Angola: Insurance in Angola Remains Below One Percent of GDP

Luanda — The Director of the Angolan Regulation and Supervision Agency's Legal Office (Arseg), Aldemiro Gonçalves, regretted the fact that insurance in the country was below one percent of Gross Domestic Product (GDP).

Aldemiro Gonçalves who was speaking to the press, on the sidelines of the seminar on "Insurance and Pension Fund", directed to Members of the Parliament, considered the insurance figure in Angola Baixa, a paradigm that could observe changes with the ongoing reforms in the sector.

'It's a challenge. The reform in the sector comes to generate results, facilitate people to participate in the market, "he said.

Henceforth, he said, Arseg wants to ensure that if anyone has insurance and, as a chance, a claim, the insurer must compensate, as soon as possible, causing the Angolan citizen to feel that the insurance actually exists. "

He recalled that he was recently approved (end of 2022), globally and finally, the Insurance Mediation Law, so there will be a rupture in the regulatory table.

It pointed out as one of the main innovations the fact that the bank develops the insurance mediation activity, limitedly, only with public and business institutions, and cannot do so with individuals.

However, he clarified, the bank can also be insurance for singular persons when related to bank insurance.

The seminar is an activity that fits Arseg's strategic actions to improve communication with the National Assembly to facilitate the process of discussion and approval of legal diplomas related to the insurance market. Arseg has registered 23 insurers and more than three thousand mediators.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.