In an opening conference speech, Angola’s Secretary of State for Finance and Treasury, Ottoniel dos Santos, pointed to the insurance sector’s consolidation from a former state monopoly to a more competitive, liberalised market, while warning that structural obstacles still limit its reach. He referenced the 2024 Market Report as evidence of continued strengthening despite a challenging macroeconomic backdrop. The remarks traced the sector’s evolution from the 1978 merger of 26 companies that created ENSA through to liberalisation in the 2000s, which he linked to growth, innovation and increased competition. The 2024 Market Report was described as showing rising premiums, robust solvency ratios and expanding protection for people, property and savings, while highlighting ongoing challenges including low penetration of insurance and pension funds, the need for regulatory modernisation, financial literacy barriers, and the impact of exchange-rate volatility and inflation on incomes and consumer confidence. ARSEG’s board chair, Filomena Airosa Manjata, also highlighted the Market Report and a related study, “50 Years of Independence, 50 Largest Claims”, available on the institution’s portal, and positioned insurance and pension funds as instruments of economic stability and social protection, alongside ARSEG’s stated focus on strengthening regulation and supervision.

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