Despite the possibility of a significant reduction in premiums because of the economic impact of COVID-19, insurance companies are finding ways to better respond to customers' needs.

Busani Ngwenya

Managing Director, Global Alliance Insurance

Our market share is around 15%. The insurance market in Mozambique features over 20 companies and close to 100 brokers. For a country and economy as small as ours, the competition for market share is huge and largely based on price undercutting. However our corporate market is value driven, especially claims service. We predominantly cater to corporates, which presents the most significant opportunities in our target market. Retail insurance is gradually growing, and we are looking at a number of ways to position ourselves for it, mainly through bancassurance arrangements with our sister bank, Absa. We are also looking to leverage customized technology. However, we expect short-term shrinkage in the market as customers get used to the recently implemented anti-money laundering laws. The corporate sector will remain our core focus, whilst we make sure that we have a solid insurance company from all stakeholders' perspectives. We turned 20 this year and are now mature enough to deepen our presence in the SME and retail sectors.

Joaquim Maqueto Langa

Chairman, Empresa Moçambicana de Seguros (EMOSE)

With a presence in all of Mozambique's provinces, we have consistently maintained the number-one position in the market, with a 26% market share in 2019 among 22 insurance companies. In recent years, we have invested efforts in changing our image in the market, from being perceived as a slow, state-run monopoly to a modern, efficient, and reliable company. We are now much more proactive and focused on customer service. We are now consolidating this newfound image through an intensive technology modernization program, which has been bearing good fruit over the past two years. Digitalization is increasingly becoming the differentiating factor in the industry, whereby customers assess how close a company is to their needs. Competition is tough, but we are leveraging the financial stability, size, nationwide presence, and expertise that come with being state owned to ensure an image of reliability and deliver the highest-quality service. If anything happens, customers can go to any of our offices throughout the country and find an experienced and specialized team.

Martin Mandivenga

CEO, Britam Companhia de Seguros de Moçambique S.A.

Britam Companhia de Seguros de Moçambique is part of the Britam group, which covers seven African countries. The Mozambican market presented its set of challenges; it is the only Portuguese-speaking country we cover and, since 2015, the country has gone through different economic crises. Despite this, we have managed to grow by 300% to date due to a number of reasons. We are a financially robust company with solid shareholders, which helps us to boost our profile. Britam is the second-best capitalized company in the Mozambican insurance sector. We focus on innovation, identifying the real problems, and proposing tailored solutions. The pillars of our strategy have been technology, innovation, and customer service. We have been researching and investing in applications that will boost our tech profile and bring us closer to the customers, enabling them to access Britam services from any location at the same quality. In terms of our target, our main focus in Mozambique has been to consolidate the non-life segment first and then venture into other opportunities more aggressively.

Simba Manunure

CEO, Sanlam Mozambique

While the crisis took a toll on the economy as a whole, the life branch of the insurance sector was not as badly hit as others. Individual policy owners continued to pay their premiums, thus enabling us to grow no less than 100% of the top line and no less than 100% of the bottom line each year for the past four years. We now insure over 112,000 lives, which represents a 24.8% market share; we work with seven banks to distribute most of the individual life products. Some products directly related to protection of income were hard hit in terms of claims due to job losses. We, however, managed to adjust the pricing and the T&Cs and the fact that claims were paid has made such products well sought after. In addition to our group business, which remains instrumental to our growth, our mission has always been to expand individual life business in order to attain a critical mass that will allow the law of large numbers to kick in and make our products more accessible and affordable.