Friday, July 12, 2024
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Insurance sector grows 14% and production reaches 5 billion Meticais in the first half of the year

In the first half of 2023, overall production in the insurance sector in Mozambique grew by 14%, from around 4.6 billion meticais (June 2022) to 5.2 billion meticais (June 2023). This growth was influenced by the evolution of gross premiums written in the life and non-life segments, by 23% and 12% respectively.

For Banco de Moçambique, the insurance sector proved to be resilient in that period, given the domestic and international economic climate, affected by the risks and uncertainties resulting from military instability in the north of the country and adverse climatic factors and the geopolitical conflict between Russia and Ukraine. In its Financial Stability Bulletin, the institution explains that the performance of insurance companies was determined by growing demand for health, car, fire and workman’s compensation insurance.

Data from the Central Bank published in the bulletin show that, in terms of the overall structure of the insurance sector, non-life insurance continues to account for the largest share of the market, at 83%. The increase in the weight of non-life insurance in the overall structure of insurance business in the country was due to the growth in gross premiums written for general civil liability (341%) and personal accident (165%) insurance, which had the highest demand in the first half of the year.

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