AISL Executive Summary
Avec un score AISL ajusté de 34.7/100, Mozambique se classe dans la catégorie « hautement restrictif ». Le marché de l'assurance y pesait 374 millions $ en 2024, pour une pénétration de 1.6% du PIB. Le principal frein réglementaire à l'entrée est la cession légale obligatoire (Africa Re 5% (base Union Africaine)).
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Maputo
Population
Not documented
GDP
$22.7 B
Currency
MZN
Insurance market
Market size
$374 M
Penetration
1.6%
Density / capita
Not documented
Growth (GDP proxy)
-0.5%
Regulatory framework
Regulatory openness
Highly RestrictiveCompulsory cession
Yes
Africa Re 5% (base Union Africaine) - MozRe existe mais cession specifique non confirmee
Active friction mechanisms
1 / 7
Reference year
2024
AISL Score
Base score
38.1
Adjusted score (friction)
34.7
Regulatory access
86/100
Methodology breakdown
AISL recommendation: WATCH / MONITOR
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Similar markets
Structurally close profiles to Mozambique, computed on market size, growth, sector structure, environment and founder judgment.
Market (2024)
Vie : 14%
$51.7M
Non-vie : 86%
$322.4M
Total : $374.1M
Total premiums
$374.1M
Penetration
1.6%
Density / capita
Not documented
Growth
—
Number of insurers
—
International comparison
This market is -74% versus the OECD average (6.2% of GDP, 2024) and -70% versus the average across all reporting jurisdictions (5.4%, 2024).
Source: OECD, Global Insurance Market Trends 2025. These averages cover jurisdictions reporting to the OECD, not an exhaustive global sample.
Source: Atlas Magazine - African Insurance Market 2024
Macroeconomic context (2025)
GDP
$22.7 B
GDP growth
-0.5%
Population
—
Inflation
4.4%
Currency
MZN
Source: World Bank Mozambique Country Page, juillet 2026
Regulatory mechanisms
Africa Re 5% (base Union Africaine) - MozRe existe mais cession specifique non confirmee
Source: ISSM, Decret 1/2010, recherche web juillet 2026 - PAS de source GRF dediee (Mozambique non couvert)
What this market requires at entry
1 active regulatory mechanism on this market, with what each one concretely means for entering Mozambique.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 38.1, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
34.7
1 mechanism active (1 × 3.4 = −3.4 pts)
Market players
18 companies, 2024 premiums in USD millions
Market concentration
ConcentratedHHI 96772
Leader: Hollard Mocambique Companhia de Seguros, SA (17.0%) — 18 companies
HHI = Herfindahl-Hirschman Index, a standard market concentration measure (sum of squared shares). <1500 = competitive, 1500-2500 = moderately concentrated, >2500 = concentrated.
Segment Non-Life (18 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| Hollard Mocambique Companhia de Seguros, SA | 64.0 | 17.0% | +0.2% | 75.9 | 89.9 | 106.5 | 126.3 |
| Global Alliance Seguros, SA | 52.0 | 13.8% | +0.2% | 61.5 | 72.6 | 85.8 | 101.4 |
| Fidelidade Ímpar | 47.0 | 12.5% | +0.0% | 49.1 | 51.3 | 53.5 | 55.9 |
| Empresa Mocambicana de Seguros, SA | 38.0 | 10.1% | -0.3% | 26.6 | 18.6 | 13.0 | 9.1 |
| Mediplus Companhia de Seguros SA | 30.0 | 8.0% | +0.3% | 37.5 | 46.9 | 58.6 | 73.2 |
| Phoenix Companhia de Seguros de Mocambique, SA | 23.0 | 6.1% | +0.4% | 31.1 | 42.1 | 57.0 | 77.1 |
| Palma Companhia de Seguros, SA | 22.0 | 5.9% | +0.5% | 32.3 | 47.3 | 69.4 | 101.8 |
| Companhia de Seguros Indico, SA | 18.0 | 4.8% | +0.3% | 23.1 | 29.8 | 38.3 | 49.2 |
| Sanlam Mocambique Vida Companhia de Seguros, SA | 18.0 | 4.8% | +0.1% | 20.3 | 22.8 | 25.6 | 28.8 |
| Britam Companhia de Seguros de Mocambique, SA | 17.0 | 4.5% | +0.2% | 20.6 | 25.1 | 30.4 | 37.0 |
| Mocambique Companhia de Seguros, SA | 11.0 | 2.9% | -0.2% | 9.3 | 7.9 | 6.7 | 5.6 |
| Hollard Vida Companhia de Seguros, SA | 9.6 | 2.6% | +0.1% | 10.6 | 11.7 | 12.9 | 14.2 |
| Fidelidade Vida Companhia de Seguros SA | 8.6 | 2.3% | +0.6% | 12.9 | 19.4 | 29.0 | 43.5 |
| Diamond Companhia de Seguros, SA | 4.7 | 1.3% | +0.1% | 5.4 | 6.2 | 7.1 | 8.1 |
| Imperial Insurance Mocambique, S.A. | 4.7 | 1.3% | — | 4.7 | 4.7 | 4.6 | 4.6 |
| Arko Companhia de Seguros, SA | 4.7 | 1.3% | +0.4% | 6.7 | 9.5 | 13.6 | 19.3 |
| Mais Vida | 2.0 | 0.5% | +0.4% | 2.9 | 4.1 | 5.8 | 8.3 |
| HORIZONTE | 1.4 | 0.4% | +1.3% | 2.1 | 3.1 | 4.7 | 7.1 |
Market share: official source figure when available, otherwise computed from the companies listed for this segment (not necessarily 100% of the country's total market). The 2025-2028 columns, in italics, are projections: never a blank cell, but the color indicates the reliability of the method used: gray = company-specific growth rate, amber = failing that, the country's market growth, orange = failing that, the country's GDP growth, light red = no growth data available, flat 0% by default.
Active reinsurers
9 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | Net income (M$) | Observed growth | 2022(est.) | 2023(est.) | 2024(est.) | 2025(est.) | 2026(est.) | 2027(est.) | 2028(est.) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ghana Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re | Regional | — | — | — | — | — | — | — | — | — | — |
| CICA - Re | Regional | — | — | — | — | — | — | — | — | — | — |
| Waica Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| WAICA Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re (PTA Reinsurance Co) | Regional | 213.0 | 18.1 | +2.3% | 218.0 | 223.0 | 228.0 | 233.2 | 238.6 | 244.0 | 249.6 |
| CICA-RE | Regional | 176.2 | 13.4 | +11.3% | 196.1 | 218.3 | 243.0 | 270.6 | 301.3 | 335.5 | 373.7 |
| WAICA Re | Regional | 153.3 | 19.9 | +49.5% | 229.5 | 343.3 | 513.5 | 768.1 | 1148.9 | 1719.1 | 2572.0 |
Source: Atlas Magazine, Reinsurance Yearbook 2023. Last real data available: fiscal year 2021 (left-hand columns). The "2028 revenue (estimated)" column, in italic gray, is a projection based solely on the growth rate observed between 2020 and 2021 (capped between -30% and +50%/year); this is not an observed figure and should be treated with caution, particularly for companies with volatile or negative net income.
AISL Summary
- AISL positioning: 35/100, "Highly Restrictive" market.
- Insurance market: $374M, fiscal year 2024.
- Main entry barrier: compulsory cession (Africa Re 5% (base Union Africaine) - MozRe existe mais cession specifique non confirmee).
- Sits 5.2 points above the regional average (17 scored markets).
Regional comparison
Average adjusted score in East Africa : 29.5 (out of 17 scored markets)
Mozambique is 5.2 points above the regional average