Angola Insurance Report Q2 2016
BMI View: The outlook is mixed for Angola's insurance industry. On the one hand, the relatively wellestablished non-life sector is expected to record robust growth rates, supported by the expanding oilindustry as well as compulsory individual lines, particularly motor insurance. On the other hand, theminute life sector is struggling to achieve growth and remains hampered by widespread poverty and low lifeexpectancy rates which reduce both affordability and demand. There is scope for substantial growth from avery low base but it will be some time before the Angolan insurance sector is of a size sufficiently largeenough to attract considerable foreign investment.
Key Updates & Forecasts
Angola is ramping up crude oil production which will stimulate growth in a range of non-life sectors,including engineering and transport insurance, as well as related corporate lines such as general liabilityand motor fleet cover. Overall, we expect the non-life sector to grow by an average of 10.8% annuallybetween 2016 and 2020, in local currency terms, with slower growth of 4.4% in US dollar terms due tothe depreciation of the kwanza.
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