Insurance market continues to grow in Angola

29 September 2017

The insurance market in Angola has grown steadily and the current challenge is to sustain this trend, the president of the Angolan Insurance Regulatory and Supervision Agency (Arseg) said recently.

Aguinaldo Jaime, speaking at a ceremony commemorating the fourth anniversary of the agency on Wednesday, said this year the focus would be on applying the law on Import Insurance of Goods and the entry into operation of the National Reinsurance Company (AngoRe).

“The study carried out by Arseg and the African Reinsurance Corporation (Africa Re) is ready and has already been submitted to the Ministry of Finance for consideration,” said the president of the Angolan regulator, according to Angolan state daily, Jornal de Angola.

Jaime noted that the agency will continue to adopt measures to make the insurance and pension funds market increasingly efficient and guarantee protection of consumers and third parties.

More than 10 insurance companies received authorisation to operate in 2015 and 2016, including Providencial Royal Seguros, Fortaleza Seguros, Glinn Seguros, Stas Seguros and Master Seguros.

The most recent insurer to be authorised was Sol Seguros, linked to Banco Sol. The Angolan market has over 24 insurance companies licensed by Arseg. (macauhub)