Angola: Ensa Privatisation Puts an End to Oil Co-Insurance Monopoly

Luanda — The co-insurance of the oil activities led by ENSA - Angola Insurance Company since 2016 will be decentralised with its privatization, whose first phase of the process started this month (June) with the sale of 51%.

ENSA won the privilege of leading oil co-insurance by the Presidential Order No. 39/16, of 30 March, published in the Official Gazette which, provisionally, names ENSA - Angola Insurance Company SA as the new leader of the special co-insurance regime for the oil activities.

ENSA takes over from the AAA, which performed this role and subject to personal insurance and assets of companies in the oil sector.

The CEO of the Angolan Agency for Insurance Regulation and Supervision - Arseg, Elmer Serrão, said that the change in co-insurance will still depend on how the legal regime that will regulate the co-insurance of oil activity will be approved in the country. "We cannot have a vacuum", concluded the manager.

At the moment, said Arseg´s manager, the Presidential Order that attributes this leadership to ENSA is valid, adding that

it will be a rotating leadership among the various insurance companies".

Elmer Serrão, who was speaking at the webinar on ENSA´s privatisation, said that other aspects around the process will be taken into account, such as the need for regulations, duties and a set of other issues that will govern this co-insurance relationship.

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