Insurance Supervision Institute of Mozambique delivers its 13th insurance training in Nampula focused on mandatory cover uptake and market oversight

The Insurance Supervision Institute of Mozambique ran its 13th insurance capacity-building programme in Nampula from 2 to 4 August 2023 for various professional groups under its Insurance Financial Education Strategy. The initiative aimed to raise insurance knowledge, support the effective implementation of compulsory insurance, promote an insurance culture, strengthen engagement between provinces and the supervisor, and monitor local insurance market activity. In opening remarks, ISSM board chair Ester dos Santos José linked the institute’s financial education work to the government’s National Financial Inclusion Strategy and urged participants to prioritise consumer protection, anti-money laundering and counter-terrorist financing controls, sector promotion and partnerships for public insurance education. The provincial director for Economy and Finance in Nampula highlighted recent registration of insurance brokers in the province and cited national targets to expand access to insurance from 7% in 2014 to 10% in 2018 and 15% in 2022, alongside FinScope 2019 data showing insured adults rising from 8% in 2014 to 17% in 2019; ISSM also met northern-region insurance operators for supervisory follow-up and delivered a session on compulsory motor third-party liability insurance for traffic police, the Mozambique Tax Authority and Nampula’s municipal police.