The Insurance Supervision Institute of Mozambique has released its Annual Report on Insurance Activity for 2019, summarising life and non-life market developments and consumer protection outcomes. The report records 21.2% growth in the sector after 1% in 2018, with insurance penetration rising by 0.19 percentage points to 1.67%, and it expands the statistical disclosures used to track underwriting activity and claims. Gross written premiums grew in both segments, with life up 27.5% and non-life up 20.3%. Net profit for the year reached MZN 1,575.7 million, an increase of MZN 95.8 million from the prior year, while solvency margin coverage rose to 484.3% from 410.5% in 2018. The report also covers complementary pension funds, where contributions totalled MZN 885.1 million (up 8.9%) and fund financial performance reached MZN 1,397.1 million (up 10.1%). On consumer servicing, the supervisor received 39 complaints, resolving 15 through its intervention; six were under analysis by insurers, 10 were recommended for submission to the courts, and eight remained under review by the supervisor.
Insurance Supervision Institute of Mozambique publishes 2019 annual insurance market report showing 21.2% growth and higher solvency coverage
The Insurance Supervision Institute of Mozambique's 2019 Annual Report highlights a 21.2% sector growth, with insurance penetration at 1.67%. Gross written premiums rose in life (27.5%) and non-life (20.3%) segments, while net profit reached MZN 1,575.7 million. The report notes improvements in solvency margin coverage, complementary pension fund performance, and consumer protection efforts addressing 39 complaints.