Friday, July 12, 2024

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.

Entrevistas Relacionadas

INP considers Galp’s move to be routine

The National Petroleum Institute (INP) said on Thursday, May...

Vodacom Mozambique launches Foundation for social impact

Vodacom Mozambique officially launched the Vodacom Mozambique Foundation. The...

Galp has completed the sale of its stake in the LNG project

Galp has completed the sale of its stake in...

ʺA look at the potential risks of political influence on monetary policy decisionsʺ

The Organic Law of the Bank of Mozambique defines...