Angola's Ministry of Finance, through Secretary of State Ottoniel dos Santos, set out commitments to increase insurance penetration to 3% of GDP by 2029, expand agricultural insurance, microinsurance and parametric insurance (especially in rural areas), implement the National Financial Inclusion Strategy (ENIF) effectively, and foster a regulated ecosystem for digital innovation in the sector. The update highlighted recent market trends alongside remaining gaps: insurance premiums doubled between 2020 and 2024 from AOA 223.8 billion to AOA 473.7 billion, but penetration remains at 0.6% of GDP. The life segment was described as still small but growing, while claims payments rose by 74%. Dos Santos also underlined the role of the Angolan Agency for Insurance Regulation and Supervision (ARSEG) in strengthening technical, independent supervision aligned with International Association of Insurance Supervisors (IAIS) principles, in the context of a regional technical seminar attended by delegates from 14 sub-Saharan African countries.
Ministry of Finance (Angola) 2025-05-01
Angola's Ministry of Finance sets a 2029 target to raise insurance penetration to 3% of GDP
Angola's Ministry of Finance, represented by Secretary of State Ottoniel dos Santos, aims to increase insurance penetration to 3% of GDP by 2029 and expand various insurance types, including agricultural and microinsurance. Despite premiums doubling from 2020 to 2024, penetration remains at 0.6% of GDP. The Angolan Agency for Insurance Regulation and Supervision (ARSEG) seeks to enhance supervision in line with International Association of Insurance Supervisors (IAIS) principles.