The insurance sector in Angola has high growth potential because of the still low penetration rate of such products in the African country. The head of the country’s insurance regulator agency, Aguinaldo Jaime, made the assertion last week.

Local newspaper Jornal de Angola quoted Mr Jaime saying at an event in Luanda, the country’s capital, that the insurance market in Angola “shows potential”.

He pointed out that the penetration rate of insurance products in Angola currently stands at just 0.80 percent.

Angola has 15 companies operating in the insurance sector but Mr Jaime said there was a need to bring in more players, reported Jornal de Angola.

“The Government can still promote the establishment of more insurers,” the head of the regulator agency said.