This assessment focused on thesupervision and regulation of the insurance sector and therole of the Financial Services Commission (FSC) inMauritius. The FSC has responsibility for licensing andsupervision of all players in the insurance market-insurancecompanies, distributors; loss adjusters; reinsurancecompanies; reinsurance brokers, and actuaries and auditors.This report relates to a dedicated assessment missionconducted in July 2011. The FSC maintains a fairly detailedwebsite that contains copies of relevant laws andregulations applicable to insurance companies in Mauritius.Also available on the website are copies of guidelines ofgeneral application that have been issued to the insurancecompanies, statistics of the industry's performance,and copies of the annual reports issued by FSC. In additionto its discussions with FSC personnel, mission members metwith representatives of the trade association and withexecutives of a representative sample of companies, bothlife and general insurance, operating in the market. Othercontacts included brokers and auditors. The insurance sectorin Mauritius is material although not fully developed interms of size. Insurance premium stands at MUR 17.5 billionrepresented at 68 percent life and 32 percent non-lifeinsurances. Life insurance growth has been more impressivethan non-life insurance performance. Although both segmentshave shown healthy nominal growth rates, real growth hasbeen less spectacular for the non-life sector. Interpretingnon-life sector premium performance can be confused byglobal pricing cycles.
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