Mauritius has a well-established insurance sector, with market players offering a wide range of policies. The insurance sector is regulated and supervised by the Financial Services Commission on the Insurance Act 2005, and the regulatory framework includes a focus on solvency monitoring, prudent asset diversification, international account standards and actuarial methods, amongst others.
The insurance market in Mauritius caters for long term insurance business, such as life insurance, pension and health insurance business, accident and health, engineering, guarantee, liability, property and transportation amongst others. There are also providers offering external insurance business, restricted solely to non-Mauritian policies.
The captive insurance market in Mauritius is developing further to the adoption of the Captive Insurance Act 2015, which provides for a specific framework for the establishment and management of pure captives in Mauritius. The new Act is expected to reinforce the position of Mauritius as a domicile of choice for captive insurers focusing on Africa and possibly Asia, noting that the international market has shown sustained and continued growth over the past decade. Captive insurers in Mauritius are regulated by the Financial Services Commission and can also obtain a Category 1 Global Business Company (GBL1) licence.