Angola Ministry of Finance says first locally operating national reinsurer has received prior authorization

In opening remarks published by Angola's Ministry of Finance, Filomena Manjata said prior authorization has been granted for the first national reinsurer that will operate locally, calling it a milestone that marks 2025 as the start of a new phase for Angola's insurance market. She also said work is under way not only to support that firm's launch but also to encourage further domestic and foreign-backed reinsurance initiatives, provided they strengthen the market's technical capacity and resilience. The remarks framed that market opening alongside stricter prudential expectations, including capital requirements aligned with assumed risks, strong corporate governance and prudent management, high-quality diversified and liquid assets, and regular transparency and reporting to support effective supervision. Manjata also cited market data showing 21 insurers operating in Angola, of which 18 write life and non-life business and three write only non-life business. They generated about AOA 264 billion in gross premiums through June 2025, up 11.24% from a year earlier. Health accounted for 33% of production, petrochemical 17%, accidents at work 10% and motor 9%. She added that the average cession rate was 30% in 2024, while ceded reinsurance production rose 31% from 2023, driven by U.S. dollar appreciation and growth in large-risk lines including petrochemical, fire and natural elements, transport and other property damage. Ceded reinsurance premiums in life business rose 288%.