Insurance Supervision Institute of Mozambique runs seventh EFISE insurance training and outreach programme in Inhambane

The Insurance Supervision Institute of Mozambique (ISSM) held its seventh insurance capacity-building session for professional groups in Inhambane province under its Insurance Financial Education Strategy (EFISE), aimed at promoting development of the insurance sector and encouraging wider take-up of insurance. In remarks at the opening, the Provincial Director of Economy and Finance, Castro Namuaca, highlighted insurance for natural disaster risk coverage and investment protection as examples of the intended focus. ISSM also flagged challenges including expanding insurance operators across the national territory and making the industry more inclusive through products suited to low-income populations. Alongside the training, the institute met provincial insurance operators in the context of its supervisory and inspection work and delivered a session on compulsory motor third-party liability insurance to traffic police and the provincial tax authority. At the closing, ISSM presented an insurance-themed theatre piece developed under its “Aposte no Seguro” project, which also foresees producing six insurance-awareness songs in Portuguese and in Changana, Sena and Macua for dissemination through media and performances. The training programme covered the history of insurance supervision in Mozambique, the insurance market’s performance in 2020, compulsory motor and other mandatory insurances, microinsurance in the context of financial inclusion, the role of brokers in financial education, and core insurance concepts and functionality.