Africa · 4 countries

Indian Ocean

Island markets with outsized reinsurance and offshore activity relative to population.

Illustration: Madagascar baobabs, Mauritius Le Morne mountain, Seychelles granite coves and Comoros volcanic silhouette, cohesive editorial montage
AI-generated regional illustration
Map highlighting Indian OceanAlabama — explore insurance marketAlaska — explore insurance marketArizona — explore insurance marketColorado — explore insurance marketFlorida — explore insurance marketGeorgia — explore insurance marketIndiana — explore insurance marketKansas — explore insurance marketMaine — explore insurance marketMassachusetts — explore insurance marketMinnesota — explore insurance marketNew Jersey — explore insurance marketNorth Carolina — explore insurance marketNorth Dakota — explore insurance marketOklahoma — explore insurance marketPennsylvania — explore insurance marketSouth Dakota — explore insurance marketTexas — explore insurance marketWyoming — explore insurance marketConnecticut — explore insurance marketMissouri — explore insurance marketWest Virginia — explore insurance marketIllinois — explore insurance marketNew Mexico — explore insurance marketArkansas — explore insurance marketCalifornia — explore insurance marketDelaware — explore insurance marketDistrict of Columbia — explore insurance marketHawaii — explore insurance marketIowa — explore insurance marketKentucky — explore insurance marketMaryland — explore insurance marketMichigan — explore insurance marketMississippi — explore insurance marketMontana — explore insurance marketNew Hampshire — explore insurance marketNew York — explore insurance marketOhio — explore insurance marketOregon — explore insurance marketTennessee — explore insurance marketUtah — explore insurance marketVirginia — explore insurance marketWashington — explore insurance marketWisconsin — explore insurance marketAmerican Samoa — explore insurance marketGuam — explore insurance marketNorthern Mariana Islands — explore insurance marketNebraska — explore insurance marketSouth Carolina — explore insurance marketPuerto Rico — explore insurance marketU.S. Virgin Islands — explore insurance marketIdaho — explore insurance marketNevada — explore insurance marketVermont — explore insurance marketLouisiana — explore insurance marketRhode Island — explore insurance market

A sense of place

Explore Indian Ocean

Landscapes, craft and connections behind the region’s markets. Original AI-generated editorial illustrations; scenes combine places and are not documentary photographs.

Illustration: Mauritius Le Morne Brabant peninsula above turquoise lagoon, rich topographic detail
01

Landmarks & landscape

Mauritius Le Morne Brabant peninsula above turquoise lagoon, rich topographic detail

Illustration: Comorian carved wooden boat on shore beside woven baskets and a craft workshop, contemporary island livelihoods
02

Culture & craft

Comorian carved wooden boat on shore beside woven baskets and a craft workshop, contemporary island livelihoods

Illustration: Port Louis harbour, inter-island cargo vessel, vanilla cultivation and coastal businesses, maritime enterprise
03

Trade & livelihoods

Port Louis harbour, inter-island cargo vessel, vanilla cultivation and coastal businesses, maritime enterprise

Illustration: southwest Indian Ocean, Madagascar largest island left, Comoros northwest, Seychelles northeast, Mauritius east; relative placement, no borders or labels
04

An illustrated atlas

southwest Indian Ocean, Madagascar largest island left, Comoros northwest, Seychelles northeast, Mauritius east; relative placement, no borders or labels

Artistic geography, not to scale. Use the interactive market map above for country coverage.

Through the lens

Places in focus

Real photographs shared under free licenses.

Le Morne Brabant — Indian Ocean

Le Morne Brabant

"dronepicr" · CC BY 2.0 · Wikimedia Commons

Resized and converted to WebP.

Avenue of the Baobabs — Indian Ocean

Avenue of the Baobabs

Pat Hooper from Chicago, IL, USA · CC BY-SA 2.0 · Wikimedia Commons

Resized and converted to WebP.

La Digue — Indian Ocean

La Digue

dronepicr · CC BY 2.0 · Wikimedia Commons

Resized and converted to WebP.

All 62 insurers in Indian Ocean

Scroll horizontally to compare columns.

CompanyCountryClassParent / groupOwnershipRegulatorVerificationPopularity
ARO (Assurances Reassurances Omnibranches)State-owned
Market leader; Registered as Assurances-Reassurances Omnibranches (ARO)
MadagascarCCompositeGovernment / privateState-owned / parastatalCSBFVerified—
MAMA (Mutuelle d'Assurance Malagasy)
Registered as Mutuelle d'Assurance Malagasy (MAMA)
MadagascarCCompositeMutualMutual / cooperativeCSBFVerified—
Ny HavanaState-owned
Registered as Compagnie Malgache d'Assurance et de Reassurance NY HAVANA (CMAR NY HAVANA)
MadagascarCCompositeGovernment of MadagascarState-owned / parastatalCSBFVerified—
Sanlam Allianz Madagascar
Registered as SANLAM Assurances (ex SAHAM)
MadagascarCCompositeSanlam AllianzIAIGPan-African groupCSBFVerified—
GFA Insurance
Registered as G.F.A Insurance Ltd
MauritiusGGeneral (Non-life)IndependentDomestic privateFSCVerified—
Lamco International InsuranceMauritiusGGeneral (Non-life)IndependentDomestic privateFSCVerified—
Mauritian Eagle Insurance
Registered as EAGLE INSURANCE LIMITED
MauritiusGGeneral (Non-life)IBL GroupDomestic privateFSCVerified—
Mauritius Union Assurance (MUA)SEM: MUA
Also Kenya, Uganda, Tanzania, Rwanda, Seychelles; Registered as THE MAURITIUS UNION ASSURANCE CY. LTD
MauritiusGGeneral (Non-life)MUA (Mauritius Union)Pan-African groupFSCVerified—
NIC General InsuranceState-owned
Successor to BAI
MauritiusGGeneral (Non-life)National Insurance Co (Government)State-owned / parastatalFSCVerified—
Phoenix Insurance (Mauritius)MauritiusGGeneral (Non-life)IndependentDomestic privateFSCVerified—
Quantum InsuranceMauritiusGGeneral (Non-life)IndependentDomestic privateFSCVerified—
SICOM General InsuranceState-owned
State Insurance Co of Mauritius
MauritiusGGeneral (Non-life)SICOM GroupState-owned / parastatalFSCVerified—
Swan GeneralSEM: SWAN
SEM-listed
MauritiusGGeneral (Non-life)Swan GroupDomestic privateFSCVerified—
MUA LifeSEM: MUAMauritiusLLifeMUA (Mauritius Union)Pan-African groupFSCVerified—
NIC LifeState-owned
Registered as NATIONAL INSURANCE CO. LTD
MauritiusLLifeNational Insurance Co (Government)State-owned / parastatalFSCVerified—
SICOM LifeState-owned
Registered as State Insurance Company of Mauritius Ltd
MauritiusLLifeSICOM GroupState-owned / parastatalFSCVerified—
Swan LifeSEM: SWAN
Formerly Anglo-Mauritius
MauritiusLLifeSwan GroupDomestic privateFSCVerified—
SACOS Group (State Assurance Co of Seychelles)State-owned
Life and general subsidiaries; Registered as SACOS Insurance group of Companies
SeychellesCCompositeGovernment of SeychellesState-owned / parastatalFSAVerified—
H Savy Insurance
Registered as HSAVY Insurance Company Ltd
SeychellesGGeneral (Non-life)IndependentDomestic privateFSAVerified—
MUA SeychellesSEM: MUASeychellesGGeneral (Non-life)MUA (Mauritius Union)Pan-African groupFSAVerified—
1st Insurance (Seychelles) Ltd
Domestic insurer; register gives no class of business; ownership not researched
SeychellesUNot stated in registerParent not named in registerDomestic privateFSAVerified—
Alliance Insurance (Seychelles)
Domestic insurer; register gives no class of business; ownership not researched; Registered as Alliance Insurance
SeychellesUNot stated in registerParent not named in registerDomestic privateFSAVerified—
Aquilano Insurance PCC Ltd
Non-domestic insurer (protected cell company); register gives no class of business; ownership not researched
SeychellesUNot stated in registerParent not named in registerDomestic privateFSAVerified—
Atlas Life Insurance (PCC) Ltd
Non-domestic insurer; ownership not researched
SeychellesLLifeParent not named in registerDomestic privateFSAVerified—
C&C Insurance Company PCC Ltd
Non-domestic insurer (protected cell company); register gives no class of business; ownership not researched; Registered as C&C Insurance Company PCC Lmited
SeychellesUNot stated in registerParent not named in registerDomestic privateFSAVerified—
EOE P&I Association Ltd
Non-domestic insurer; a protection and indemnity (P&I) association by name, so class X and mutual; ownership not researched; Ownership type inferred from name; parent not researched
SeychellesXSpecialty / Credit / CaptiveParent not named in registerMutual / cooperativeFSAVerified—
Jardins Union Insurance PCC Ltd
Non-domestic insurer (protected cell company); register gives no class of business; ownership not researched
SeychellesUNot stated in registerParent not named in registerDomestic privateFSAVerified—
Solid Oak Insurance Company PCC Ltd
Non-domestic insurer; ownership not researched
SeychellesLLifeParent not named in registerDomestic privateFSAVerified—
Astral Insurance PCC Ltd
Non-domestic insurer (protected cell company); register gives no class of business; ownership not researched
SeychellesUNot stated in registerParent not named in registerDomestic privateFSAVerified—
Atlas Speciality Insurance (PCC) Ltd
Non-domestic insurer (protected cell company); register gives no class of business; ownership not researched
SeychellesUNot stated in registerParent not named in registerDomestic privateFSAVerified—
Acclime Captive Insurance Ltd
Non-domestic captive insurer; ownership not researched
SeychellesXSpecialty / Credit / CaptiveParent not named in registerDomestic privateFSAVerified—
Horizon International Insurance PCC Ltd
Non-domestic insurer (protected cell company); register gives no class of business; ownership not researched
SeychellesUNot stated in registerParent not named in registerDomestic privateFSAVerified—
Secure Life PCC Ltd
Non-domestic insurer (protected cell company); a life insurer by name; ownership not researched
SeychellesLLifeParent not named in registerDomestic privateFSAVerified—
Allianz MadagascarFWB: ALV
Licensed by arrete n° 19989/05 du 29 Decembre 2005; the CSBF lists it as a licensee distinct from SANLAM Assurances (ex SAHAM). The CSBF list gives no licence class, and the name does not settle it, so classCode is U - in practice the Malagasy market is composite, but nothing official was retrieved that says so. Ownership is not stated by the register; the register's own contact line for the licensee is azmg_allianz_madagascar@allianz.com, which is why the group is recorded as Allianz. Whether this entity now sits inside the SanlamAllianz joint venture was not established - SanlamAllianz's own site points its Madagascar link at mg.sanlamallianz.com, which corresponds to the SANLAM Assurances (ex SAHAM) licensee, not to this one.
MadagascarUNot stated in registerAllianzIAIGForeign multinationalCSBFVerified—
AFG Assurances Comores
Trades as 'AFG Assur Comores'. Wiya quotes it as 'authorized by the Ministry of Finance and Budget of the Union of the Comoros since November 25th' (year not given) and as 'an IARDT and Life insurance company'; the company site offers savings/retirement and non-life products, so classed composite. A web search excerpt of an AFG Assurances Cameroun page says it was formerly 'Comor Assurances' - not confirmed on a primary page. AFG Holding is Ivorian (founded 2006 by Koné Dossongui).
ComorosCCompositeAFG (African Financial Group)Pan-African groupBCCUnverified—
Amana Assurances
Site describes it as 'un assureur moderne' and one of the leaders of Comorian insurance; products are motor, transport/marine, travel, health, school, home, contractors' all risks and commercial multi-risk; staff list includes a 'Souscripteur Réassurance & Vie', so a life line cannot be excluded. Classed G on the product list. Licence date not found. Ownership not researched. Earlier name 'Al Amana' is inferred from the Wikipedia mention.
ComorosGGeneral (Non-life)Parent not named in registerDomestic privateBCCUnverified—
Comorian Insurance Company
Unverified source-listed name from a 2024 diagnostic, not confirmation of a current licence or a distinct legal entity. Class and ownership not established. Possible alias of another listed or historical Comoros insurer; identity reconciliation is pending. Name retained as printed by UNDP.
ComorosUNot stated in registerParent not named in registerOwnership unverifiedBCCUnverified—
Alamana Assurance
Unverified source-listed name from a 2024 diagnostic, not confirmation of a current licence or a distinct legal entity. Class and ownership not established. Possible alias of another listed or historical Comoros insurer; identity reconciliation is pending. Name retained as printed by UNDP.
ComorosUNot stated in registerParent not named in registerOwnership unverifiedBCCUnverified—
Assurances Générales des Comoros
Unverified source-listed name from a 2024 diagnostic, not confirmation of a current licence or a distinct legal entity. Class and ownership not established. Possible alias of another listed or historical Comoros insurer; identity reconciliation is pending. Name retained as printed by UNDP.
ComorosUNot stated in registerParent not named in registerOwnership unverifiedBCCUnverified—
MAC Assurances
Unverified source-listed name from a 2024 diagnostic, not confirmation of a current licence or a distinct legal entity. Class and ownership not established. Possible alias of another listed or historical Comoros insurer; identity reconciliation is pending. Name retained as printed by UNDP.
ComorosUNot stated in registerParent not named in registerOwnership unverifiedBCCUnverified—
Big Assurances
Unverified source-listed name from a 2024 diagnostic, not confirmation of a current licence or a distinct legal entity. Class and ownership not established. Possible alias of another listed or historical Comoros insurer; identity reconciliation is pending. Name retained as printed by UNDP.
ComorosUNot stated in registerParent not named in registerOwnership unverifiedBCCUnverified—
Vip Assurance
Unverified source-listed name from a 2024 diagnostic, not confirmation of a current licence or a distinct legal entity. Class and ownership not established. Possible alias of another listed or historical Comoros insurer; identity reconciliation is pending. Name retained as printed by UNDP.
ComorosUNot stated in registerParent not named in registerOwnership unverifiedBCCUnverified—
Masiwa Assurance
Unverified source-listed name from a 2024 diagnostic, not confirmation of a current licence or a distinct legal entity. Class and ownership not established. Possible alias of another listed or historical Comoros insurer; identity reconciliation is pending. Name retained as printed by UNDP.
ComorosUNot stated in registerParent not named in registerOwnership unverifiedBCCUnverified—
Swan Special Risks CompanySEM: SWAN
Parent inferred from name; ownership not researched
MauritiusGGeneral (Non-life)Swan GroupOwnership unverifiedFSCVerified—
The New India Assurance Company (Mauritius branch)NSE: NIACL
Branch of the Indian insurer; ownership type inferred from name; Registered as The New India Assurance Company Ltd
MauritiusGGeneral (Non-life)New India AssuranceOwnership unverifiedFSCVerified—
Indian Ocean General Assurance
Ownership not researched; Ownership type inferred from name; parent not researched
MauritiusGGeneral (Non-life)Parent not named in registerOwnership unverifiedFSCVerified—
Credit Guarantee Insurance Co
Class inferred from name; credit insurer; ownership not researched; Ownership type inferred from name; parent not researched
MauritiusXSpecialty / Credit / CaptiveParent not named in registerOwnership unverifiedFSCVerified—
Afri Life Insurance
Ownership not researched; Ownership type inferred from name; parent not researched
MauritiusLLifeParent not named in registerOwnership unverifiedFSCVerified—
Island Life Assurance Co
Ownership not researched; Ownership type inferred from name; parent not researched
MauritiusLLifeParent not named in registerOwnership unverifiedFSCVerified—
Life Insurance Corporation of India (Mauritius branch)BSE: 543526
Branch of the Indian insurer; ownership type inferred from name; Registered as Life Insurance Corporation of India
MauritiusLLifeLife Insurance Corp of IndiaOwnership unverifiedFSCVerified—
Providence Life PCC
Protected cell company, long-term; ownership not researched; Ownership type inferred from name; parent not researched
MauritiusXSpecialty / Credit / CaptiveParent not named in registerOwnership unverifiedFSCVerified—
International Assurance PCC
Protected cell company, long-term; ownership not researched; Ownership type inferred from name; parent not researched
MauritiusXSpecialty / Credit / CaptiveParent not named in registerOwnership unverifiedFSCVerified—
Guardrisk Insurance Company Mauritius PCC
Protected cell company, external business; parent inferred from name, group not researched
MauritiusXSpecialty / Credit / CaptiveGuardriskOwnership unverifiedFSCVerified—
Santam Structured Insurance PCC
Protected cell company, external business; parent inferred from name, group not researched
MauritiusXSpecialty / Credit / CaptiveSantamOwnership unverifiedFSCVerified—
SanlamAllianz General Insurance
Surviving entity of the Jubilee Allianz amalgamation (FSC notice of 17 Oct 2025, as Sanlam General Insurance Limited); parent inferred from name
MauritiusGGeneral (Non-life)Sanlam AllianzIAIGOwnership unverifiedFSCVerified—
Master Drilling Captive
Captive; listed under both captive licence types; ownership not researched; Ownership type inferred from name; parent not researched
MauritiusXSpecialty / Credit / CaptiveParent not named in registerOwnership unverifiedFSCVerified—
ProtectSure Captive Insurance Company
Captive; ownership not researched; Ownership type inferred from name; parent not researched
MauritiusXSpecialty / Credit / CaptiveParent not named in registerOwnership unverifiedFSCVerified—
Capfin Africa
Captive; ownership not researched; Ownership type inferred from name; parent not researched
MauritiusXSpecialty / Credit / CaptiveParent not named in registerOwnership unverifiedFSCVerified—
Global Insurance (Mauritius)
Captive; ownership not researched; Ownership type inferred from name; parent not researched
MauritiusXSpecialty / Credit / CaptiveParent not named in registerOwnership unverifiedFSCVerified—
Healthguard International
Class inferred from name; external insurance business; ownership not researched; Ownership type inferred from name; parent not researched
MauritiusHHealth / MedicalParent not named in registerOwnership unverifiedFSCVerified—
Expacare Insurance Company (Mauritius)
Class inferred from name; external insurance business; ownership not researched; Ownership type inferred from name; parent not researched
MauritiusHHealth / MedicalParent not named in registerOwnership unverifiedFSCVerified—
Guardrisk Life International
Class inferred from name; external insurance business; parent inferred from name, group not researched
MauritiusLLifeGuardriskOwnership unverifiedFSCVerified—

Popularity is an estimate of how often people search Google for each insurer, from 0 to 100; the bars show how confident the estimate is. Not a rating of the insurer. How the index works