Africa-Press – Angola. Sanlam, the largest insurance company in Africa, will launch, in the near future, on the Angolan market, the AgroSeguro product, with the aim of protecting investment projects in the agricultural sector, underway throughout the country, within the scope of the National Development Plan (PND) 2023-2027.
The AgroSeguro product, which is in the approval phase by the Angolan Insurance Regulation and Supervision Agency (ARSEG), is climate-indexed insurance and aims to compensate farmers for losses of their crops, due to accumulated droughts and excess rainfall that harm the normal crop growth.
For the AgroSeguro product, pests, diseases, negligence, fires, theft, poor cultivation practices and others are not included. Compensation for crop damage occurs within a period of six weeks, after the end of the agricultural season, in which payments range from 27 thousand to one million and 200 thousand kwanzas.
Sanlam insurance company’s new product is approved by the Ministry of Agriculture and Forestry, through the Commercial Agriculture Development Project (PDAC), which recommends climate-indexed crop insurance as a way of maintaining income and facilitating access to agricultural loans.
Sanlam’s managing director, Phippe Alliali-Die, said that the insurance company he heads is in Angola to develop the insurance market. “We are the only foreign company operating in Angola, in the insurance sector. We do not just want to operate in Angola, but we have the ambition to develop the market, for this reason we brought our best experiences in different businesses in the insurance sector”, he said .
In Angola, Sanlam operates with car, health and life insurance.
Business partnership
Last year, Sanlam, Africa’s largest non-bank financial services company, and Allianz, one of the world’s leading insurers and asset managers, entered into a lasting business partnership, with the aim of combining their current operations, in one, to become the largest Pan-American insurance services company on the continent, excluding South Africa, called SanlamAllianz.
For managing director Philippe Die, in this partnership Sanlam contributes 55 percent of its assets and Allianz 45 percent. “The objective is to become a reference in all insurance market sectors in Africa, increase and expand access to our products and services in the insurance market”, he said.
According to the Sanlam administrator, the partnership will guarantee coverage in 27 African countries, with emphasis on those in the sub-Saharan region, Angola, Namibia, Botswana, Zimbabwe, Madagascar, Mozambique, Tanzani, Rwanda, Burundi and Malawi, with the implementation of services and products such as general insurance, life insurance, health insurance and asset management.
He added that the merger with Allianz will ensure availability of an enhanced pan-African multinational offering, including property insurance and employee benefits such as group life and health insurance and optimized reinsurance offerings.
“The insurance market in Angola is dynamic, competitive and growing. In addition to these insurances, Sanlam is focused on other products to ensure a greater presence in the insurance market in the country”, he said.
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