An insurance portfolio for Angolan energy and miningNovember 15, 2023
Kianda Troso, president of the board of directors of Protteja Seguros, talks to The Energy Year about how the company’s offerings to corporate clients and market share have been evolving and how Angola’s energy sector contributes to the company’s operations and growth. Protteja Seguros is an insurance provider.
How have Protteja Seguros’ offerings to corporate clients been evolving?
Protteja has made significant investments that improved the quality of its portfolio. Initially Protteja primarily focused on providing insurance for health and work accident companies.
However, toward the end of 2022, the company expanded its offerings to include property insurance. This expansion was made possible by investing in our technical and underwriting departments. To facilitate this transition, several departments were restructured. These developments mark an important step in Protteja’s growth and its ability to cater to a wider range of insurance needs.
How has Protteja’s market share evolved in the past years?
In 2021 Protteja Seguros held the seventh-largest market share. However, in 2022 it experienced a slight drop in market share and possibly moved down a position. This shift in ranking can be attributed to Protteja’s deliberate focus on quality rather than unstructured growth.
Our company prioritises profitable products and sustainability, which sometimes necessitates the withdrawal of certain portfolios. By maintaining a strategic approach to its offerings, Protteja aims to ensure long-term stability and sustainability within the company.
How does the energy industry in Angola contribute to Protteja Seguros’ operations and growth?
We have a strong appetite for the oil and gas industry in Angola. We take great pride in being certified by the Ministry of Mineral Resources and Petroleum and actively participate in all institutions associated with this sector.
Our approach involves conforming to the requirements and regulations of the companies in this sector, as we believe in conforming with these organisations to better support our partners. We understand the energy transformation and the stage our country is in.
At Protteja, we recognise that large investments in the oil and gas sector in Angola will focus on maintaining existing infrastructure and ensuring production levels. We understand the need for companies to embrace technological solutions and other strategies to meet these challenges.
As a result, we have made significant investments in the oil and gas sector and are committed to staying abreast of the industry’s developments. Additionally, our expertise and focus on risk management allow us to support companies in their search for solutions.
We believe that companies should concentrate on their core business while we focus on managing risk effectively. We strive to provide comfort to our partners in this regard.
Furthermore, we acknowledge the growth potential of the onshore market, and we have positioned ourselves to support companies in this area as well. Our dedication to the oil and gas sector is unwavering, and we are always ready to participate in any initiative within this industry.
How important is digitalisation for Protteja Seguros?
Protteja is at the forefront when it comes to technology and digitalisation. We recognise that there is ample room for improvement in the insurance industry as a whole, and we are actively working towards that goal. We aim to bring the entire insurance sector together in embracing digital transformation.
An excellent example of our efforts regards the exclusive products sector. Many companies in this sector still rely on insurance policies from abroad, but that approach is no longer viable. We emphasise the importance of keeping insurance contracts within Angola.
Unfortunately, a significant number of companies and customers have turned to external providers, which has resulted in a loss of business for the local market. This challenge is not only ours to address but also affects other insurance companies, overall income, job opportunities and the penetration rate of insurance in the country.
It’s important to note that the current statistics on the insurance market do not accurately reflect the reality due to the significant number of contracts and transactions that bypass the regulator’s statistics. This issue is a challenge for the regulator, insurers and the market as a whole.
Overcoming this challenge requires confidence, a stable currency and insurers’ fulfilling their commitments. We strongly believe that a stable currency is crucial for honouring our obligations and ensuring the overall stability and growth of the insurance sector. By addressing these challenges, we aim to bring positive changes not only to Protteja but to all insurance companies, which will generate economic benefits and job opportunities.
What specific energy segments present significant growth opportunities for Protteja in the upcoming years?
With respect to growth opportunities within the energy sector, we see the most potential in the exploration segment. This is where we anticipate significant growth.
While larger companies are reconstructing themselves at the sector level, the leap in onshore exploration will drive various medium-sized initiatives and act as the driving force. This approach has a distinct impact on the economy, as a substantial portion of investments, revenues and contracted services remain within the same location.
When we examine the larger projects, we find that a significant portion of their services is already contracted from foreign companies, which means that the know-how and resources do not circulate within the local economy. However, as local companies begin to win bids in onshore exploration, the dynamics will shift.
How important is the mining sector for Protteja Seguros?
Protteja has established a dedicated segment to operate specifically within the mining sector. We already work with some prominent mines, such as Chitotolo. Our primary focus lies in serving large mining companies, as we possess the necessary knowledge and expertise to cater to their needs.
We see great potential in the mining sector, as it is relatively untapped. There are numerous medium- and small-sized companies operating within this sector that require our assistance to ensure the smooth operation of their activities. These companies often work in hazardous conditions, making insurance coverage even more crucial.
It is our mission to create awareness about and emphasise the importance of insurance in this context. To support our ambitions in the mining sector, we are investing in sponsoring major events focused on mining and attracting top players in the industry.
There is still significant work to be done in assisting large mining companies. Many of these companies invest substantial resources and energy in processes that could be outsourced to specialised firms such as ours. As we engage with mining companies and gain insights into their circumstances, our awareness and understanding of their needs increases.
Notably, there is a shortage of well-aligned safety requirements for exploration operations within mines. This is a challenge that needs to be addressed. Nevertheless, the mining sector continues to grow and is contributing positively to economic diversification.
The sector is also exploring various types of ore beyond diamonds, which further fuels its growth. The regulatory interventions and increased supervision in the sector have encouraged investment and spurred growth. We believe that this trend opens up new opportunities and holds great potential for future advancement.
How do you envision Protteja’s position in the next five years?
In the next five years, our goal is to elevate Protteja’s position from seventh to third in the industry. We are determined to reach a new level and expand our presence in the market. Our focus is on evolving, growing and seizing new opportunities.