The insurance market in Mozambique grew by 22.7% in 2017, Adriano Maleiane, Minister of Economy and Finance announced at the opening session of the fourth Mozambique insurance sector seminar in Maputo on Friday.
Insurance companies “were responsible for a production volume of 13 billion meticais [184 million Euros], gross premiums issued, which represents an increase of about 22.7% over the previous year,” Maleane said.
Despite the impressive growth, insurance penetration in the Mozambican economy stands at only 1.62%, well below the SADC region average of about 6%, he pointed out. Figures indicate that, in 2017, the country had 20 insurance companies, among other agents in the sector.
Climate change risks were also debated at Friday’s meeting.
Francelina Sitoe, director of studies and statistics at the Institute of Insurance Supervision of Mozambique, noted that Mozambique was vulnerable to climate risks and “must be prepared to face this type of risk”
“Developing products that respond to this type of risk is a challenge for operators,” he said.
Source: Lusa
