Mozambican state insurance company Empresa Moçambicana de Seguros plans to set up another insurer to broker the provision of insurance services to companies that explore natural resources, the company’s chief executive said in Maputo.
Antonio Carrasco, speaking at the meeting of the Advisory Board for the Institute of Management of State Holdings, noted that insurance in the oil and gas sector had “extremely expensive” premiums.
“This is a giant business, and we intend to set up e creation of Moçambique Seguros to retain a percentage of that wealth in Mozambique,” said Carrasco, according to Mozambican daily newspaper Noticias.
The CEO of Empresa Moçambicana de Seguros said the articles of association of the new company had been presented to the government, pending the approval of the Management Institute of the State Holdings and state oil company ENH.
Noticias said the government had found financial problems at the Mozambican insurer and demanded reforms for the company to return to profit, which included renewing its staff and equipment.
The entry of foreign insurers in the Mozambique market led to the Mozambican state insurance company losing its leadership position in the sector and fall into second place. (macauhub/MZ)