The Insurance Industry in Angola, Key Trends and Opportunities to 2018

Date: 2015-09

Angola is the fifth-largest economy in Africa and is one of the fastest-growing economies globally, with an annual GDP growth averaging 11.6% during 2002โ€“2011. according to IMF. The Angolan economy is highly dependent on the oil sector, which in 2012 accounted for 46.0% of GDP and 96.0% of exports. The country is the second largest oil producer in Africa after Nigeria. Led by stable economic growth and a progressive regulatory environment, the Angolan insurance industry (which is the sixth-largest in Africa, in terms of gross written premium) witnessed a strong growth during the review period (2009โ€“2013). This was primarily driven by the non-life segment, which accounted for 63.6% of the insurance industry gross written premium in 2013. Several insurance companies entered the countryโ€™s insurance industry in that year, attracted by its growth potential and low penetration rate, which stood at 0.91% โ€“ compared with the average African rate of 3.9%. GA Angola Seguros was the first foreign insurance company to enter the Angolan insurance industry, obtaining a license in 2005. There is lack of awareness among consumers, especially regarding saving and investment life insurance products, which is a major reason for low insurance penetration. The countryโ€™s insurance industry is regulated and supervised by the Institute of Insurance Supervision of Angola (ISS) under the Ministry of Finance. Over the forecast period (2013โ€“2018), expansion of economic activities, high infrastructure investment, increasing life expectancy, improving regulatory environment and a rise in awareness among consumers will be the major driving factors of growth.

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