Tuesday, July 23, 2024

Insurance Market in Mozambique: Getting the Mega-Projects Right

Miguel Jóia, a founding member of the Local Content Association of Mozambique – ACLM, and also a Financial and Insurance Consultant, actively participated in the 2nd edition of the Índico Conferences, where he shared insights into the current scenario of the insurance market in Mozambique. Organized by Revista Índico, the central theme of the event was “The Insurance Market in Mozambique: Getting the Mega-Projects Right”, a valuable platform that provided a space for reflection on the sector.

During his remarks, Jóia highlighted the need for a strategic approach to involve insurers in the country’s mega-projects. In turn, he stressed that, in addition to the existing solutions for these large undertakings, there is a significant gap in support for Small and Medium-sized Enterprises (SMEs).

The consultant pointed out that national insurers have played a crucial role in megaprojects, but the lack of proximity and understanding of SMEs about the benefits of insurance represents a challenge. In another approach, he highlights the importance of financial education and capacity building to increase insurance literacy among local entrepreneurs.

Jóia also addressed the issue of the financial capacity of Mozambican companies to supply oil and gas projects, indicating that the private sector and the government should collaborate more to train entrepreneurs on the instruments available.
“Just like the banks, which have a platform that is much closer to their clients, and the insurance companies,” he said.

The consultant concluded his participation by highlighting the need for a collaborative approach between the different sectors, promoting the confluence of efforts to face the challenges and seize the opportunities when the megaprojects are restarted.

The event, which was opened by the permanent secretary of the Ministry of Transport and Communications, Ambrósio Adolfo Sitoe, featured speakers from institutions that move between market players and industry researchers. The speakers included institutions such as EMOSE, Sanlam, the Insurance Supervision Institute of Mozambique, BCI, the Center for Public Integrity and the Industrial Association of Mozambique, in a debate that was preceded by a speech by Ragendra de Sousa, former Minister of Industry and Commerce.

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