Insurance companies collected a total of 24.16 billion meticais last year, representing a growth of 11.5% compared to 2023, Finance Minister Carla Loveira revealed today.

Speaking in Parliament, she said that the figures point to a penetration rate of 1.66% of insurance in the national economy by 2024.

“These figures show the real scale of what we have ahead of us in terms of the fact that there is a huge market to develop and vast growth potential to exploit,” he said.

The national insurance market is currently made up of 21 insurers, three micro-insurers and several intermediaries.

On the other hand, Loveira explained that the standards of good governance and insurance management in the draft Legislative Authorization Law for the revision of the Insurance Legal Regime were designated by international bodies of which Mozambique is a member.

But also, the revision proposal is fundamentally aimed at updating and improving the matters contained in the Insurance Legal Framework: reinforcing responsibility in governance matters; prohibiting the accumulation of positions by company officers; promoting the figure of the customer ombudsman; and establishing the rules of conduct for insurance intermediaries.

“It is important to note that the legislative reforms in the insurance sector come about in the context of the country's current dynamics and following the principles and good governance practices emanating from the international organizations of which Mozambique is a member, namely the International Association of Insurance Supervisors (IAIS) and the SADC Committee of Supervisors of Non-Bank Financial Institutions (CISNA),” he said.