Insurance activity in Angola up sharply

19 April 2013

Insurance activity in Angola has posted significant growth following publication of the General Law on Insurance Activity, the head of the Universal Seguros company said in Luanda.

Magalhães Correia specified that between 2004 and 2010 the market grew by about 185 percent, resulting in a non-life insurance market of approximately 90 billion kwanzas (US$935 million) in 2011.

“Future prospects remain promising, with estimates that the insurance market should grow by 15 percent on average between 2012 and 2019 due to the economic recovery, rising population, purchasing power and heightened awareness of people and companies about the need to have insurance,” he said during the Thursday opening of a new company office.

He explained that in this first year of activity, his company had achieved production of nearly 1 billion kwanzas and that the premiums issued are in line with the insurer’s expectations. The aim for 2013 is to double production to 2 billion kwanzas.

The main shareholder of Universal Seguros is Fidelidade – Companhia de Seguros, a firm pertaining to the Grupo Caixa Seguros e Saúde, SGPS, of Portugal’s state financial group Caixa Geral de Depósitos, for the insurance area. (macauhub)