Mozambique’s insurance market grew 3.4% in 2025, but remains heavily concentrated in the city of Maputo and in traditional products, according to data from the Bank of Mozambique’s (BdM) 2025 Financial Inclusion Report.
According to the document, consulted on Wednesday (26), the volume of gross written premiums increased from €331 million in 2024 to €343 million in 2025. The Bank of Mozambique described the result as “expansion of the insurance market with strong concentration in Maputo and signs of provincial growth.”
Despite the overall growth, traditional insurance continues to dominate the market, accounting for 98.8% of insurance activity in 2025, while microinsurance represented just 1.2%.
According to the central bank, the weak performance of microinsurance continues to limit financial inclusion, particularly among lower-income populations.
Insurance activity also maintains a strong geographic concentration. Maputo city accounted for 75% of policies sold in 2025, up from 69.8% recorded the previous year. Maputo Province represented 5.3%, while Inhambane and Sofala each accounted for 5%. In the north of the country, coverage remains residual across several provinces.
Even so, the BdM identified signs of growth in Inhambane, Gaza, and Tete, and recorded shifts in the gender distribution of insurance uptake. In traditional insurance, women’s participation rose from 21% to 35% between 2024 and 2025, while men’s share fell from 67% to 57%.
In microinsurance, female participation also increased, from 29% to 39%, although men continue to represent the majority of clients, at 61%.
The report also highlights growth in the Life segment, across both traditional insurance and microinsurance. “Traditional insurance is becoming more gender-balanced, while microinsurance is becoming more concentrated among male clients,” the BdM concluded.
The data emerges in a context where only 17% of Mozambique’s adult population has access to any form of insurance. Prime Minister Maria Benvinda Levi recently stated that the low coverage demonstrates both the challenges and the expansion potential of the sector.
In 2025, Mozambique’s insurance penetration rate stood at approximately 1.6%. The market comprised 23 insurers, one microinsurer, one reinsurer, eight pension fund management entities, 201 brokers, and 37 agents. In the first half of 2026, insurance production exceeded €166 million, above the figure recorded in the same period of the previous year.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/26/economia/financas/bdm-seguros-crescem-34-mas-mercado-continua-concentrado-em-maputo/
