Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Madagascar Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Madagascar includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
The island of Madagascar was inhabited around 500 BC by migrants from south-east Asia. The first Europeans landed there around 1500. By 1643 France had established a settlement at Fort Dauphin, and in 1665 annexed the island under the name of L'Ile Dauphine. During most of the 19th century the French and the English vied for control of the island. Madagascar was declared a French colony in 1896 but became independent in 1960.
Under the Emergent Madagascar Initiative (IEM) strategy, the government aims to attract investment for the development of the energy, mining and agriculture sectors, while encouraging a larger role for the private sector. This will necessitate substantial improvements in the country's business atmosphere.
The Malagasy non-life insurance market is relatively small with low penetration. In 2018 Malagasy non-life insurance premium income (including personal accident and healthcare) grew by 5.0% to MGA 191.22bn. Fire and property damage is the main class (line) of business. Much of the industrial and commercial business is fronted.
There were five insurers operating in the non-life market in 2020. Six brokers were operating in the market and 19 "agents generaux" who are tied to the insurance companies.