Angola: BIC Bank launches insurance subsidiary

Oct 20, 2014

BIC Bank is now offering insurance services in Angola under the brand BIC Insurances.

BIC Bank is now offering insurance services in Angola under the brand BIC Insurances. The new non-banking financial institution has a share capital estimated at AKZ 1.5 billion (€11.9 million). It
started its activities last week, with the inauguration of the head office in Luanda.

According to BIC Bank CEO Fernando Teles, the shareholders decided to create this insurance company because of the sector's potential for development due to its low penetration, Angola Press reports.

The 220 branches of BIC Bank countrywide will now offer BIC insurance's products, with the staff already receiving training for this purpose.

The insurance penetration rate in Angola stands only at one percent, according to figures from the Insurance Regulating and Supervising Agency.

Its CEO, Aguinaldo Jaime,
told Angop in June "the sector still has a large margin of progression". He added its development requires an increase in financial literacy, awareness of the importance of the insurance and pension funds, as well as the introduction of more sophisticated techniques of management of risks.ADNFCR-2976-ID-801755181-ADNFCR