Five of the 28 insurance companies operating in Angola accounted for 75% of insurance premiums issued in 2018, or an estimated 104.842 billion kwanzas (about US$214 million), according to a study of the Regulatory Agency for Insurance Supervision of Angola (Arseg).
The five companies in question are the Ensa Seguros, Saham Angola, Fidelidade Angola, Nossa Seguros and Global Seguros which over the last five years recorded total estimated production of 451.782 billion kwanzas (US$925 million).
The study entitled, “The insurance industry and pension funds in Angola – 2014/2018,” also indicates that in the last year of the period the 10 leading insurers (which include Bic Seguros, Prudencial Seguros Tranquilidade Angola, Bonws Seguros and Fortaleza Seguros) accounted for 92% of the market and totalled 139.726 billion kwanzas.
In the period under review (2014/2018) the sector paid out 6.269 billion kwanzas to holders of life insurance and 255.648 billion to holders of non-life policies, according to the same document.
The report from Arseg mentions that, in this period, the value of payouts grew by around 65%, increasing gradually, with the exception of 2015 and 2018, in which there were slight drops.
The non-Life branch accounted for more than 90% of total payouts, notably accident insurance, health, travel and car insurance.
The document presented an analysis of the economic situation, financial and asset management of the sector, as well as its position in the national and international context. (macauhub)