Life Report

Product Insurance Market Reports Life Rev Madagascar

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Madagascar's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Madagascar's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Madagascar

The Madagascar life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Madagascar. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Madagascar and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Madagascar’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Madagascar is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in Madagascar; as well as the legislation necessary to know regarding Madagascar’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Madagascar with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Madagascan market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Madagascar, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Madagascan pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Madagascar report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Madagascar Life and Benefits Report Extract

Below are brief extracts of information from the Madagascar Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The Malagasy life insurance market is small with premiums of just MGA 51.36bn (USD 13.62mn) in 2018, representing nevertheless a 17.8% increase on 2017. Its size and low penetration reflects the high levels of poverty, the fact that 75% of the population lives off less than USD 1.90 per day and the lack of any government tax incentives to take out policies.

Life and death benefit premiums have typically ....


Savings and pension business has been the mainstay of long-term insurance business in recent years, possibly because economic activity and insurance for bank borrowers reduced during the years of political trouble.

Retirement/savings premiums constitute around 70% of the overall long-term business of market leader ARO and this is probably broadly representative of the market as a whole ....


There is no system of universal healthcare in Madagascar. The government has discussed the intention to introduce it but there is no timeframe and for now the focus is on trying to support the most vulnerable through encouraging the establishment of local health mutuals. Treatment in public hospitals is relatively expensive, payment is required upfront, the standard of service is poor and there is a shortage of facilities.

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