ARSEG revealed that Ensa is the largest insurance company in the country, with 34 percent market share, in 2018. It is followed by Saham with 15 percent share and in third place is Fidelidade Angola with 10 percent market share.
In the top ten are Nossa Seguros (8 percent), Global Seguros (7 percent), Bic Seguros (4 percent), Prudencial Seguros (4 percent), Tranquilidade Angola (3 percent), Bonws Seguros (3 percent) and Fortaleza Seguros (3 percent).
The agency also concluded that the ten largest insurance companies in the country account for 92 percent of production, with only the five largest companies accounting for 75 percent of production volume. These conclusions indicate that the insurance sector is crucial for the economic development of the country.
According to the study, which analysed the insurance industry between 2014 and 2018, the insurance sector grew despite the fact that the economy was "affected by the oil sector crisis". However, despite the positive results, the agency concluded that "there are areas to improve, namely the levels of penetration in the economy and density in society" which are still "low when compared to other economies where this sector is more mature".
But let's talk about numbers: the life branch accounted for only 2 per cent of production in 2018, with the non-life branch representing the remaining 98 per cent. According to ARSEG, within this latter branch, accidents, diseases and travel were the most prominent, accounting for 54 per cent of production.
The total combined ratio - which relates the "weight of compensation, structure costs and commissions on the value of premiums issued" - increased from 64 per cent in 2015 to 85 per cent in 2018. Despite the growth, the figures indicate that there is a "deterioration in insurance companies' business margins".
As for net income, the figures are not favourable. In 2018, the results were negative due to the strengthening of non-technical provisions and exchange rate effects, the document states.
To learn more you can consult the study here.
