The lack of specific legislation for the payment of insurance on imported products has generated significant losses for the Mozambican state, totalling 60 million dollars in 2023. The information was shared by Isaías Chembeze, a representative of the Mozambican Insurance Company (EMOSE), Radio Moçambique (RM) reported .
Speaking during the 5th Edition of the Indico Conferences, held this Wednesday (18) in Maputo, Chembeze explained that ‘the lack of a law on insurance for imported products means that multinationals operating in the country pay for insurance abroad, resulting in financial losses for the state’, warning of the negative impact of this situation on the Mozambican economy.
Despite the lack of specific legislation, he emphasised that the country has insurers capable of responding to market demand. ‘We’ve had more insurers on the market since the 1990s, and many infrastructures have been built and insured locally, such as the Maputo-Ka Tembe bridge.’
On the occasion, the EMOSE representative also emphasised the importance of sovereign insurance in the country. ‘This type of insurance has an exposure of many millions of meticals, and is carried out exclusively by Mozambican insurers,’ added Chembeze, emphasising the crucial role that national insurers have played in protecting large investments.
The debate on the creation of a specific law is taking place at a time when Mozambique’s insurance industry is seeking to consolidate its role in the development of megaprojects and the protection of investments in the country.
