The Insurance Industry in Angola, Key Trends and Opportunities to 2018

Published: Aug, 2014 | Pages: 134 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Angola, including:
The Angolan insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Angolan insurance industry
The current trends and drivers of the Angolan insurance industry
Challenges facing the Angolan insurance industry
Detailed regulatory framework of the Angolan insurance industry

Summary
Angola is the fifth-largest economy in Africa and is one of the fastest-growing economies globally, with an annual GDP growth averaging 11.6% during 2002-2011. according to IMF. The Angolan economy is highly dependent on the oil sector, which in 2012 accounted for 46.0% of GDP and 96.0% of exports. The country is the second largest oil producer in Africa after Nigeria. Led by stable economic growth and a progressive regulatory environment, the Angolan insurance industry (which is the sixth-largest in Africa, in terms of gross written premium) witnessed a strong growth during the review period (2009-2013). This was primarily driven by the non-life segment, which accounted for 63.6% of the insurance industry gross written premium in 2013. Several insurance companies entered the country's insurance industry in that year, attracted by its growth potential and low penetration rate, which stood at 0.91% - compared with the average African rate of 3.9%. GA Angola Seguros was the first foreign insurance company to enter the Angolan insurance industry, obtaining a license in 2005. There is lack of awareness among consumers, especially regarding saving and investment life insurance products, which is a major reason for low insurance penetration. The country's insurance industry is regulated and supervised by the Institute of Insurance Supervision of Angola (ISS) under the Ministry of Finance. Over the forecast period (2013-2018), expansion of economic activities, high infrastructure investment, increasing life expectancy, improving regulatory environment and a rise in awareness among consumers will be the major driving factors of growth.
Scope
This report provides a comprehensive analysis of the insurance industry in Angola:
It provides historical values for the Angolan insurance industry for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Angolan insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Angola, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Angolan insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Angolan insurance industry.
Assess the competitive dynamics in the Angolan insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Angolan insurance industry and its impact on companies and the industry's future.
Key Highlights
In terms of gross written premium value, the Angolan insurance industry grew from AOA55.1 billion (US$694.3 million) in 2009 to AOA112.5 billion (US$1,167.0 million) in 2013, recording a CAGR of 19.5% during the review period.
After the liberalization of 2000, the number of insurance companies operating in the Angolan insurance industry increased from seven in 2008 to 15 in 2013.
The Angolan economy is one of the fastest-growing globally, and is the third-largest economy in Africa, with annual GDP growth averaging 11.6% during 2002?2011, according to the IMF.
The insurance industry is highly concentrated, with the three leading competitors accounting for 93.0% of the total market.
Penetration rates in the Angolan insurance industry are low, measuring 0.91%, when compared to the 2012 average African penetration of 3.9%.
The life insurance segment exhibited a high combined ratio during the review period, reaching 267.5% in 2013 however this has decreased from 429.3% in 2009.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Angolan Insurance Industry Overview
3.1 Angolan Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Market Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Workmen's compensation
5.3.2 Aviation liability insurance
5.3.3 Motor third-party liability insurance
5.4 Supervision and Control
5.4.1 African Insurance Organization
5.4.2 Angolan Agency of Regulation and Supervision of Insurance (ARSEG)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market Practices
5.5.4 Fines and Pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 AAA Insurance SA - company overview
6.2.2 tiol Insurance Company of Angola (ENSA) - company overview
6.2.3 GA Angola Seguros SA - company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US dollars)
7.2 GDP per Capita at Constant Prices (US dollars)
7.3 GDP at Current Prices (US dollars)
7.4 GDP per Capita at Current Prices (US dollars)
7.5 Inflation Rate
7.6 Exports as a Percentage of GDP
7.7 Construction Output (US$ Billions)
7.8 Labor Force
7.9 Total Internet Subscribers
7.1 Total Population
7.11 Urban and Rural Population
7.12 Age Distribution of the Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Angolan Insurance Gross Premium by Segment (AOA Billion), 2009-2013
Table 3: Angolan Insurance Gross Written Premium by Segment (US$ Million), 2009-2013
Table 4: Angolan Insurance Gross Written Premium by Segment (AOA Billion), 2013-2018
Table 5: Angolan Insurance Gross Written Premium by Segment (US$ Million), 2013-2018
Table 6: Angolan Insurance Segmentation (% Share), 2009-2018
Table 7: Angolan Life Insurance - Paid Claims (AOA Billion), 2009-2013
Table 8: Angolan Life Insurance - Paid Claims (AOA Billion), 2013-2018
Table 9: Angolan Life Insurance - Incurred Loss (AOA Billion), 2009-2013
Table 10: Angolan Life Insurance - Incurred Loss (AOA Billion), 2013-2018
Table 11: Angolan Life Insurance - Loss Ratio (%), 2009-2013
Table 12: Angolan Life Insurance - Loss Ratio (%), 2013-2018
Table 13: Angolan Life Insurance - Combined Ratio (%), 2009-2013
Table 14: Angolan Life Insurance - Combined Ratio (%), 2013-2018
Table 15: Angolan Life Insurance - Total Assets (AOA Billion), 2009-2013
Table 16: Angolan Life Insurance - Total Assets (AOA Billion), 2013-2018
Table 17: Angolan Life Insurance - Total Investment Income (AOA Billion), 2009-2013
Table 18: Angolan Life Insurance - Total Investment Income (AOA Billion), 2013-2018
Table 19: Angolan Life Insurance - Retentions (AOA Billion), 2009-2013
Table 20: Angolan Life Insurance - Retentions (AOA Billion), 2013-2018
Table 21: Angolan Non-Life Insurance - Gross Written Premium by Category (AOA Billion), 2009-2013
Table 22: Angolan Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 23: Angolan Non-Life Insurance - Gross Written Premium by Category (AOA Billion), 2013-2018
Table 24: Angolan Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 25: Angolan Non-Life Insurance - Paid Claims (AOA Billion), 2009-2013
Table 26: Angolan Non-Life Insurance - Paid Claims (AOA Billion), 2013-2018
Table 27: Angolan Non-Life Insurance - Incurred Loss (AOA Billion), 2009-2013
Table 28: Angolan Non-Life Insurance - Incurred Loss (AOA Billion), 2013-2018
Table 29: Angolan Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 30: Angolan Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 31: Angolan Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 32: Angolan Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 33: Angolan Non-Life Insurance - Total Assets (AOA Billion), 2009-2013
Table 34: Angolan Non-Life Insurance - Total Assets (AOA Billion), 2013-2018
Table 35: Angolan Non-Life Insurance - Total Investment Income (AOA Billion), 2009-2013
Table 36: Angolan Non-Life Insurance - Total Investment Income (AOA Billion), 2013-2018
Table 37: Angolan Non-Life Insurance - Retentions (AOA Billion), 2009-2013
Table 38: Angolan Non-Life Insurance - Retentions (AOA Billion), 2013-2018
Table 39: Angolan Property Insurance - Gross Written Premium (AOA Billion), 2009-2013
Table 40: Angolan Property Insurance - Gross Written Premium (AOA Billion), 2013-2018
Table 41: Angolan Motor Insurance - Gross Written Premium (AOA Billion), 2009-2013
Table 42: Angolan Motor Insurance - Gross Written Premium (AOA Billion), 2013-2018
Table 43: Angolan Liability Insurance - Gross Written Premium (AOA Billion), 2009-2013
Table 44: Angolan Liability Insurance - Gross Written Premium (AOA Billion), 2013-2018
Table 45: Angolan Marine, Aviation and Transit Insurance - Gross Written Premium (AOA Billion), 2009-2013
Table 46: Angolan Marine, Aviation and Transit Insurance - Gross Written Premium (AOA Billion), 2013-2018
Table 47: Angolan Persol Accident and Health Insurance - Paid Claims (AOA Billion), 2009-2013
Table 48: Angolan Persol Accident and Health Insurance - Paid Claims (AOA Billion), 2013-2018
Table 49: Angolan Persol Accident and Health Insurance - Incurred Loss (AOA Billion), 2009-2013
Table 50: Angolan Persol Accident and Health Insurance - Incurred Loss (AOA Billion), 2013-2018
Table 51: Angolan Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 52: Angolan Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 53: Angolan Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 54: Angolan Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 55: Angolan Persol Accident and Health Insurance - Total Assets (AOA Billion), 2009-2013
Table 56: Angolan Persol Accident and Health Insurance - Total Assets (AOA Billion), 2013-2018
Table 57: Angolan Persol Accident and Health Insurance - Total Investment Income (AOA Billion), 2009-2013
Table 58: Angolan Persol Accident and Health Insurance - Total Investment Income (AOA Billion), 2013-2018
Table 59: Angolan Persol Accident and Health Insurance - Retentions (AOA Billion), 2009-2013
Table 60: Angolan Persol Accident and Health Insurance - Retentions (AOA Billion), 2013-2018
Table 61: Angolan Reinsurance Ceded by Insurance Industry (AOA Billion), 2009-2013
Table 62: Angolan Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 63: Angolan Reinsurance Ceded by Insurance Industry (AOA Billion), 2013-2018
Table 64: Angolan Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 65: Angolan Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 66: Angolan Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 67: Angolan Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 68: Angolan Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 69: Angolan Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 70: Angolan Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 71: Angola - Life Insurance Regulatory Framework
Table 72: Angola - Property Insurance Regulatory Framework
Table 73: Angola - Motor Insurance Regulatory Framework
Table 74: Angola - Minimum Amount to be Insured by Aircraft Owners Against Third-Party Liability
Table 75: Angola - Minimum Amount to be Insured by Automobile Owners Against Third-Party Liability
Table 76: Angola - Corporate Tax Rates for the Fincial Year 2013
Table 77: Angolan Insurance Industry, Market Shares by Company, 2011 and 2012
Table 78: AAA Insurance SA, Main Products
Table 79: AAA Insurance SA, Key Employees
Table 80: tiol Insurance Company of Angola (ENSA), Main Products
Table 81: tiol Insurance Company of Angola (ENSA), Key Employees
Table 82: GA Angola Seguros SA, Main Products
Table 83: GA Angola Seguros SA, Key Employees