Madagascar is a southeastern African island country. The country has a Human Development Index of 155 and the majority of the population live below the poverty line. The country suffers from a number of infectious diseases. The use of rapid diagnostic test kits is very low and the country lacks a diagnostic infrastructure and effective treatment. This is the major reason for the outbreak of diseases in Madagascar, especially plagues and malaria. Thus, the country lacks essential healthcare infrastructure to the general population. The healthcare structure is complex since it is underfunded and a decade earlier, the government cut down severely on social and healthcare services. The situation is further worsened due to lack of adequate midwives and nurses; the lack of adequate medicines is other reasons.
According to the Report Insurance Industry in Madagascar, Key Trends and Opportunities to 2022 gives a comprehensive overview of the Madagascar economy and demographics and details on the competitive landscape in Madagascar. The report gives a detailed analysis of the natural hazards in the market, distribution channels and the regulatory policy prevailing in Madagascar. It offers a detailed analysis of the key segments in the Madagascar insurance industry, with market forecasts to 2022. It covers an exhaustive list of parameters, including written premium and claims, analyses the various distribution channels in Madagascar and profiles the top insurance companies in Madagascar, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein. The key market players in Madagascar insurance market are Saham Assurance, Mutuelled’ Assurance Malagasy, Compagnie Malgache d’Assurances ET de Reassurances NY Havana, Compagnie d’Assurances et de Reassurances Omni branches and Allianz Madagascar.
Though the Malagasy government has acknowledged the situation, many changes are yet to be implemented in terms of forming a national policy and gearing up the proposed initiatives. However, few private health centres have groomed up with the help of NGOs. Many solutions are provided by various experts- setting up various points of contacts that need to be staffed appropriately and adequate infrastructure for health care for basic diagnostic capacity. It is viewed that this could help in giving way for private health insurance schemes and state-led health subsidies.
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Ankur Gupta, Head Marketing & Communications