The Insurance Supervision Institute of Mozambique reported on its participation in the opening of ISCTEM’s Second Scientific Days, where Executive Administrator Mércio Sitoe spoke on the role of the insurance market in strengthening Mozambique’s economy and set out key challenges and opportunities for the sector. In his presentation, Sitoe outlined the rationale and evolution of insurance supervision and referenced the legal framework for the market. He reported gross written premiums of MZN 24.16 billion in 2024, around 11.5% higher than 2023, and noted that 14% of the adult population benefits from pension coverage based on Banco de Moçambique data for 2023. He pointed to the need for a regulatory environment that supports innovation and the expansion of financial services with a focus on rural and low-income communities, highlighted sustainable insurance market development in the context of large natural resource projects, and cited artificial intelligence as a tool to help drive sector development. The event took place at ISCTEM in Maputo on 09 October 2025.
Insurance Supervision Institute of Mozambique 2025-10-09
Insurance Supervision Institute of Mozambique highlights 2024 premium growth and calls for innovation-focused regulation in speech at ISCTEM forum
The Insurance Supervision Institute of Mozambique joined ISCTEM’s Second Scientific Days, where Executive Administrator Mércio Sitoe discussed the insurance market's role in strengthening Mozambique’s economy. Sitoe highlighted an 11.5% increase in gross written premiums to MZN 24.16 billion in 2024 and emphasized the need for a regulatory environment fostering innovation and financial service expansion, particularly for rural and low-income communities. He also noted the potential of artificial intelligence in driving sector development.