Ver Angola

Banking and Insurance

Car insurance premiums charged in Angola totaled 34.4 billion kwanzas in 2023

The volume of premiums in the car insurance segment charged by insurers operating in Angola reached 34.4 billion kwanzas in 2023, the sector association announced this Tuesday.

: Ampe Rogério/Lusa
Ampe Rogério/Lusa  

According to João Sena, a member of the Association of Insurers of Angola (ASAN), business volume is still low, as only 18 percent of the two million vehicles circulating in the country have mandatory automobile insurance.

The official added, on the other hand, that compensation is increasingly expensive, "because health and repair costs have increased".

The market share that car insurance represents in the insurance universe is 9.25 percent, while in other countries it is around 30 percent, added the director of one of the insurance companies that operates in Angola, indicating that, in the field of accidents, insurance companies paid compensation worth around 20.6 billion kwanzas.

The average annual price of mandatory motor third party liability insurance is around 30,000 kwanzas, as ASAN members said this Tuesday, but only 365,944 vehicles circulating in Angola are insured.

This Tuesday, ASAN expressed concern about the low level of adherence among motorists to this insurance, considering that the scenario is "dramatic".

João Sena also reported that, in 2023, a total of 17,549 claims cases were opened and 13,780 cases were closed in the same period, which corresponds to 79 percent of resolved cases.

For the person responsible, the idea that insurance companies do not resolve, take a long time to settle claims and that they leave many claims open contrasts with the number of cases resolved.

"This idea is wrong, because in one year all the claims that were opened in that period, 78.5 percent of them were closed. This closure rate is good anywhere in the world, it shows that the system is working well", concluded the car insurance specialist.


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