The Angolan insurance market continues to operate under challenging conditions. The oil price collapse in 2014 had a negative impact on the market which has been exacerbated by Angola's ongoing economic difficulties and in particular the current recession and devaluation of the currency.
In 2018, Angola ranked 101st in Axco’s Global Statistics service by total insurance market premiums, 102nd for non-life business (excluding PA and health), 60th for PA and health and 144th for life business. The contraction in the Angolan market in recent years means that Angola has been slipping down international rankings.
South Africa has, by a significant margin, the largest non-life industry in Africa and was ranked at 22nd in 2018, followed by Morocco at 46th, and Algeria at 57th.
Non-life premiums in Angola in 2018 were AOA 136.61bn (USD 540.25mn), an increase of 12.04% on the previous year. In USD terms, the non-life insurance market (including PA and healthcare) has contracted from total premiums of USD 1.03bn in 2014 to USD 540.25mn in 2018 as Angolan companies and individuals have retrenched and reduced the amount of insurance cover that they buy.
The Angolan economy and insurance market are still heavily reliant on the energy sector although the government is taking steps to diversify the economy.
The largest class of business in the Angolan insurance market, by some way, is personal accident and healthcare and travel totalling 55.1%. Healthcare is a popular insurance product with many individuals and companies and represents the largest class of business for most insurance companies and reflects the preference of many Angolans to use the private healthcare sector.
The second and third largest classes in the market are motor with a market share of 17% followed by marine aviation and transit (MAT) business with a market share of 13.4%. Petrochemical business is included within MAT but itself represents 10.3% of the total non-life market. Third-party motor liability and workers' compensation are compulsory classes of business.