Insurance market in Mozambique is growing

30 March 2016

The insurance sector in Mozambique has grown in recent years and the country currently has 18 insurance companies and more than 64 brokers, said recently the president of the Mozambican Insurance Supervision Institute (ISSM).

Otilia Santos, cited by daily newspaper Notícias, aid the insurance market in Mozambique is relatively young but that in recent years the number of operators has grown significantly, as has the number of policyholders and the amount of premiums paid.

The president of the ISSM noted that the increase seen in the insurance business “is due in part to the efforts made by operators because, in addition to signing contracts, they educate and inform the general public.”

Santos, who recently spoke in Maputo, said that since 2010 the Mozambican Insurance Supervision Institute had received 40 complaints from customers of different insurers.

Most of the complaints she said, concerned the delay in compensation payments and the alleged low amount paid in various claim situations. (macauhub/MZ)