Angolan insurance market grows with entry of a fifth company

28 August 2006

Luanda, Angola, 28 Aug – Mundial Seguros, a insurance company wholly owned by Angolan capital, is going to start operations in Angola at the start of September, increasing the number of insurance companies in the country to five, reported Angolan news agency Angop.

Company chairman Ricardo Sambimbi, in an interview with Angop, explained that the company will have initial share capital of US$ 6 million, which will increase to US$ 10 million in October, via authorisation of the entity that oversees the Angolan insurance sector.

The company plans to offer traditional insurance products such as coverage for automobiles, fires and work accidents, among others. Mudial Seguros also plans to have bancassurance (selling insurance at bank branches), said board member Aleixo Augusto.

Mundial Seguros wants to extend its operations all over Angola and has plans to open branches in the provinces of Huambo, Huíla and Benguela this year.

Augusto also said that the company is going to launch operations with 18 workers, mainly recent graduates, and expects to start the construction of its headquarters in the center of Luanda at the start of next year.

The project is currently in the hands of an Angolan architecture and engineering company, Augusto told Angop.

Insurance companies currently operating in Angola include Empresa Nacional de Seguros, Angola Agora e Amanhã, Global Seguros Angola and Nossa Seguros (macauhub)