"We estimate that only 15 percent of vehicles in circulation are insured", he said, at a press conference in which the accounts of the largest Angolan insurance company for 2021 were presented.
"It's not about what insurers are losing, but what society is losing, in terms of assets, bodily harm, etc. Of course, if everyone had insurance, insurers would be able to present better results, we would have a more resilient sector, more strong", said the president of ENSA.
Carlos Duarte admitted that the economic crisis also weighed on the sector: "we went through a recessive period in which purchasing power was affected and insurance also weighs on these options", he said, being more optimistic about 2022, the year in that the economic authorities expect the recessive cycle of the last 6 years to be interrupted.
"There is a direct correlation between economic growth and insurance penetration rate", so this trend should be reversed, he pointed out.
"But there needs to be more incisive action on the part of the supervisory authorities," he added.
The insurer, whose first privatization phase is about to be completed, recorded an increase in gross premiums written in 2021, a reduction in claims and the claims rate, which fell from 55 to 40 percent, a decrease in expenses and an increase in assets.
Gross premiums (commercial premium plus contract issuance expenses) issued amounted to 97.8 billion kwanzas and car insurance recorded a significant growth of around 36 percent, according to the company's accounts.
Petrochemical insurance grew 12.5 percent over the previous year and health insurance, 14.1 percent, maintaining a 39 percent weight in total gross premiums.
The value of premiums in collection (they largely correspond to premiums in collection negotiated for settlement in installments) amounted to 12.6 billion kwanzas, while claims costs totaled 39.1 million kwanzas.
