Regulator aims to match insurance penetration rate in Angola with that of Africa

28 September 2018

The Angolan Insurance Regulatory and Supervision Agency (ARSEG) plans to ensure that the penetration rate of insurance in the Angolan economy matches the 3.0%average in Africa as a whole, said the ARSEG president.

Aguinaldo Jaime was speaking at the opening session of the first edition of the Insurance Fair, and said ARSEG would seek to raise awareness among families and companies to adopt the insurance culture so that the rate of penetration in the economy can rise from 1.0% to 3.0%.

The president of ARSEG, quoted by Angolan news agency Angop said that in order to achieve that goal it is necessary to continue to focus on modernising and improving the regulatory framework of the sector and methods of supervision, as well as training of human resources, both at the regulator and at the operators.

Angola’s first Insurance Fair , under the motto “Arseg for a strong and sustained regulated sector,” which runs from 27 to 29 September is organised by the Ministry of Finance, through the Angolan Insurance Regulatory and Supervision Agency (ARSEG).

The insurance market in Angola has 26 licensed companies, four pension fund management companies, 74 mediation companies and 634 insurance agents and individuals.

ARSEG is the specialised agency responsible for regulating, supervising and monitoring the insurance, reinsurance and pension fund activities in Angola. (macauhub)