Fidelidade and Tranquilidade regained market share in Mozambique, according to information from the Insurance Supervision Institute of Mozambique (ISSM) for 2020.

More active in the non-life business and marginal presence in the life business, the Portuguese show themselves, since 2018, practically unchanged in the global ranking of the 20 largest in the market, although with variations in their respective shares.

Fidelidade Non-Life, which in 2018 was 8th with 3.5% of share, strengthened its market share to 4.2% in 2020, following eighth in the table. Tranquilidade Non-Life, meanwhile, which was 11th in the overall ranking in 2018 with 1.9% of the market, fell to 16th place in 2019 (0.8% of share), recovering in 2020 to 1.1%, but slipping to 17th position among the top 20 in the country.

In Life insurance, the Portuguese parent companies occupy the last two positions in the 2020 ranking, respectively, Tranquilidade in 20th (0.1% share) and Fidelidade is 21st (0.04%).

In a market in which the overall value of insurance premiums was around 261 million euros, the ranking remained led by the state-owned Emose (Empresa Moçambicana de Seguros), followed by Hollard (13.9%) and ICE (11.1% share), which complete the podium in 2020.

The gross volume of premiums written in Life and Non-Life together amounted to 19.21 billion meticais (about €260.77 million), growing by 22% compared to the previous year, according to provisional data from ISSM. Non-Life accounted for 86% of the sector in 2019 and, the following year, strengthened its weight in the market structure to 87.1%. Health (Sickness), Motor and Fire insurance stand out, in the same order, in gross premiums.

Mozambique - Insurance Market

Supervisor figures for the first quarter of 2021 put London-based ICE (24.6% share) and South African Hollard (25.4%) together accounting for half of the non-life market, relegating Emose to 3rd place (with 10.7% of production). In Life insurance, Sanlam (33.6%) and Emose (33.0%) take two thirds of the market.

Tranquilidade Companhia de Seguros has been operating in Mozambique since 2012 and the latest financial information available on the site of the company refers 2018, a fiscal year that ended with a net income of 7.57 million meticais. As for Fidelidade Companhia de Seguros - Non-Life, which has been active in the market since 2014, the Mozambican branch disclosed the accounts of 2020 on its website, with net profits of approximately 14.5 million meticais.

Broker Sabseg holds 5% share in mediation

Insurance distribution in Mozambique flows significantly through the banking sector, leaving the mediation channel with a relative weight that, by 2020, amounted to about 30% of insurance production.

With mediation processing globally about 5.7 billion meticais in insurance premiums, the local branch of Sabseg from Braga closed the last quarter of the year with 4.9% of share, indicates the insurance institute.

In a ranking led by Poliseguros (17.4% of market share), followed by N Brokers (12.5%) and Aris (11.8%), Sabseg occupies the 9th position among the most active mediators/brokers in the market.

According to ISSM's statistical series on insurance activity, the Portuguese broker ended 2019 in 8th place among the 13 largest, but with a 4.5% share.