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The Finance Minister of Angola, Vera de Daves de Sousa, has called on insurance companies in the Angolan market to explore effective mechanisms for the development and widespread dissemination of agricultural insurance across the country. The aim is to enhance production levels and fortify food security, stated the minister during a presentation ceremony disclosing the findings of a national insurance market study conducted by international consultancy Ernst Young (EY) in collaboration with the Angolan Insurance Regulation and Supervision Agency (ARSEG).
Minister Vera de Daves emphasized the pivotal role of agriculture in the economic activities of any nation and underscored the potential of agricultural insurance to significantly contribute to securing agricultural investments for both farmers and financial institutions.
Highlighting the government’s key objectives of increasing national production and fostering economic diversification, Minister Vera Daves stressed the importance of safeguarding Angola’s food security. In July 2023, the Angolan government entered into a technical assistance agreement with the International Finance Corporation (IFC) to support ARSEG and insurance companies in implementing agricultural insurance in Angola.
The minister outlined that the implementation process should be grounded in climate indices tailored to suit agricultural producers, thereby safeguarding national production. Currently, the agricultural sector’s contribution to the Gross Domestic Product (GDP) stands at less than one percent, indicating significant potential for growth and development.
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