Insurance in Mauritius: Dr. Jyoti Jeetun Emphasizes Resilience and Innovation
In a global landscape marked by rising uncertainties and geopolitical tensions, the Minister of Financial Services and Economic Planning, Dr. Jyoti Jeetun, made a strong call for the transformation of the insurance sector. During the Annual General Meeting of the Insurers Association of Mauritius, held on Wednesday, March 18, at Henessy Park Hotel, Dr. Jeetun addressed the challenges and opportunities facing the insurance sector.
"This is no longer business as usual. We are now operating in an environment increasingly characterized by uncertainties and heightened volatility," the minister stated, highlighting the impacts of the conflict in Iran, soaring energy prices, and disruptions in global supply chains.
"What we once referred to as rare events are becoming more frequent. We must adapt quickly to remain resilient, as there are indeed opportunities for market expansion, whether in Africa or Asia. We must seize these opportunities if we aspire to be competitive," she continued.
Dr. Jyoti Jeetun also took the opportunity to sound the alarm regarding the rising premium prices that have consistently escalated over the past few years. Emphasizing her belief in free market mechanisms, she added that "the government will need to act if consumers continue to be penalized."
Despite these challenges, the minister praised the significant contribution of the insurance sector to the Mauritian economy, representing about 1.6% of GDP and employing nearly 3,000 people, with projected growth of 7% by 2025.
Strengthening Resilience and Competitiveness in the Sector
In this context, the Minister of Financial Services and Economic Planning called for increased modernization of the industry through the development of new products tailored to emerging risks, particularly in areas such as cybersecurity, professional liability, and cross-border risks.
The enhanced adoption of technology, including data analytics and the digitization of claims management processes, as well as the strengthening of skills, with a particular focus on continuous training and the development of specialized profiles (actuaries, data scientists, risk management experts), were also addressed. Furthermore, Dr. Jyoti Jeetun highlighted the ongoing consultations under Vision 2050 aimed at defining the long-term strategic directions for the country, reaffirming the central role of the financial services sector, including insurance, and the government’s confidence in its ability to tackle future challenges and seize opportunities.
