Insurance market penetration rate dependent on evolution of economy

Luanda – The insurance market penetration rate, which is equivalent to 1 percent of the Gross Domestic Product (GDP), is still very dependent on the evolution of the country’s economy, said the chairman of the ENSA- Angola Insurance, Manuel Goncalves.

Speaking to the press, on the fringes of the launching ceremony of the book entitled “ENSA 37 years” and tribute to former employees of the company, the official defended the need for more work to create instruments that work in the financial sector of the economy, such as banking and the market Increase the penetration rate of the insurance market.

“If we consider that the increase in market share depends on the level of competition we have, the increase in the portfolio, the levels of insurance culture, we will see that the penetration rate of the insurance market is very dependent on the economic evolution of the country,” he said.

He pointed out that the biggest promotion of the pension fund is one of ENSA’s next challenges.

In his turn, the chairman of the Board of Directors of the Angola Insurance Regulatory Agency (ARGEG), Aguinaldo Jaime, also defended the promotion of the pension fund, since it is an important medium and long term resource for the Banking sector and the capital market to lay the foundations for this fund.

Source: Angola Press News Agency