Luanda — The devaluation of the national currency - the Kwanza (AOA), against the US dollar and the Euro, in the Angolan foreign exchange market will force "Aliança Seguros", insurance company to readjust the value of the premiums of the services provided.

According to the Aliança Seguros administrator, Marco Mendes, the ongoing exchange rate gap leads to a loss of results and margins in operations.

In the last weeks, one US Dollar is worth 824 kwanzas, at the exchange rate of the National Bank of Angola, against the previous 420 kwanzas, and one euro costs AOA 910, from 444 kwanzas it was worth, in May 2022.

Given this situation, the administrator of Aliança Seguros said that the devaluation of the Kwanza will negatively impact the results of companies, in general, and insurance companies, in particular, a fact that will force insurers to readjust premiums.

According to Marco Mendes, at this moment, the company has its operations supported by international partners, through reinsurance.

Despite this exchange rate difference, Marco Mendes assured that every year his insurer has increased the customer portfolio, with the retention rate above 90 percent.

"We have six years of activity and we are growing from year to year, because the retention rate above 90% allows us to leverage our growth," he said.

QCB/PPA/DOJ