Insurance premiums in Angola increase from US$86 million in 2011 to US$800 million in 2010

23 November 2011

Luanda, Angola, 23 Nov – The value of insurance premiums in Angola increased from US$86 million in 2001 to US$636 million in 2009 and US$800 million in 2010, Finance Minister Carlos Alberto Lopes said Tuesday in Luanda.

Speaking at the opening ceremony of the 15th Annual Conference and 8th Annual General Meeting of the Association of Portuguese-speaking Insurance Supervisors (ASEL), underway in Luanda, the minister said that pay oust increased from US$62 million in 2001 to US$155 million in 2010, with incident rates varying between 20 percent and 30 percent.

The minister also noted that the pension fund segment had also developed rapidly and that Angola now had four specialised companies managing 21 pension funds, as well as one insurance company managing two pension funds.

Cited by Angolan news agency Angop, Lopes said that the pension funds had total assets of US$358 million in 2009, reflecting annual contributions of US$96 million and paid out pensions of US$42 million.

Based on the figures presented, the Finance Minister said that the room that the Angolan economy had to develop the insurance and pension funds markets was immediately clear. He noted this was of great importance to the country’s macroeconomic planning.

East Timor currently ahs the presidency of ASEL and at the end of the current conference Angola will take on the presidency of the association.

The 15th conference is attended by representatives from Angola, the Macau Special Administrative Region, Portugal, Cape Verde, Sao Tome and Principe, Mozambique and Brazil. Guinea Bissau is not attending. (macauhub)