Ver Angola

Banking and Insurance

Insurance market premiums grow 24 percent

According to a study by the Association of Insurance Companies of Angola (ASAN), which included 16 insurance companies out of 23 who operated in the market in 2020, the volume of premiums estimated for the market as a whole was 231,674 million kwanzas, representing a growth of 23.9 percent compared to the previous year.

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According to José Araújo, ASAN's executive director, the premiums of these 16 insurers represented 97.44 percent of the total market in 2019, according to data announced by ARSEG.

The Health, Petrochemical, Occupational Accidents and Automobile branches stood out, with relative weights of 39.7, 19.1, 10.8 and 9.2 percent, respectively.

Next, the branches with the highest weight are Other Damage in Things, Fire and Transport, with a combined weight of 15 percent.

According to a statement sent to VerAngola, the insurance market continues to show a very high degree of concentration, which translates into a relative weight of the five largest insurers in the sample of 76.8 percent, of 15.8 percent of the five insurance companies below and 7.4 percent of the remaining six.

The insurance penetration rate (Premiums / GDP) had a positive evolution in 2020 (from
0.60 per cent in 2019 to 0.73 per cent) as a consequence of a percentage increase in the volume of premiums above that of the estimated growth in nominal GDP in kwanzas.

With regard to claims, considering data from a sample of insurers that accounted for 83.75 percent of the market in 2019, the overall claim rate remained relatively stable from 2019 (40.99 percent) to 2020 (42, 46 per cent), with a reduction in the accident rate in the automobile industry from 46.30 per cent to 39.95 per cent.

It should be noted that Aliança Seguros, BIC Seguros, Bonws, Confiança, Ensa, Fidelidade, Fortaleza, Global Seguros, Nossa, Mundial, Protteja, Prudencial, Saham, SOL Seguros, Tranquilidade and Trevo Seguros were the insurers that were part of this study.

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