Madagascar

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

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 

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.