The Mozambican Insurance Company (EMOSE) has injected 657 thousand dollars (41.5 million meticals) into the state coffers, the amount corresponding to the profits made in 2024. The announcement was made by the chairman of the institution’s board of directors (chairmans), Janfar Abdulai, who was speaking to the press after addressing the opening ceremony of the 39th National Meeting of Managers and Executives (RNGQ), which has been taking place since Monday (17) to Tuesday in Maputo, in the south of the country.
According to O Económico, this is a significant milestone for the insurance company, which is once again distributing dividends after a period of difficulties.
‘For some time, the company was unable to distribute dividends. Now we can, which reflects EMOSE’s financial strength. The company has recorded a positive technical result, which allows for this kind of financial redistribution,’ said the chairmans.
Among the points discussed at the meeting, the company highlighted agricultural insurance, which is currently being implemented in Zambézia province, in the centre of the country. However, he recognises that there are significant obstacles to the expansion of this service, above all due to the lack of funding for the development of agriculture.
‘Farmers don’t have enough resources to take out insurance. We are studying models to make the service more accessible and to make people aware of its importance.’
Agricultural insurance essentially aims to minimise the producer’s financial losses in the event of natural disasters
Agricultural insurance allows producers to be compensated in the event of losses caused by torrential rain, floods, droughts or fires, and prices for the service at EMOSE vary between 3% and 15% of the cost of producing the crop. The company hopes that, once the necessary adjustments have been made, the product can be expanded to other regions of the country.
With regard to the progress of the digitalisation of EMOSE’s services, a process that began two years ago and is now in its final stages, Abdulai says that ‘we are in the final stages of the process and hope to complete it by the end of this year’.
The digital modernisation of the insurance company is seen as a fundamental step towards streamlining and optimising the services provided to clients, guaranteeing greater efficiency and accessibility.
Strategic assessment for the coming years
At the National Managers and Staff Meeting, the institution’s directors and representatives from the country’s various provinces are assessing the implementation of the 2023-26 business plans, including post-election recovery strategies and the main structuring projects underway at the company.
The redistribution of dividends, the commitment to agricultural insurance and digital modernisation confirm EMOSE’s commitment to strengthening its position in the Mozambican insurance sector and contributing to the state’s financial stability. However, the company’s ability to sustain this growth will depend on the evolution of the economic environment and the market’s response to the new initiatives.
