Insurance: The Government Calls for a Transformation of the Sector

The Minister of Financial Services and Economic Planning, Jyoti Jeetun, has called for a transformation of the insurance sector in light of an increasingly uncertain global economic environment. Speaking at the annual general meeting of the Insurers Association of Mauritius (IAM), held in Ébène, she emphasized that geopolitical tensions, rising energy prices, and supply chain disruptions are redefining the operating conditions of the sector.

The minister warned that events once considered exceptional are now becoming more frequent, necessitating swift adaptations to maintain the resilience and competitiveness of the industry. She also highlighted the opportunities for expansion into regional markets, particularly in Africa and Asia.

Regarding consumers, Jyoti Jeetun expressed concerns over the rising insurance premiums, indicating that the government might intervene if insured individuals continue to be penalized. Despite these challenges, the insurance sector remains a pillar of the Mauritian economy, accounting for about 1.6% of GDP and employing nearly 3,000 people, with an estimated growth rate of 7% by 2025.

To enhance its competitiveness, the minister advocated for the development of innovative products tailored to new risks, particularly in cybersecurity and cross-border risks, as well as for increased adoption of technology and skill enhancement. These directions align with national consultations related to Vision 2050, aimed at positioning Mauritius as a modern and resilient financial center.