The Insurance Supervision Institute of Mozambique (ISSM) should continue working on updating the sector’s legislation to adapt it to the current reality and dynamics of risks in the Insurance market.
This is one of the main recommendations made yesterday by the Prime Minister, Adriano Maleiane, during the inauguration of the new president of the Insurance Supervision Institute of Mozambique, Ester dos Santos José.
Special attention, according to Maleiane, should be given to key risks related to climate change, modernisation of information and communication systems and control of money laundering.
The Prime Minister also recommended that the ISSM pay attention to promoting the growth of Life and Micro-Insurance in the country.
It is in view of this reality that we recommend that the incumbent and her team make their contribution to the improvement of policies, strategies and institutional plans with a view to ensuring the continued growth of the insured sector in our country,” he said.
The ruler also said that the incumbent should intensify literacy campaigns on the importance of insurance in maintaining household income.
“For the successful fulfilment of these and other activities, the incumbent should prioritise dialogue and permanent articulation with the various stakeholders of the insurance sector, as well as good management of the human, financial and property resources of the institution,” he continued.
Created in 2010 by the government, the Insurance Supervision Institute of Mozambique is an institution dedicated to the supervision and oversight of the insurance industry, particularly insurance companies and institutions, insurance mediation and complementary pension funds.
In the pursuit of the objectives for which it was created, the ISSM has also been ensuring the promotion of education and consumer protection, as well as ensuring the growth of the sector.
In the last five years, the country has registered 19 insurers, one reinsurer, two micro-insurers, seven complementary pension fund management entities and 161 insurance intermediaries.