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Insurance Sector Declined 6.6% in First Half of 2022

Insurance Sector Declined 6.6% in First Half of 2022

In the first half of 2022, the insurance sector in Mozambique saw some falls due to the domestic economic environment, affected by the worsening risks and uncertainties resulting from the intensification of military instability in the northern part of the country and the conflict between Russia and Ukraine.

In the period under allusion, according to data recently made available by the Bank of Mozambique in the Financial Stability Semi-Annual Bulletin, the overall production of the insurance sector in Mozambique decreased by 6.6%, by moving from 4.9 billion meticais in June 2021 to 4.5 billion meticais in June 2022.

a d v e r t i s e m e n t

“Contributing to the poor performance of insurers was a drop in demand from companies, with greater expression for subscriptions for insurance services, particularly with regard to fire, work accidents, motor, general liability and marine insurance,” the report details.

According to the same document, with regard to the overall structure of the insurance sector, the non-life branch continues to represent the largest share of the insurance market, standing at over 80%.

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