Ver Angola

Banking and Insurance

Insurance market turnover grew by 13 percent in 2022

The insurance market's turnover grew by around 13 percent last year. According to a study carried out by ASAN – based on data from 17 insurance companies out of a group of 21 that operated in the market last year – the turnover was 313,549 million kwanzas, reflecting growth of 12.87 percent compared to the year previous.

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"According to a study carried out by ASAN, based on data from 17 insurers out of a universe of 21 that operated in the market in 2022, the estimated turnover (known as volume of premiums in technical insurance jargon) for the market as a whole was 313,549 million kwanzas, representing a growth of 12.87 percent compared to the previous year", reads a statement sent to VerAngola.

According to José Correia de Araújo, executive director of ASAN, the premiums of the 17 insurance companies "represented 99.57 percent of the entire market in 2021".

Thus, analyzing the historical evolution since 2017 of the business volume of insurance companies, it is possible to observe a growth trend in terms of premiums: in 2017 premiums were 123,821 million kwanzas, with a variation rate of 20.87 percent; 2018 registered premiums of 139,727 million kwanzas (rate of 12.85 percent); 2019 had 182,499 million kwanzas (30.61 percent); 2020 with 230,503 million kwanzas (26.30 kwanzas); 2021 recorded 277,798 million kwanzas (20.52 percent) and 2022 with 313,549 million kwanzas (12.87 percent).

According to the statement, the lines of insurance with the largest market share last year were health (38.65 percent), petrochemicals (15.52 percent), automobiles (9.34 percent) and accidents at work (8.91 percent).

"Next, the branches with the greatest weight are other damage to things, fire and transport with a combined weight of 13.23 percent", the statement also reads.

The life branch, adds the note, "had an extraordinary growth" last year "with the development of products associated with bank consumer credit and increased its market share from 2.84 percent in 2021 to 8.10 percent cent in 2022".

In terms of the estimated market shares of the various insurers in 2022, ENSA stands out with 30.12 percent. It is followed by Nossa with 14.14 percent and Fidelidade with 11.74 percent.

Also noteworthy are Sanlam (10.92 percent), Mundial (6.09 percent), BIC Seguros (4.19 percent), Aliança (3.63 percent), Fortaleza (2.83 percent), Global (2.79 percent), Protteja (2.76 percent), Stas (2.74 percent), Trevo (1.93 percent), Prudential (1.79 percent), Tranquilidade (1.61 percent) percent), SOL Seguros (1.42 percent), Giant (0.79 percent), Confiança (0.09 percent) and others (0.42 percent).

With regard to the "loss ratio, considering data from a sample of insurers that represented 91.98 percent of the market in 2021, the global claims rate had a considerable reduction from 2021 (37.98 percent) to 2022 (33.18 percent), essentially because of the substantial reduction in claims in the petrochemical, fire, other damage to things and transport sectors", the note advances.

"Of the other branches, it is worth highlighting the relative stability of the accident rate in the health branch (59.50 percent in 2021 and 60.67 percent in 2022) and the growth in the automobile branches (from 35.82 percent to 45. 56 percent) and accidents at work (from 28.45 percent to 45.37 percent)", reads the statement.

The study sample is composed of the insurance companies Aliança Seguros, BIC Seguros, Confiança, ENSA, Fidelidade, Fortaleza, Giant, Global Seguros, Nossa, Mundial, Protteja, Prudencial, Sanlam, SOL Seguros, STAS, Tranquilidade and Trevo Seguros.

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