The chairman of the executive committee of Nova Sociedade de Seguros de Angola (Nossa Seguros), Alexandre Carreira, said this Wednesday that the insurance penetration rate in Angola "is less than 1 percent, a very low rate compared to the average for SADC [Southern African Development Community]".
The average insurance penetration rate in SADC "is between 2 percent and 3 percent," he said.
"This proves that with the little money we have, we can consume more insurance, use more insurance, there are tremendous opportunities for growth and one of the most obvious opportunities has to do with life insurance, we have very successful examples in Africa," said the responsable.
For the president of the insurer, the country faces many challenges in the field of low penetration rate of insurance, also defending the "strengthening of financial literacy and insurance culture" to reverse the situation.
"There is an effort here that we, as a country, have to make when it comes to financial literacy, insurance culture, there is an effort here that we as a country have to make because here we can already think about school textbooks, for example", he stressed.
According to the official, who was speaking at a press conference to present the insurer's results for the year 2021, the topic of micro insurance is also very relevant when talking about the low penetration of insurance.
Alexandre Carreira recalled that a substantial part of the population has low incomes, considering that the reach of these people must go through the implementation of micro insurance.
"We have to make this move, we have to reach this layer of the large population with low incomes and I think that the new Law on Insurance and Reinsurance Activity is already in the sense of regulating this activity", he stressed.
Mandatory insurance, noted the president of Nossa Seguros, is also a topic "very relevant and very important to increase the penetration rate".
"We have to ensure that people actually comply with, do and have mandatory insurance", he defended.
"We have data that less than 20 percent of vehicles that circulate on public roads have mandatory civil liability insurance, if we increased that percentage we would also have significant gains in terms of the penetration rate", he noted.
Angola currently has 22 insurance operators on the market and eight pension fund management companies.
