Insurance premiums in Mozambique reach US$116 million in 2015

18 August 2016

Gross premiums charged by insurance companies operating in Mozambique amounted to 9.379 billion meticais (US$116 million) in 2015, according to a statement from the Mozambique Institute of Insurance Supervision (ISSM).

Non-life insurance is still the main type of insurance taken up in Mozambique, despite a slight decline in the growth rate in the period under review, reducing its share from 86% in 2014 to 81.9% in 2015.

In turn, Life insurance increased from 14% in 2014 to 18.1% in 2015.

The ISSM also said that global production of the insurance market in 2015 grew by 10.1%, highlighting the life branch that has grown over 20% over the past three years.

The penetration rate of insurance in Mozambique last year reached 1.58%, which is an increase of 0.03 percentage points over 2014.

The ISSM also said the insurance market report will become part of the result of the technical account, an innovation intended to improve statistical data on the sector’s performance in Mozambique.

The ISSM noted in a statement that in addition to the results of the technical account, the report will include information on the supervision of insurance market conduct and financial insurance education. (macauhub/MZ)