Angola’s insurance sector sees average annual growth of 16 pct

10 December 2014

Over the last five years the insurance sector in Angola has grown an average of 16 percent per year, the president of Angolan insurance company ENSA, Manuel Gonçalves said recently in Luanda.

On the sidelines of the 7th edition of “ENSA Gold” a meeting with the company’s directors to analyse fulfilment of targets sets for 2014, Gonçalves production (value of premiums) in the last five years had grown at an average of 8 to 10 percent per year.

This year, the president of ENSA said, there were a number of limiting factors that could affect growth, which still will not be less than 8 percent, according to Angolan news agency Angop.

Currently, the product with the highest weight on the insurance portfolio, in terms of gross premiums, is health insurance, with 40 percent of the total, followed by accidents at work and travel insurance.

Recent studies point to ENSA as leader of the insurance market in Angola with a share of over 50 percent.

The ENSA group consists of two subsidiary companies – ENSA (insurance) and ANGO RE (reinsurance) and has interests in over 10 companies in the real estate, hospitality, services and trade sectors (macauhub/AO)