27 June 2014

Mozambique: New Insurance Company Launched

Maputo — A new Mozambican insurance company, Diamond Insurance, was launched in Maputo at a ceremony on Thursday.

The main shareholders are Zimbabwean. The company's chairperson, Jose Viegas (who is a former chairperson of the national airline, LAM), told AIM that between them Nicoz Diamond, Zimbabwe's largest short term insurance company, and the ABC Bank, hold 40 per cent of the shares. The largest Mozambican shareholder is businessman Antonio Costa with 20 per cent.

Describing itself as “the fruit of a partnership between Mozambican and Zimbabwean business people”, Diamond says it pledges to be “a dynamic insurance company which intends to stake out an increasing place for itself in the national market”.

Viegas said it will “offer solutions for short term solutions, with the vision of becoming a reference point in the market”.

Innovation was one of the company's key values, he added, and it would seek to provide clients with “alternative solutions”.

Diamond, he said, is the first insurance company in the country to offer agricultural insurance. It also offers marine hull and cargo insurance, as well as all types of vehicle insurance, and home and office insurance.

It does not offer any life insurance policies.

The chairperson of the Insurance Supervision Institute, Otilia Santos, told the guests that Diamond is the 15th insurance company authorised to operate in Mozambique.

“We are convinced that Diamond Insurance, in exercising its activity, will contribute to achieving the goals of the Financial Sector Development Strategy 2013-2022”, she said. “These are to maintain the stability of the financial sector, increase access to credit and to financial services, and to support inclusive growth”.

She hoped that Diamond will contribute to the growth trend in the Mozambican insurance industry, which, over the last five years, has grown at an average annual rate of 26 per cent”.

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