New Insurance research report from Timetric is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 09/05/2014 -- 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.
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- In terms of gross written premium value, the Angolan insurance industry grew from AOA55.1 billion (US$694.3 million) in 2009 to AOA112.5 billion (US$1,167.0 million) in 2013, recording a CAGR of 19.5% during the review period.
- After the liberalization of 2000, the number of insurance companies operating in the Angolan insurance industry increased from seven in 2008 to 15 in 2013.
- The Angolan economy is one of the fastest-growing globally, and is the third-largest economy in Africa, with annual GDP growth averaging 11.6% during 2002-2011, according to the IMF.
- The insurance industry is highly concentrated, with the three leading competitors accounting for 93.0% of the total market.
- Penetration rates in the Angolan insurance industry are low, measuring 0.91%, when compared to the 2012 average African penetration of 3.9%.
- The life insurance segment exhibited a high combined ratio during the review period, reaching 267.5% in 2013 however this has decreased from 429.3% in 2009.
This report provides a comprehensive analysis of the insurance industry in Angola:
- It provides historical values for the Angolan insurance industry for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
- It offers a detailed analysis of the key segments and categories in the Angolan insurance industry, along with forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Angola, and outlines the key regulations affecting them.
Reasons to Get this Report:
- Make strategic business decisions using in-depth historic and forecast industry data related to the Angolan insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities within the Angolan insurance industry.
- Assess the competitive dynamics in the Angolan insurance industry.
- Identify the growth opportunities and market dynamics within key segments.
- Gain insights into key regulations governing the Angolan insurance industry and its impact on companies and the industry's future.
Companies Mentioned in this Report: AAA Insurance SA, National Insurance Company of Angola (ENSA), GA Angola Seguros SA
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