Banking and insurance in Angola start operating together

13 August 2018

The link between the banking and insurance sectors, which is already happening in other countries, is becoming a reality in Angola, and will be an advantage in attracting more customers to the insurance market, the president of the Angolan Insurance Regulation and Supervision Agency (Arseg) said on Friday.

Aguinaldo Jaime, speaking on TV Zimbo’s Grande Entrevista programme, said commercial banks are beginning to understand that it is positive to have an alliance with the insurance sector, with several banking institutions already starting to set up their own insurance companies.

The president of Arseg added that the capital of US$10 million needed to open an insurance company in Angola, is a significant value considering the crisis the country is experiencing.

He stressed, however, that there are Angolan business people willing to use their savings to set up new insurers, an initiative that the insurance regulator applauds as it shows confidence in the future of the economy.

The insurance business in Angola has existed since 1922 and at the end of the colonial period there were 26 licensed insurers. There are now 27 insurance companies operating in the life and non-life sectors.

The sector includes 56 brokerages, 399 insurance fund managers and six pension fund management companies along with three insurance companies jointly managing 26 funds, according to the Arseg website.

Arseg is working to create conditions for the launch this year of the National Reinsurance Company (AngoRe), which is expected to take on a large part of the risks that are assigned to the international reinsurance market. (macauhub)