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Angola's insurance market (2015-2019)

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Magazine Issue: 
Climate change and insurance [3]
Magazine date: 
Oct 2021
Angola

Angola's insurance market features

  • Regulatory authority: Angolan Insurance Regulatory and Supervisory Agency (ARSEG)
  • Life and non-life premiums: 374.123 million USD
  • Insurance density (2019): 11.7 USD
  • Penetration rate (2019): 0.4%

Structure of the Kenyan insurance market in 2020

Market stakeholdersTotal
Insurance companies
28
Insurance agents
22
Insurance and reinsurance brokers
64

Profile

  • Area (1): 1 281 432 Km2
  • Population (1) (2019) :31 825 299 inhabitants
  • GDP (1) (2019) : 89.417 billion USD
  • GDP per capita (2019) : 2 809 USD
  • GDP growth rate (2019) (1):-0.6%
  • Inflation rate (2019) :17%
  • Main economic sectors : Petroleum and gas industry and services (banking, communications, tourism)

Major cities (2)

(per number of inhabitants in 2017)

  • Luanda (capital): 9 165 776
  • Lobito - Benguela: 1 172 741
  • Huambo: 1 105 819

(1) Source : population.data
(2)Source Banque Mondiale

 

Angola's insurance market: premiums per life and non-life class of business (2015-2019)

Figures in thousands USD

Class of business20152016201720182019
Non life
815 757602 505731 538439 873364 885
life
15 26612 13511 38710 0479 238
Total831 023614 640742 926449 920374 123

Exchange rate as at 31/12/2019 : 1 AOA = 0.00205 USD ; at 31/12/2018 : 1 AOA = 0.00322 USD ; at 31/12/2017 : 1 AOA = 0.0060 USD ; at 31/12/2016 : 1 AOA = 0.0060 USD ; at 31/12/2015 : 1 AOA = 0.00735 USD

Angola's insurance market: turnover per class of business (2018-2019)

Figures in thousands
 2019 turnover2018 turnover 2018-2019 (1) evolution2019 shares
In AOAIn USDIn AOAIn USD
ENSA Seguros de Angola
63 796 284130 78247 696 763153 58433.75%34.96%
Saham Angola Seguros
24 893 07451 03121 588 08869 51415.31%13.64%
Fidelidade Seguros Angola
22 338 09045 79314 308 32246 07356.12%12.24%
Nossa Seguros
19 107 86139 17111 863 10338 19961.07%10.47%
Global Seguros
9 216 42318 8949 389 93930 236-1.85%5.05%
BIC Seguros
7 336 68515 0405 743 07018 49327.75%4.02%
Tranquilidade - Corporação Angolana de Seguros
6 040 94312 3844 778 95515 38826.41%3.31%
Prudencial Seguros
5 566 44611 4115 184 16216 6937.37%3.05%
Fortaleza Segura
4 599 2029 4283 535 38611 38430.09%2.52%
Mundial Seguros
3 668 4587 5202 669 0808 59437.44%2.01%
BONWS Seguros
3 212 2116 5854 764 98215 343-32.59%1.76%
STAS Seguros
2 883 7135 9121 257 8394 050129.26%1.58%
Protteja Seguros
2 390 9664 9012 096 2006 75014.06%1.31%
Aliança Seguros
1 989 4694 078531 2601 711274.48%1.09%
Liberty & Trevo (Angola)
1 752 2203 592894 5502 88095.88%0.96%
Sol Seguros
1 551 4713 181195 916631691.91%0.85%
Providência Royal Seguros
693 7271 4221 677 0205 400-58.63%0.38%
Confiança Seguros
365 2297491 327 7034 275-72.49%0.20%
Giant Magic Seguros
328 72967414 271462203.49%0.18%
Triunfal Seguros
273 979562---0.15%
Master Seguros
255 729524---0.14%
Super Seguros
109 730225140 025451-21.64%0.06%
Garantia Seguros
73 23115070 1622264.37%0.04%
Internacional Seguros
54 981113---0.03%
AAA Seguros (2)
-----0.00%
Mandume Seguros (2)
-----0.00%
Glinn Seguros (2)
-----0.00%
Meu Seguros (2)
-----0.00%
Total182 498 850374 123139 726 796449 92030.61%100%

(1) Growth rate in local currency
(2) Licenses revoked by the ARSEG

Read also |ARSEG to suspend the licenses of three insurance companies in Angola [4]

Angola's insurance market: turnover per class of business (2015-2019)

Figures in thousands USD
Class of business201520162017201820192018-2019 (1) evolution2019 shares
Accident, health and travel insurance
377 474370 116389 097242 344208 13234.90%55.63%
Motor
197 149123 633132 35074 56546 552-1.94%12.44%
Energy
67 7166 99786 58745 39335 63823.32%9.53%
Fire and natural disasters
23 04719 67933 08225 87520 41923.95%5.46%
Marine
28 75518 76012 69913 50314 34266.83%3.83%
General third-party liability
63 8619 75410 1568 8136 46315.19%1.73%
Other property damage
29 62133 71148 68222 12427 63196.18%7.39%
Miscellaneous
28 13319 85518 8857 2575 70823.54%1.52%
 Total non-life
815 757602 505731 538439 873364 88530.30%97.53%
 Life
15 26612 13511 38710 0479 23844.41%2.47%
Grand total831 023614 640742 926449 920374 12330.61%100%

(1) Growth rate in local currency

Turnover 2019 per class of business

angola insurance

Angola's insurance market: incurred losses per non-life class of business (2015-2019)

Figures in thousands USD
Class of business201520162017201820192018-2019 (1) evolution
Accident, health and travel insurance
200 327225 456226 392149 516126 55032.95%
Motor
63 51058 56758 85224 04518 55521.21%
Energy
743351-58010 4822939.04%
Fire and natural disasters
-2 7302 92171 50714 1362 037-77.37%
Marine
72834917 7387 682-4 894-200.07%
General third-party liability
1 791673-99284534195.51%
Other property damage
13 103-4 35232 1998 4051 438-73.12%
Miscellaneous
1 776963919320808297.05%
Total non-life278 578284 580407 859203 808155 51119.85%

(1) Growth rate in local currency

Angola's insurance market: loss ratio per non-life class of business (2015-2019)

Class of business20152016201720182019
Accident, health and travel insurance
53.07%60.91%58.18%61.70%60.80%
Motor
32.21%47.37%44.47%32.25%39.86%
Energy
0.11%0.05%0.41%-1.28%29.41%
Fire and natural disasters
-11.85%14.85%216.15%54.63%9.98%
Marine
2.53%1.86%139.67%56.89%-34.12%
General third-party liability
2.80%6.90%-0.97%3.22%8.27%
Other property damage
44.24%-12.91%66.14%37.99%5.21%
Miscellaneous 
6.31%4.85%4.87%4.41%14.16%
Total non-life34.15%47.23%55.75%46.33%42.62%

Read also | The Angolan insurance regulatory framework under review [5]

Tue, 26/10/2021 - 10:58

Source URL: https://www.atlas-mag.net/en/article/angola-s-insurance-market-2015-2019

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-184-october-2021
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[5] https://www.atlas-mag.net/en/article/the-angolan-insurance-regulatory-framework-under-review