Angola is the fifth-largest economy in Africa and is one of the fastest-growing economies globally, with an annual GDP growth averaging 11.6% during 2002-2011. according to IMF. The Angolan economy is highly dependent on the oil sector, which in 2012 accounted for 46.0% of GDP and 96.0% of exports. The country is the second largest oil producer in Africa after Nigeria. Led by stable economic growth and a progressive regulatory environment, the Angolan insurance industry (which is the sixth-largest in Africa, in terms of gross written premium) witnessed a strong growth during the review period (2009-2013). This was primarily driven by the non-life segment, which accounted for 63.6% of the insurance industry gross written premium in 2013. Several insurance companies entered the country's insurance industry in that year, attracted by its growth potential and low penetration rate, which stood at 0.91% - compared with the average African rate of 3.9%. GA Angola Seguros was the first foreign insurance company to enter the Angolan insurance industry, obtaining a license in 2005. There is lack of awareness among consumers, especially regarding saving and investment life insurance products, which is a major reason for low insurance penetration. The country's insurance industry is regulated and supervised by the Institute of Insurance Supervision of Angola (ISS) under the Ministry of Finance. Over the forecast period (2013-2018), expansion of economic activities, high infrastructure investment, increasing life expectancy, improving regulatory environment and a rise in awareness among consumers will be the major driving factors of growth.