The Insurance Supervision Institute of Mozambique convened Mozambican insurance market operators in a virtual session to present and debate its Annual Report on Insurance Activity for 2020, in line with its Organic Statute. The report shows the sector’s overall production grew 15.9% in 2020, supported by higher gross written premiums in both life and non-life business. Gross written premiums (Prémios Brutos Emitidos, PBEs) rose 16% in life and 15.4% in non-life. Covid-19-related disruptions drove changes in premium and claims volumes across several lines, notably personal accident, health and general civil liability, with the claims ratio at about 18.6% for life versus 51.9% for non-life. Net profit reached MZN 2,839.2 million, up from MZN 1,575.7 million in 2019. For supplementary pension funds, contributions totalled MZN 1,063.4 million, an increase of 20.1% from 2019, while the funds’ financial performance amounted to MZN 740.1 million, down 47%.
Insurance Supervision Institute of Mozambique 2025-05-05
Insurance Supervision Institute of Mozambique presents 2020 insurance activity report showing 15.9% market growth
The Insurance Supervision Institute of Mozambique reported a 15.9% growth in the insurance sector's production for 2020, driven by increased gross written premiums in life and non-life segments. Despite Covid-19 disruptions affecting premium and claims volumes, net profit rose to MZN 2,839.2 million from MZN 1,575.7 million in 2019. Supplementary pension fund contributions increased by 20.1%, although financial performance declined by 47%.