The Angolan insurance market has maintained sustained and accelerated growth since it was liberalised in 2000, indicates a study by the KPMG consultancy and auditing firm released on Monday in Luanda.
The “Analysis of the Insurance and Pension Funds Sector in Angola” presents data on the sector’s evolution during the period from 2008 to 2010. It asserts that among other indicators the growth is reflected by the shift from one single insurer to the current ten, with five more undergoing the licensing process.
The mediation and brokerage framework has likewise grown and there are now 21 firms operating and another 11 awaiting licences.
The document indicates that since the reference period the insurance sector has been marked by “strong growth, higher than the economy’s, though the penetration rate is lower than in other markets”.
As with the penetration rate (premium/GDP), density (premium/population) has also increased, despite the low figure of US$49.6 per inhabitant recorded in 2010.
Regarding pension funds, whose contributions grew from 4.0% in 2009 to 5.9% in 2010, the study shows that assets under management increased again in 2010, rising to 41.6 million kwanzas, for growth of 28.7% compared to 2009.
In 2010 the market penetration rate (value of funds/GDP) stayed relatively low at the same level as in 2009, the study indicates, stressing that it was not more than 0.5% of GDP. (macauhub)