growth rate, amber = failing that, the country's market growth, orange = failing that, the country's GDP growth, light red = no growth data available, flat 0% by default.
Active reinsurers
9 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | Net income (M$) | Observed growth | 2022(est.) | 2023(est.) | 2024(est.) | 2025(est.) | 2026(est.) | 2027(est.) | 2028(est.) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ghana Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re | Regional | — | — | — | — | — | — | — | — | — | — |
| CICA - Re | Regional | — | — | — | — | — | — | — | — | — | — |
| Waica Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| WAICA Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re (PTA Reinsurance Co) | Regional | 213.0 | 18.1 | +2.3% | 218.0 | 223.0 | 228.0 | 233.2 | 238.6 | 244.0 | 249.6 |
| CICA-RE | Regional | 176.2 | 13.4 | +11.3% | 196.1 | 218.3 | 243.0 | 270.6 | 301.3 | 335.5 | 373.7 |
| WAICA Re | Regional | 153.3 | 19.9 | +49.5% | 229.5 | 343.3 | 513.5 | 768.1 | 1148.9 | 1719.1 | 2572.0 |
Source: Atlas Magazine, Reinsurance Yearbook 2023. Last real data available: fiscal year 2021 (left-hand columns). The "2028 revenue (estimated)" column, in italic gray, is a projection based solely on the growth rate observed between 2020 and 2021 (capped between -30% and +50%/year); this is not an observed figure and should be treated with caution, particularly for companies with volatile or negative net income.
AISL Summary
- AISL positioning: 45/100, "Restrictive" market.
- Insurance market: $663M, fiscal year 2024.
- No compulsory cession identified, more direct access than elsewhere on the continent.
- Sits 15.9 points above the regional average (17 scored markets).
Regional comparison
Average adjusted score in East Africa : 28.9 (out of 17 scored markets)
Mauritius is 15.9 points above the regional average