Problems in the Mauritanian insurance market
Monday, 12 12 2016, Category: Insurance and Reinsurance, Country: Africa
The Mauritanian insurance market suffers from weaknesses and the very limited number of companies operating in this sector. Additionally, citizens do not have an insurance culture and they have so far refused to buy life insurance, which they considered as uncompliant with the principles of Islamic sharia principles.
Observers say there are factors, which contributed to the bad performance of this sector such as the performance track of companies operating in the country, which usually do not pay claims promptly, the chaos prevalent in the sector, and weak insurance regulation and supervision.
Concerned parties say that insurance companies are affected by corruption due to weak supervision. Therefore, citizens do not buy insurance except when they want to obtain insurance contract documents, which are made compulsory by the government instead of willingly buying insurance and understanding its importance and role.
Source: Al Araby