Ken Research has announced publication titled, “The Insurance Industry in Mozambique, Key Trends and Opportunities to 2020” which provides an in-depth market analysis, information and insights into the Mozambican insurance industry. The report furnishes major performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011-2015) and forecast periods (2015-2020).
It grants a comprehensive overview of the Mozambican economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes analysis of the impact of natural hazards on the insurance industry.
It offers a detailed analysis of the key segments in the Mozambican insurance industry, with market forecasts to 2020 and profiles the top insurance companies in Mozambique, and highlights recent developments. Report ascertains growth opportunities and market dynamics in key segments and assesses the competitive dynamics in the Mozambican insurance industry.
Key Market Dynamics
- In 2014, only 24% of adults in urban areas had an access to the formal financial services and gradually this percentage was expected to rise in the coming years with innovation and improvements.
- According to the International Monetary Fund (IMF), Mozambique has maintained its rank among the fastest-growing economies in the world partly due to export of coal which placed it on the list of global exporters of mineral resources and partly because of the discovery of offshore natural gas that garnered international interest and investment. As a result, the insurance industry benefited and registered a CAGR of 28.6% during the review period.
- The life segment reckoned for 18% of the industry’s gross written premium whereas the personal accident and health segment accounted for 10.3% of the industry’s gross written premium in 2015.
- In 2015, there were mainly 18 operational insurance companies, which included 4 composite, 3 life and 11 non-life insurers.
- The insurance sector in Mozambique has evolved magnificently in the recent years and the country at present has 18 insurance companies and more than 64 brokers, as told by the president of the Mozambican Insurance Supervision Institute.
- The numbers of operators, policy holders and the amounts of premium paid have grown significantly but at the same time Otilia Santos has supported the insurance market in Mozambique currently.
- The amelioration viewed in the insurance business is because of the efforts made by operators since, along with signing contracts; they educate and aware the general public too. This growth is eventually forecasted to occur in the future years as well where more and more public is aware and wants to get insured for merely everything that can prove to be a risky venture.