Angola’s National Reinsurance Company starts operating in 2018

7 June 2018

Angola’s National Reinsurance Company (AngoRe), which is expected to retain a significant portion of the risks that are assigned to the international reinsurance market, is expected to start operating this year, said the chairman of the Angolan Insurance Regulatory and Oversight Agency (Arseg).

Aguinaldo Jaime stressed that the business plan and the shareholder structure are currently being defined so that AngoRe can be put into action quickly, given that it is a priority to ease pressure on the country’s foreign reserves.

The president of Arseg, who was speaking at the 2nd edition of the Oil Insurance Forum, said that restructuring of the insurance market of the oil sector had allowed the country to make great savings in terms of foreign exchange.

“ARSEG has advised that insurance companies internally enter into co-insurance schemes, sharing the risks among themselves and not just with the international reinsurance market, always taking into account the capacity of our market and without jeopardising important assets of our economy on which much of the national reconstruction efforts depend,” he was quoted as saying by the Angolan news agency.

The OIl sector in Angola has made practically no claims in the last 15 years, and has therefore not penalised insurance companies, with Jaime acknowledging that “Angola has been blessed by the fact that there were no major oil accidents.” (macauhub)