Angola Insurance Report Q1 2014 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-02 14:35:04
Many of the trends in Angola´s insurance sector are very positive. Since 2000, the government has encouraged a gradual process of liberalisation, in a sector that is seen as an important adjunct to the energy/petrochemicals sector. Premiums have risen rapidly in absolute terms, thanks to the surge in economic growth since around 2005. New entrants are being registered. The regulator is being strengthened. Unusually for what is still an under-developed market, non-life insurance is well balanced between industrial risks (in the local energy/petrochemicals sector), auto-related lines and accident & health/travel covers.
Nevertheless, challenges persist. A quasi-protectionist approach by the government means that foreign insurers have yet to establish an on-the-ground presence. Nor have they appeared as technical partners of the local insurance companies, bringing know-how and innovation and, potentially, access to global capital.
In a rapidly expanding sector, there is a shortage of skilled personnel. Worse, none of the insurers have scale in anything other than a local context. We think that ENSA, the former state-owned monopoly, and AAA, the offshoot of national energy group Sonangol, together account for 60-75% of total premiums: however, both firms are small by international standards. For all Angolan insurers, cession rates are high: around half of gross written premiums are paid as outwards reinsurance. Until ENSA´s reinsurance subsidiary ANGO RE is fully operational, the Angolan insurers will be vulnerable to increases in prices in the global reinsurance market.
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