EMOSE continued to lead the Mozambique insurance market in 2019

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EMOSE continued to lead the Mozambique insurance market in 2019

2:55 CAT | 04 Nov 2020

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The Mozambican Insurance Company (EMOSE) continued to head the national insurance market by global share in 2019, according to the annual report of the Institute of Insurance Supervision of Mozambique (ISSM).

The ISSM lists 21 insurance companies, with EMOSE taking a 22.9% market share, up 0.9% from last year, followed by Hollard insurers (12.5%) and Seguradora Internacional de Moçambique (SIM, 11.3%0 both of which maintain their respective positions despite falling market shares.

EMOSE, Hollard and SIM are among the five largest companies, which together hold 67.6% of the market share, 3.2 percentage points less than in 2018, when the group’s share stood at 70.8%. The other companies in the top five are International Commercial & Engineering (ICE) and Global Alliance, in fourth and fifth positions respectively.

However, ISSM data indicates that, during the first quarter of 2020, EMOSE lost its market share, falling to third position, with 17.6%, behind Hollard Insurers with 20.70%, followed by ICE with 18.30% of the total.

In terms of total premiums, EMOSE OR ISSSM companies in 2019 accounted for 15,950.1 million meticais, against 13,158.9 million meticais in 2018. This corresponds to an increase of 21.2%, up 1% on the previous year.

In terms of the global production of insurance companies in 2019, it should be noted that ISSM accounted for 15,950.1 million meticais, against 13,158.9 million meticais of Gross Premiums Issued (PBEs) in 2018. This corresponded to an increase of 21.2%, after the company had stood at 1% the previous year.

The 21 insurance companies operating in Mozambique made 1,575.7 million meticais in profits in 2019, up 95.8 million meticais against 2018.

This considerable growth was bolstered by growth in the Life (27.5%) and Non-Life (20.3%) segments, ISSM explains.

By Evaristo Chilingue

Source: Carta de Moçambique