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Insurance: Sector Turnover Almost Doubled in Five Years

Insurance: Sector Turnover Almost Doubled in Five Years

The Mozambican insurance sector practically doubled its production volume between 2016 and 2021, equivalent to an additional ten billion meticais, according to figures released this Tuesday, 25 July, by the Deputy Minister of Economy and Finance.

According to Amílcar Tivane, who was speaking during the seminar to review the legislation of the insurance and pension sector, in Maputo, the branch has registered “stable and moderate” growth.

“The sector’s production volume has grown remarkably, from 10.6 billion meticais to 20.2 billion meticais between 2016 and 2021,” he said.

The deputy minister also said that the insurance penetration rate in the country’s economy is “currently around 2% of Gross Domestic Product (GDP)”, stressing that, despite the encouraging results, the sector still has “numerous challenges”.

“It is important that the Government and insurance operators jointly study the best strategies to strengthen the sector in favour of a more solid, credible and inclusive market,” said Amílcar Tivane.

In addition to the increase in production volume, the Mozambican insurance sector also grew in terms of the number of operators, said the minister, noting that there was an increase from 621 in 2016 to 877 in 2021, including 21 insurers, one reinsurer, three microinsurers, seven complementary pension fund management entities and 131 insurance intermediaries.

“Currently, the insurance market has 18 insurers due to the portfolio transfer that started at the end of 2021,” said the deputy minister.

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