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The insurance business is at a critical stage in Mauritius. There has been consistent decrease in the adoption of insurance products in part due to the high cost of living and rising unemployment rates. The young generation is not much aware of risk associated with not being insured. Nevertheless, the insurance industry continues to grow. Financial deregulation speeds up the development of the industry. Growth in income will also help the insurance business to grow. In addition, increased longevity and aging population will also spur growth in health and pension segments.
Through an in-depth analysis, we find that the emerging consumer need of young people is an aspect that insurance companies need to examine closely. This study explores this area. Using a survey, we evaluate the current insurance policies from both the young generation eyes and from the insurance managers. A series of recommendations have been provided in order to help insurance companies to better cater for the needs of the future generation.
Keywords: Insurance, Next generation, Challenges and Opportunities