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Insurances - Angola

Angola
  • The Insurances market in Angola is projected to reach a gross written premium of US$3.12bn in 2025.
  • Life insurances dominate this market, with a projected market volume of US$1.68bn in the same year.
  • The average spending per capita in the Insurances market is expected to amount to US$80.04 in 2025.
  • When comparing globally, it is evident that the United States holds the highest nominal value, reaching US$3.9tn in 2025.
  • The gross written premium is anticipated to show an annual growth rate of 0.27% from 2025 to 2029, resulting in a market volume of US$3.15bn by 2029.
  • In terms of gross written premium, the United States will continue to generate the most revenue, with US$3.9tn in 2025.
  • Angola's insurance market is experiencing a surge in demand for life insurance products, driven by increasing awareness of the need for financial security.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.
In-Scope
  • Life insurances
  • Non-life insurances
Out-Of-Scope
  • Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
  • Reinsurance
Insurances: market data & analysis - Cover

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Insurances: market data & analysis
Study Details

    Gross Written Premium

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    2017
    2029
    2025
    Top 5 (2025) in billion USD (US$)
    CountryRevenue
    1. United States 19,652.5
    2. China 4,974.5
    3. United Kingdom 1,595.5
    4. Japan 1,364.5
    5. Germany 1,347

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Gross Claim Payments

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Loss Ratio

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Insurances market in Angola has been experiencing significant growth and development in recent years. Customer preferences in Angola are shifting towards a greater demand for insurance products that provide comprehensive coverage and financial security. Customers are increasingly looking for insurance policies that offer protection against a wide range of risks, including health, property, and life insurance. This trend mirrors the global shift towards more holistic insurance coverage to safeguard against unforeseen events. Trends in the Angolan insurance market indicate a growing awareness of the importance of insurance among the population. As disposable incomes rise and the middle class expands, more individuals and businesses are recognizing the value of insurance in mitigating financial risks. This increased awareness is driving the demand for a variety of insurance products, leading to a more competitive market with a wider range of options for consumers. Local special circumstances in Angola, such as a history of political instability and economic challenges, have influenced the development of the insurance market. The need for stability and security in an uncertain environment has contributed to the growing popularity of insurance products as a means of protecting assets and investments. Additionally, regulatory reforms aimed at strengthening the insurance sector have helped to improve transparency and trust in the market, further driving its growth. Underlying macroeconomic factors, such as steady economic growth and increasing foreign investment in Angola, have also played a role in the expansion of the insurance market. A more stable economic environment has boosted consumer confidence and purchasing power, leading to higher demand for insurance products. Moreover, the government's focus on diversifying the economy and promoting financial inclusion has created opportunities for insurance companies to expand their offerings and reach a broader customer base.

    Methodology

    Data coverage:

    Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

    Modeling approach / Market size:

    Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

    Additional Notes:

    The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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    Insurances: market data & analysis - BackgroundInsurances: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Jan 2025

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Global insurance industry - statistics & facts

    Insurance has become a fundamental cornerstone of today's economy, providing financial security in an otherwise uncertain world. From protecting individual livelihoods to upholding commercial ventures the global insurance industry has continued to grow. Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth roughly eight trillion U.S. dollars in 2024, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.
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