Angola will have agricultural insurance this year

28 September 2016

Angola is expected to have crop insurance before the end of the year, said Tuesday in Luanda the chairman of the Angolan Agency for Regulation and Supervision of Insurance (Arseg).

Aguinaldo Jaime, who was speaking at a conference on the role of insurance and pension funds in economic and social development, said agricultural insurance, which is under preparation, will involve Arseg, the Ministries of Economy and Agriculture and reinsurers.

The president of Arseg said agricultural insurance will protect farmers as it covers the risks associated with the activity and stressed that state intervention means insurance companies do not have to pass all these risks onto the premiums paid by the insured parties.

“There must be a division of labour between the state and the agricultural companies themselves so that it is not only the insurers that take on these risks, as if they did they would have to pass these risks onto the price of insurance and this would make it impossible to afford.”

The Secretary of State for the Budget Aia-Eza da Silva, who attended the meeting, stressed the growth that is being seen in the insurance market in Angola.

“The current challenge is to grow not in quantity but in quality and extend the range of products offered,” said the Secretary of State. (macauhub)