Angola to have reinsurance company within six months

6 November 2018

Angola’s National Reinsurance Company (AngoRe) is expected to start operating within six months, as the necessary conditions have been met, said the president of the Angolan Agency for Insurance Regulation and Supervision (Arseg).

Aguinaldo Jaime added that after conducting some studies there is already a consensus on the participation of the State and private partners, both national and foreign, and its launch will be bolstered by a very strong capital base.

“The study covers several possible scenarios, what we would like is for the company to be an important partner (…) not only in the domestic market, but also in the international market and for this it must have a very strong capital base,” he said. .

Despite acknowledging that this is an added value for the national market, the President of Arseg admitted, however, that the National Reinsurance Company is a “very expensive” project for Arseg.

“We would very much like this project to be well advanced, but since there is already broad consensus on the matter, I believe that it will be able to move forward in the next six months,” he said.

Last September, Aguinaldo Jaime formally announced that AngoRe would start operating only in 2019, “given that the business plan and the shareholder composition are still being studied.” (Macauhub)