At the ARSEG Conecta forum, Angola's Ministry of Finance said the country's insurance market remains underdeveloped, with penetration below 1% of gross domestic product and insurance density below USD 50 per person a year, and argued that market conduct should be treated as a condition for growth rather than a secondary regulatory issue. Secretary of State Juciene de Sousa linked that focus to efforts to widen household protection, promote long-term saving and strengthen economic resilience. In benchmarking Angola against other markets, de Sousa said global insurance premiums now exceed USD 7 trillion a year, equivalent to about 6.8% of global gross domestic product, while pension funds manage more than USD 55 trillion in assets. She added that average insurance penetration in Africa is around 2% to 3% of gross domestic product, or about 1% to 1.5% excluding South Africa, and that the Southern African Development Community combines relatively mature markets with others still at an early stage of development. At the same event, Angolan Insurance Regulation and Supervision Agency chair Filomena Manjata said recent supervisory data show a fall in complaints volumes, but continued gaps in the quality of information given to customers, contractual clarity and the speed of claims settlement. ARSEG Conecta was presented as an initiative to promote open dialogue, strategic reflection and the sharing of good practices in Angola's insurance and pension funds sector.
Ministry of Finance (Angola) 2026-04-27
Angola's Ministry of Finance flags sub-1% insurance penetration and calls market conduct a condition for sector growth
Angola’s Ministry of Finance used the ARSEG Conecta forum to highlight the country’s underdeveloped insurance market, with penetration below 1% of gross domestic product and density under USD 50 per capita, and called for market conduct to be treated as a core driver of growth. Officials benchmarked Angola against higher African and global penetration levels and, despite fewer complaints, noted persistent shortcomings in customer information, contractual clarity and claims handling, positioning ARSEG Conecta as a platform to improve practices in the insurance and pension funds sector.