Luanda, Angola, 7 Aug – Angola’s insurance market has excellent prospects for expansion in the coming decade, an official from Portugal’s insurance industry regulator has said.
Fernando Nogueira, chairman of the Management Committee of the Portuguese Institute for Insurance Inspection, said Monday that the healthy growth prospects for Angola’s sector were due to positive macroeconomic indicators and the creation of a stock exchange in Luanda.
The insurance sector is vital to the development of any state, noted Nogueira, and Angola is no exception to this rule. Growth of the sector is an incentive to investment as it encourages innovation and the creation of stable conditions, as well as stimulation of the financial sector, he added.
Portugal’s Institute for Insurance Inspection estimates that the total premiums received by Angolan companies rose from US$ 86.7 million in 2001 to US$ 362 million in 2005. (macauhub)