Basic HTML Version
www.ebizguides.com
90
Finance
Until 2000, the insurance industry in Angola was re-
stricted to the state monopoly held by ENSA (Em-
presa Nacional de Seguros de Angola).
Angola has historically had an incipient “insurance
culture” which contributed to a reduced penetration
rate within the Angolan families and companies and,
in turn, to a relatively small insurance sector.
A local regulator has been created (Instituto de Su-
pervisão de Seguros) with the responsibility to su-
pervise and regulate the activity of insurance com-
panies, pension funds and related entities (such as
brokers and agents).
Between 1998 and 2001, a number of amendments
and new dispositions were introduced to the insur-
ance law that revolutionized the industry. Amongst
the most important were the following:
• Termination of the monopoly of the state insurance
company.
• New decrees on pension funds allowing companies
to create their own pension funds.
• New labour laws that institutionalized the need for
industrial accident and professional illness insur-
ance.
• New decrees on reinsurance and co-insurance.
There are currently eight companies operating in the
market, each providing services ranging from per-
sonal insurance to transport, property and natural
hazard insurance. The main players in the market
are ENSA, AAA.
Beneficiaries of microcredits granted by BPAngola
INSURANCE
VENTURE CAPITALISM
ENSA is the state-owned insurance company, which
still dominates the market in which it exercised ab-
solute monopoly for many years. AAA was the first
private insurance company to be registered in 2000
and is highly dependent on the oil sector.
Overall the industry remains very limited in terms of
diversification of the services on offer.
In 2005, the first venture capital fund FIPA (Fundo de
Investimento Privado Angola) was created in a part-
nership between Banco Africano de Investimento,
Sonangol and the Norwegian Fund for Developing
Countries (NORFUND). Nevertheless, due to the ab-
sence of specific industry legislation and regulations,
this fund only recently became active in the market.
FIPA will invest primarily in privatization and restruc-
turing projects across different industries.
NEW DEVELOPMENTS
In April 2011 Government approved laws to rule the
activity of Factoring and Leasing, it is expected a
growth in these activities in the coming months
BANC - BANCO ANGOLANO DE NEGOCIOS E
COMÉRCIO
Maria do Céu Figueira
Chief Executive Officer
Travessa da Sorte 12
Bairro Maianga - Luanda
Tel: +244-222-339 285 / 394 534
Fax: +244-222- 394 972
geral@banc.co.ao
www.banc.co.ao
Activity: Commercial Banking
Capital: 20million USD
Creation date: 2007
Number of Employees: over 100
The Angolan Bank of Business and Trade (BANC) be-
gan its activity in 2007 when it opened its first agency.
Nowadays, the Bank has about 20 offices spread in
provinces across the country, Benguela, Huambo,
Lubango, Namibe, Cunene, Soyo, Luanda, and con-
tinues to increase its branch network. At the capital,
they have five branches and two business centres.