Five of the 28 insurance companies operating in Angola accounted for 75% of total insurance premiums generated in 2018, or an estimated AOA104.84bn ($214m), according to a study of the Regulatory Agency for Insurance Supervision of Angola (Arseg).
The five companies are Ensa Seguros, Saham Angola, Fidelidade Angola, Nossa Seguros and Global Seguros which over the last five years recorded estimated combined premiums of AOA451.78bn, reported Angola Press Agency.
The study entitled, “The insurance industry and pension funds in Angola – 2014/2018,” also indicates that in 2018, the 10 leading insurers (which include Bic Seguros, Prudencial Seguros Tranquilidade Angola, Bonws Seguros and Fortaleza Seguros) accounted for 92% of the market.
The volume of insurance premiums accumulated in the 2014-18 period reached AOA582.1bn, representing a growth of 36% in comparison to the previous period. Non-life insurance contributed about 98% of the total with life insurance accounting for 2%.