Rich in history and ancestral lineage, the Mauritius Banking Sector has been at the service of the economy since 1838. Mauritius prides itself as having the oldest banking institution of the south of the Sahara, and one of the oldest banks of the Commonwealth.
Today, the Mauritius IFC boasts a mature and well-regulated banking sector which is made up of 20 domestic and international banks. All the banks are licensed by the Bank of Mauritius to carry out banking business locally and internationally. Besides traditional retail banking facilities, the banking industry in Mauritius is characterized by offering specialized services such as fund administration, private banking, structured trade finance, Islamic banking, investment banking and custody services.
Mauritius is home to some of the biggest and most reputable international banks which actively carry out international cross border activities. In addition, banks in Mauritius are adequately capitalized with an aggregate capital adequacy ratio of 18.5% which is well above the regulatory minimum of 10%.
Mauritius has a well-established insurance sector, which is regulated and supervised by the Financial Services Commission (FSC) under the Insurance Act 2005. The current regulatory framework is aligned with the International Association of Insurance Supervisors (IAIS) standards and principles and has many strong elements focusing on specific regulatory issues relating to capital adequacy, solvency, corporate governance, early warning systems and the protection of policyholders.
As of September 2019, the insurance sector accounts for a growth rate of 4.9% and currently contributes to 2.5% of the Mauritian economy. Insurance companies in Mauritius offer various services and products which include property and casualty insurance, motor insurance, financial risks, aviation insurance amongst others.