Talatona - The insurance sector in Angola reached more than 109 billion kwanzas in the first quarter of 2024, registering a growth rate of 30%, compared to the same period in 2023.
According to preliminary data provided to the press, this Tuesday, in Luanda, by the director of the Studies and Strategic Planning office of the Angolan Agency for Insurance Regulation and Supervision (ARSEG), César Marcelino, in relation to the year 2023, the insurance activity recorded a growth rate of 18 percent, representing a figure of 369 billion kwanzas.
César Marcelino considered the 30% rates achieved in the first quarter of 2024 to be a “historic milestone”, as it is the first time that a “satisfactory” rate has been recorded in regulatory activity.
“Starting the year already with three digits is a strong indicator that the insurance sector in Angola is rapidly rising and has high potential,” he said.
In his opinion, despite the numbers having gone from 18% in 2023 to 30% in the first quarter of 2024, the sector still contributes just under one percent to the Gross Domestic Product (GDP).
He considered that on the one hand, it may appear to be bad news, but on the other, it is an indicator that there is assured material, that is, that insurance companies will be able to provide services in search of solutions for those who seek positive results.
According to the source, who was speaking on the sidelines of the 1st Forum of Young Insurance Professionals, the health sector is profitable with 35% of production.
Following these branches, others stand out, such as the petrochemical sector, automobiles, work accidents and occupational diseases.
Asked about the slowness of insurance companies in responding to customers in the event of a road accident, he said that ARSEG has closely monitored all complaints made to insurance companies so that the customer and insurance relationship is more comfortable and viable.
On the other hand, he stated that the population's low adherence to insurance companies is due to poor financial literacy and low family income.
The insurance sector in Angola is made up of 23 companies.
ARSEG is the specialized body responsible for regulating, supervising, inspecting and monitoring insurance, reinsurance, pension fund and insurance and reinsurance mediation activities in Angola.GIZ/MAG/DOJ
