A maturing insurance sector

Angola

Fátima Monteiro, president of the executive council of BIC Seguros, talks to The Energy Year about the key strategic and operational developments for the company, how its role has evolved in the energy sector and recent regulatory changes in the Angolan insurance sector. BIC Seguros is the insurance arm of Banco BIC.

What were the key strategic and operational developments for BIC Seguros in 2023?
2023 was a year marked above all by the introduction of a new chart of accounts, with relevant changes in terms of accounting policies, and the strengthening of internal control functions. With the Angolan economy trying to recover from slower growth in recent years, the company focused mainly on strengthening internal processes, particularly with respect to financial reporting and claims management.

How has the role of BIC Seguros in the Angolan energy sector been evolving? What are the perspectives for the future?
We continue to look at the Angolan energy sector with great interest. The company has gradually increased its volume of premiums and clients in this sector, always in a sustained manner and consistent with conservative subscription policies. We believe that this sector still has a lot to offer the country, and our strategic vision is to continue to grow within the energy sector in its various aspects.

How are recent legislative and regulatory changes in the Angolan insurance sector determining the key opportunities in the sector?
We are pleased to welcome the various regulatory changes that have taken place in the insurance sector. We believe that it is the right path forward for the maturity of the sector and therefore the companies in it. The increasing demands regarding internal control functions have allowed BIC Seguros to revisit and improve internal processes, and we have improved our operational efficiency and reduced associated risks.

What are the key trends shaping the Angolan competitive landscape in the insurance market?
With the stabilisation of the market and the companies operating in it, there are branches that have recently gained prominence, in particular the health and workmen compensation branches. We are also beginning to see more interest in life capitalisation products, which follows what has been a slow awakening of the capital market in Angola.
Another important aspect is the growing focus on digitalisation, which will speed up the subscription process and help us reach a younger segment accustomed to new technologies.

What are BIC Seguros’s key objectives for 2024?
The main objective is to continue to grow and gain market share, always in a sustained manner with high levels of profitability. In addition, we must continue adopting rigorous cost management practices, especially given the unstable foreign exchange market where we are located. We believe that the combination of these two factors will contribute, as they already have, to the continued growth of BIC Seguros in 2024, both in terms of premiums and net profits.

What are the company’s key strategic pillars for growth for the coming five years?
Our strategic vision is based on a very distinctive pillar, which is the monitoring of Angolan economic policy. We must be able to identify the executive’s main bets and adapt our offering for the sectors that will evolve along with the economy.
We want to be more present in the primary and secondary sectors, following the increase in agricultural production and the country’s growing industrialisation. From our point of view, any successful strategy cannot ignore and must follow the changes in the country.

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