According to a recent study by the Overseas Departments Emission Institute, the turnover of the insurance sector stood at 1,2 billion euros in Reunion in 2024, i.e. a little more than a third of the overseas insurance market.
Non-life insurance (damages and liabilities) concentrates nearly 60% of the turnover generated on the island, the rest corresponding to the subscription of life insurance. The local insurance market is dominated by three major general players, active with all customers (individuals, businesses and communities) : Groupama, Prudence Creole, and Allianz Indian Ocean. It also includes insurers more focused on individuals, associations or professionals such as Axa Assurances or Maif, without forgetting specific sectors or professions such as maritime, the armies… The banking sector also offers insurance offers to their customers in their own name, or products from local insurers.
Reunion has 485 points of sale, including almost half “general agents” (agencies) who are insurance intermediaries with a “general agent” mandate issued by a single company that they represent and who in return expect a form of exclusivity. A third of professionals are brokers (insurance intermediaries without obligation of exclusivity with one or more insurance companies), which are more present in business risk insurance.
The remaining 15% are bank agencies that sell insurance products from a specialized subsidiary of the bank or another insurer.
