The Deputy Minister of Economy and Finance, Amílcar Tivane, challenged the insurance companies operating in the country to create inclusive services in order to cover the low-income population.

According to the deputy minister, who was speaking on Wednesday in Maputo at the 2nd Annual Insurance Conference, on the theme of "insurance in times of change", the insurance market has seen remarkable growth in recent years, but there is a need to create inclusive services for the low-income population.

"We need to create products and services aimed at low-income populations. The challenge for the insurance sector is perhaps to optimize the advent of information and communication technologies to improve access to population segments that are in more remote regions, but which contribute a lot to the country's gross domestic product," said Tivane, quoted by the AIM.

Nevertheless, he revealed that, in 2023, the sector generated an extra 21.4 billion meticais, which represents two percent compared to the figure for 2022.

According to Amílcar Tivane, the sector currently comprises 19 insurance companies, three micro-insurance companies, eight pension fund management organizations, 158 brokers and 31 agents.

"Currently, 17% of the Mozambican population has access to financial services and the insurance sector plays an important role in the gradual growth of the population with access to services. These companies should also include small and medium-sized enterprises, in order to promote micro-insurance spaces in the country," said the source, arguing that legislation needs to be improved to deal with new risks, especially those linked to climate change.

Meanwhile, on the same occasion, the chairman of the Board of Directors of the Mozambican Insurance Association, Ruben Chivale, stressed that the insurance market must adapt to new challenges, especially with regard to climate change, energy transition, artificial intelligence and international conflicts.

Chivale revealed that by September, the sector will be carrying out a study of the insurance market which will, for the first time, assess the macroeconomic context and the indicators that have an impact on insurance activity in Mozambique.