Luanda: The CEO of the Angolan Insurance Regulation and Supervision Agency (ARSEG), Filomena Airosa Manjata, reaffirmed on Monday that Angola aims to reach the average insurance penetration rate of the Southern African Development Community (SADC), which ranges between 3% and 5%.

According to Angola Press News Agency, Manjata spoke to journalists at the 2nd Conference of the 2026 Conference Cycle 'ARSEG CONNECTS', emphasizing that achieving this target requires concerted actions among the regulator, operators, and the State. She highlighted the presence of insurance activity in all spheres of society and noted that in more developed countries, the insurance sector plays a significant role in financing the economy.

She further stated, "But we understand that, more than selling insurance, we want every citizen to have protection from the risks to which they are exposed. And we want that protection to be of high quality." Manjata also acknowledged the low rate of financial literacy, pointing out that many citizens do not have insurance.

She mentioned that Angola's penetration rate is not much lower than that of other countries, noting that international reports show similar rates to nations like Botswana and Zimbabwe, which have penetration rates of 0.5% to 0.6%.

In a market still in the consolidation phase, trust is vital for growth, she remarked. Recent supervisory data shows encouraging signs, such as a reduction in the volume of complaints. However, challenges persist, particularly regarding the quality of information provided, contractual clarity, and the speed of settling claims.

The II Conference of the 'ARSEG Connects' cycle, held under the theme 'Market Conduct: the Pillar of Trust and Transparency in the Insurance and Pension Fund Sector', was promoted by the Angolan Agency for Regulation and Supervision of Insurance (ARSEG). This initiative is part of a series aimed at strengthening good market practices, protecting consumers, and building trust in the financial system. It also serves as a platform for technical debate and knowledge sharing among institutional leaders, experts, and other stakeholders in the sector.