Insurance premiums grow 36% in Angola between 2014 and 2018

13 January 2020

The value of accumulated insurance premiums for companies operating in Angola from 2014 to 2018 reached 582.117 billion kwanzas (US$1.190 billion), representing growth of 36% on the year, said the Regulatory Agency for Insurance Supervision of Angola (Arseg).

A report released by the Agency showed a positive and gradual trend over the years in question, and non-life branches were responsible for approximately 98% of production, with 570.731 billion kwanzas, and the life branch for the remaining 2.0% with 11.385 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 non-Life branch accounted for more than 90% of total payouts, notably accident insurance, health, travel and car insurance.

The report noted that in 2016, through Presidential Decree 39/16, the government withdrew its leadership of co-insurance of oil activities of AAA Seguros, temporarily transferring that responsibility to the state insurance company, ENSA Seguros. (macauhub)