Angola adds oil insurance to exclusivity list

LUANDA, January 26, 2022 – Angola’s National Oil, Gas and Biofuels Agency (ANPG) has added insurance for companies in the oil and gas industry to its list of services meant to be provided exclusively by local businesses.

The move, reported by local media on Tuesday, is part of efforts to boost local content and build local capacity in sub-Saharan Africa’s second-largest oil producer.

Added to the list are the provision of five insurance-related services to oil companies: insurance for oil operations, insurance mediation, property insurance service, motor insurance and life insurance.

Angola’s local insurers and insurance brokers include firms such as Zillian, a local company formed in 2021 via the acquisition of the Angolan business of global professional services firm Aon.

Local insurance providers will need to register with the ANPG, after which they will be visited by the agency and oil operators for assessment.

The Angolan government introduced both exclusivity and preferential regimes under its local content law, Presidential Decree no. 271/20 of 20 October 2020.

Read our latest insights on: