Mauritius Insurance Report Q2 2016
BMI View: We retain our broadly positive view of the prospects for Mauritius' insurance sector. Lifeinsurance already plays a central role in organised savings, and will continue to grow as a result ofinnovation on the part of the leading insurers - both in terms of product design and distribution. Non-lifeinsurance should be boosted by healthcare cost inflation and higher volumes in the motor vehicle insurancesub-sector.
Key Updates And Forecasts
As of late 2015, well over 80% of the policy holders of the Super Cash Back Gold Plan of failed insurerBAI had been repaid in full by the government's National Property Fund Limited (NPFL). The remainingpolicy holders have, in general, either not registered properly with NPFL or have pledged their policies.
We are maintaining our forecasts for the life insurance segment, and forecast premiums of MUR18.7bn in2016 and of MUR23.22bn in 2020. The main challenge for the segment is the lack of new users. Virtuallyall households (and in relation to group products, companies) that are afford life insurance and whounderstand it are already using it.
We have lifted our projections for non-life premiums slightly. We now look forecast premiums ofMUR8.4bn in 2016 and of MUR11.5bn in 2020. This is due to our increase in forecast health andpersonal accident premiums (which takes into account greater inflation in healthcare costs).
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