Arseg working on Africa’s insurance penetration rate

Luanda – Angola’s Regulatory and Insurance Supervision Agency (ARSEG) said it will raise awareness among families and companies on culture of insurance in order to match the insurance penetration rate in the Angolan economy to the African average of three percent.

With the signing of insurance contracts, the companies, families and enterprises will see their properties protected from any damage, said the institution’s CEO, Aguinaldo Jaime.

ARSEG’s intends to achieve an average penetration rate of three per cent on the economy, a benchmark of insurance activity in Africa, he noted.

Speaking at the opening of the 1st edition of the Insurance Fair, under the motto “ARSEG for a strong and sustained regulated sector , Jaime put the current penetration rate in Angola at around one percent.

In order to reach the expected goals, the official defended permanent focus on modernization and improvement of the regulatory framework sector.

He also spoke of need for monitoring methods, the training and qualification of regulator and operator staff.

The CEO also defended commitment to technological innovation, strong governance

and search for more modern forms and methods of

distribution of products and services to the consumers.

ARSEG is an organ tasked with regulating, monitoring, supervising and following up the insurance and re-insurance activity in Angola.

Source: Angola Press News Agency