Mozambique's Ministry of Finance reported on the 29th Annual Conference of the Associations of Insurance Supervisors of Portuguese-speaking Countries (ASEL) held in Maputo, where Secretary of State for Budget and Treasury Amílcar Tivane used the opening session to emphasise Mozambique’s low insurance uptake and the need to accelerate access to insurance products. The conference agenda focused on insurance market development, including the use of artificial intelligence in product structuring, climate-related impacts, and financial inclusion. Bank of Mozambique data cited in the remarks indicate that only 17% of the population holds some form of insurance, with higher ownership among men and persistent disparities between rural and urban areas in access to financial products. Insurance penetration was put at 1.2% of GDP, compared with an average of around 4% across ASEL member countries. The update also noted that Ester dos Santos José, chair of Mozambique’s Insurance Supervision Institute (ISSM, IP), assumed the ASEL presidency from Macau Special Administrative Region. The conference closed with an expectation that discussions will generate concrete proposals to strengthen the insurance market, promote financial inclusion, and support ongoing natural resource projects in Mozambique.
Ministry of Finance (Mozambique) 2025-09-23
Mozambique's Ministry of Finance highlights 17% insurance coverage at Maputo ASEL supervisors conference
Mozambique's Ministry of Finance noted low insurance uptake at the 29th Annual Conference of Portuguese-speaking Insurance Supervisors, stressing the need to improve access. Only 17% of the population holds insurance, with penetration at 1.2% of GDP, compared to 4% among ASEL members. The conference aimed to generate proposals to strengthen the insurance market and promote financial inclusion.