Ver Angola

Banking and Insurance

Insurance level in the country remains low but tends to grow

The Secretary of State for Finance and Treasury said this Friday, in Luanda, that the insurance penetration rate is still low, but the trend is for growth and could reach 2.7 percent this year against 0.7 percent. percent of 2021.

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Otoniel dos Santos opened the VII Insurance Forum, promoted by the newspaper Expansão, which, in this edition, analyzes "The Impact of the New Law on Insurance Activity – The New Regulator's Statute".

According to the Secretary of State for Finance and Treasury, growth in the insurance sector has been registered consistently, noting that data from the Angolan Insurance Regulation and Supervision Agency (Arseg), for 2021, indicate that gross premiums amounted to 277 billion kwanzas.

"This was a variation of approximately 24 percent compared to 2020 and that, if this trend continues for this year, they could reach a value above 300 billion kwanzas", said Otoniel dos Santos.

The official considered the numbers reached in 2021 "a remarkable step" that confirms the growing trend and that the sector has accompanied Angolan economic growth, after five years of recession.

The insurance branch recorded, in 2021, a growth of 0.7 percent and this year it expects to reach 2.7 percent, continued the minister, stressing that the fact "increases the confidence of operators, of all those who then have to seek insurance services to be able to operate".

According to Otoniel dos Santos, the weight of the oil sector has reduced in the growth of the national economy, giving greater prominence to the non-oil sector with a greater participation in the growth rate.

In the insurance sector there is also this trend, noted the Secretary of State for Finance and Treasury.

"Until a while ago, the participation of the oil sector or the weight of the petrochemical sector was above 50 percent, now it is at 20 percent and, in fact, we have other types of insurance increasing their position in the portfolio, the life branch , health, travel and work accidents", he informed.

Otoniel dos Santos said that Angola's objective is to reach a penetration rate of 6 percent, in line with what is happening in the economies of the Southern African Development Community (SADC).

"This is a challenge to which we are all called, operators, regulators, to allow greater investment in the risks that are associated with the activity of the various activities, how they can be covered and also the services that are provided by part of these operators".

For the official, with the new general law on insurance activity, it can be "stated that, from the point of view of the environment and of what is the normative infrastructure, these conditions are created".

"With this law, the regulatory authority becomes much more autonomous in its regulatory and supervisory action, allowing it to be more efficient and quicker to respond to the market," he said.

This law brings new challenges for its operators, highlighted Otoniel dos Santos, with regard to the rules and instruments to guarantee stability to the market, greater transparency in the disclosure of financial reports, the creation of new technical forecasts, also the adoption of corporate governance models, which establish a risk management and internal control system.

Angola has a penetration level of less than 0.6 percent of the Gross Domestic Product (GDP) and a density between 6 and 14 dollars 'per capita'.

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