Now Reading
Insurance Sector Generates Over $331M in 2023

Insurance Sector Generates Over $331M in 2023

The government has revealed that the insurance sector has seen great growth in recent times, stressing that in 2023 the insurance market will move more than 331.9 million dollars (21.4 billion meticals), representing an increase of 2 per cent compared to 2022.

“The insurance sector has seen remarkable growth and currently has 19 insurers, three micro-insurers, eight pension fund management entities, 158 brokers and 31 agents. In terms of production, more than 21.4 billion meticals were recorded,” said the Deputy Minister of Economy and Finance, Amílcar Tivane.

Speaking at the opening of the Annual Insurance Conference, he challenged insurers to create affordable products for people on low incomes and to introduce advanced technology to reach new markets.

“We need to create products and services aimed at low-income populations. We need to optimise the advent of information and communication technologies to improve access to the segments of the population that are in the most remote regions and that contribute greatly to the country’s Gross Domestic Product (GDP),” he said.

The deputy minister advised insurance companies to expand their space and pay more attention to small and medium-sized enterprises (SMEs), as well as working to improve legislation to deal with new risks, especially those linked to climate change.
On the same occasion, the chairman of the Board of Directors of the Mozambican Insurance Association, Ruben Chivale, emphasised that climate change, international conflicts, the energy transition and Artificial Intelligence indicate new times and a new order in the insurance market.

“We are currently working on the database that will help monitor risks. We’re also going to carry out an insurance market study to assess the macroeconomic context and the indicators that will have an impact on the business,” he emphasised.

“The insurance sector has seen remarkable growth and currently has 19 insurers, three micro-insurers, eight pension fund management entities, 158 brokers and 31 agents.In terms of production, more than 21.4 billion meticals were recorded”

The event, which took place under the theme “Insurance in Times of Change”, brought together various companies, the government and partners who, together, reflected on access to insurance services in the context of financial inclusion.

In June, the Bank of Mozambique (BoM) revealed that in 2023 the insurance sector’s contribution to GDP would fall to 0.39%, compared to the 0.47% recorded in 2022, emphasising that this reduction did not affect the sector’s stability.

According to the BoM’s 2023 financial stability report, the proportion of the insurance sector’s deposits in its total investments remained at around 30 per cent, similar to the previous year.

“The insurance sector’s performance has been significantly influenced by macroeconomic conditions and the development of the national banking sector. Preliminary data indicates that the insurance sector maintained a robust solvency margin in 2023, sufficient to absorb unforeseen losses and fulfil its obligations to clients,” the report described.

See Also

SUBSCRIBE TO GET OUR NEWSLETTERS:

SUBSCRIBE TO GET OUR NEWSLETTERS:

Scroll To Top

We have detected that you are using AdBlock Plus or other adblocking software which is causing you to not be able to view 360 Mozambique in its entirety.

Please add www.360mozambique.com to your adblocker’s whitelist or disable it by refreshing afterwards so you can view the site.