Country Dashboards

Population
27 mn
2016
GDP (USD)
$92 bn
2016
gdp/capita
$3,360
2016
Inflation rate
33.7%
2016

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 38 mn
Non-life premium volume (USD) 784 mn
Total premium volume 821 mn
Total premium volume (AOA) 75 bn
Insurance penetration: Premiums in % of GDP 1.00%
Insurance density: Premium / capita USD 35.8
Local currency AOA
Market Composition
Domestic life insurers
Domestic non-life insurers
Domestic composite insurers
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers
State-owned insurers
State-owned reinsurers
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
Institution
Ministry of Finance, Instituto de Supervisao de Seguros (155), Rua Conego Manuel duo Neves, 234 Edifib, Novo da Edel - (12' Piso) cx postal 2795 Luanda

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed Yes (to be shared with local players)
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement USD 10mn
Minimum paid-up share capital
Requirement for independent audits Yes
Requirement to appoint actuaries No
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities unknown
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, WC, Aviation Liability
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund unknown
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