Maputo, 04 Set (AIM) – Mozambican President Daniel Chapo calls on the insurance sector to play a more prominent role in building the country’s economic independence, arguing that insurers “should not only protect the economy against risks but also contribute to financing national growth.”
According to Chapo, who was speaking in Maputo at the opening ceremony of the symposium marking the 15th anniversary of Índico Seguros, insurance companies must expand their contribution to the country’s development.
“We do not want insurers that merely protect growth. We also want insurers that participate in financing that growth. Insurance companies are, by their very nature, institutional investors. They should contribute to mobilizing resources for national development financing, while adhering to criteria of security, prudence, and the safeguarding of policyholders’ interests”, the President said.
He explained that resources mobilized by the sector could help finance investments in areas such as roads, housing, industry, energy, and agriculture, thereby helping to transform national savings into productive investment, generating jobs, businesses, and wealth.
“Economic independence does not depend solely on the quantity of resources the country possesses. It also depends on our ability to mobilize national savings and transform them into productive investment”, he said.
Chapo believes that strengthening the economic role of insurers must be accompanied by expanded access to insurance, particularly for segments of the population and the economy that are currently less protected.
“We need micro-insurance, agricultural insurance, parametric insurance, and other products that are affordable and suited to our reality. Financial inclusion should not be limited to access to a bank account or mobile wallet. It must also enable families and small businesses to protect what they have spent years building”, he said.
He also advocated for a greater focus on digitalization and innovation within the sector, highlighting the potential of artificial intelligence, insurtechs, mobile insurance, and new digital distribution models.
According to Chapo, climate change also poses another challenge that demands the insurance sector’s attention, given Mozambique’s exposure to cyclones, floods, droughts, and other extreme weather events.
SN/Am/
