Friday, July 19, 2024

“Around 63% of small and medium-sized businesses are uninsured” AIMO.

The Industrial Association of Mozambique (AIMO) played a crucial role in consolidating and stimulating the growth of the insurance market in the country during its participation in the second edition of Conferências do Índico, focused on the Insurance Market.

During the event, leaders and experts extensively discussed various aspects of the insurance sector in Mozambique, analyzing the current panorama and identifying crucial challenges that particularly affect small and medium-sized enterprises (SMEs) in the industrial sector.

One of the main obstacles addressed was the lack of effective communication and product information, along with the need to improve financial and insurance literacy among companies in the industrial sector. Many of these companies lack proper knowledge about the insurance products available, making it difficult to make informed decisions.

Another challenge highlighted was the issue of competitive pricing, with high insurance premiums representing a significant barrier for industrial SMEs. The market was urged to seek solutions that guarantee more affordable prices, allowing a greater number of companies to have access to adequate cover.

In addition, the limited availability of insurance lines at banking institutions was identified as a factor restricting industrial SMEs’ access to the insurance market. The crucial need to develop mechanisms that make it easier to obtain insurance through banks was highlighted.

AIMO, recognizing the vital importance of the insurance sector for the sustainable development of industries in Mozambique, reiterated its commitment to collaborate closely with stakeholders. The organization seeks to overcome these challenges and create a more conducive environment for industrial SMEs to participate in the insurance market.

The second edition of Conferências do Índico focused on the theme “Insurance Market in Mozambique: Getting Mega-Projects Right”. The debate session was attended by leading figures, including Ragendra de Sousa, former Minister of Industry and Commerce, representatives of ISSM, BCI, CIP Researcher, Emose and the Industrial Association of Mozambique itself. During the event, AIMO presented visionary proposals aimed at transforming the national industrial sector, highlighting the Extractive Industry, the growth of local content and leadership in the development projects implemented in Mozambique.

Committed to promoting constructive events, AIMO reaffirmed its continued support for the Indico conferences, which play a key role in the exchange of knowledge and experiences relevant to the industrial and insurance sectors in Mozambique.

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