Insurance premiums in Angola up 13.6% in 2017

5 November 2018

The value of insurance premiums charged by insurance companies operating in Angola totalled 116.397 billion kwanzas (US$380.2 million), according to figures released at the 3rd Insurance Forum “Reinsurance and Co-insurance.”

The data released during the event organised by Angolan newspaper Expansão last week in Luanda, showed that the value of the premiums registered annual growth of 13.6%, as in 2016 it stood at 102.433 billion kwanzas ( US$334.6 million).

The highest premiums were those related to accident, health and travel insurance, accounting for 55.42%, followed by the auto insurance, with 18.95% and the petrochemical industry, with 6.77%.

Life insurance premiums accounted for 1.63% of the total, while civil liability premiums reached 1.43%, according to the Angop news agency.

The Supervision and Inspection director of the Angolan Agency for Regulation and Supervision of Insurance (Arseg), Silvano Pinto Adriano, also reported that in 2017 compensation amounting to 67.790 billion kwanzas (US$221.4 million) was paid, against 47.940 billion kwanzas in 2016.

The overall loss ratio increased by 28.4%, said the Arseg official, who pointed out the 250% increase in the Fire segment due to large claims from factories and commercial areas in Luanda. (macauhub)