Angola's insurance market is far behind where it should be, given that the country has significant oil wealth and has beenat peace for some time now. However, poor governance and a failure by the government to diversify the revenue base beyondcrude exports have crimped what was already an underdeveloped insurance market in recent years, with high inflation more thanwiping out the effect of nominal gains in real terms. Although oil prices are now recovering, with Brent crude north of USD75.00/bblin early May 2018,we remain cautious and do not expect GDP growth to move significantly above 3.0% over the next couple ofyears. This will translate into continued negative real growth across most of the country's insurance sectors for at least the next yearor so, before tepid real growth resumes, especially with inflation remaining stubbornly high and the central bank keeping its maininterest rate at 18% in late April.
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