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From Resilience to Impact: A Journey of Pioneering Change in Insurance in Mozambique

In 2022, in consortium with PULA, ARISeguros embarked on an extraordinary chapter in its history by winning the tender from The National Institute for Disaster Risk Management (INGD), funded by the World Bank, to help the Mozambican government fight climate change, securing a project to protect government investment of approximately US$12 million over 3 years.

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From Resilience to Impact: A Journey of Pioneering Change in Insurance in Mozambique

ARIS Correctores de Seguros Lda., an insurance broker with over 22 years of experience in the Mozambican market, has had a truly remarkable path. Founded in 1998 by the Alexander Forbes Group in collaboration with local investors, it emerged as a young and resilient Mozambican consortium when Alexander Forbes was acquired by the MARSH Group in 2010. Its growth has been exponential, reflected by doubling in its size in 2015 and further propelling it to the top-ranking position among its peers. Currently, ARISeguros occupies a leading position among the top 3 brokers based on market share.
In 2022, in consortium with PULA, ARISeguros embarked on an extraordinary chapter in its history by winning the tender from The National Institute for Disaster Risk Management (INGD), funded by The World Bank, to help the Mozambican government fight climate change, securing a project to protect government investment of approximately US$12 million over 3 years. This pioneering initiative marked the country’s very first experience with parametric insurance as well as its first venture into sovereign insurance thanks to The World Bank. It presented an immense challenge, as no other provider in Mozambique had previous experience in this domain. Recognising the importance of the task at hand, this consortium resulted in a year- -round investment in the meticulous preparation of its project design, structuring, and modelling.
The implementation of this project took place in collaboration with key stakeholders, including the Ministry of Economy and Finance (MEF), a government-appointed task-force that includes experts from the University of Eduardo Mondlane (UEM), The National Institute for Disaster Risk Management (INGD), the National Institute of Meteorology (INAM) and The World Bank. These parties were tasked with overseeing the natural disaster sector. MEF and INGD played a crucial role in addressing financial risk issues, whilst The World Bank funded the project. ARISeguros, with the support of PULA Advisors GmbH, has demonstrated remarkable resilience and resourcefulness throughout this effort.
The national impact of this project proved to be profound and indispensable. After the devastating cyclone Freddy, Mozambique suffered immense human and material losses. However, the country managed to recover and receive reimbursement for part of these losses, thanks to the implementation of the project. This achievement inspired ARIS-PULA to expand its offerings, introducing new packages covering precipitation and drought, complementing the existing cyclone package.
In the words of George Mathonsi, CEO of ARISeguros, “ARIS is immensely proud to be a Mozambican company and, more significantly, to be a pioneer in sovereign insurance as a product for the country. As a complex and extensive insurance enterprise that addresses both socioeconomic and humanitarian aspects, ARIS is honoured to have played a role in improving the lives of Mozambicans. We are excited to continue this project to its successful completion. ARIS stands out as a local content company worthy of participating in major initiatives at the national level.”
Through its pioneering achievements, ARIS-PULA exemplified resilience, innovation, and a deep commitment to serving the needs of Mozambicans. It left an indelible mark on the insurance landscape, while actively contributing to improving lives in the country.

Project Specifications

Specifications Key Information
Sponsor
World Bank
Sponsor Activity
Financial Institution
Technical partner
ARISeguros & PULA
Technical Partner Activity
Insurance Brokers
Project Status
Ongoing
Country
Mozambique
Province
Town
Budget
USD 12 Million
Key Numbers
Specifications Key Information
Program
Disaster Risk and Resilience Management
Beneficiary/Target
Government of Mozambique
Solution
Insurance Implementation
Key Words
Parametric, Insurance, Disasters
Impact
Disasters Mitigation
Sector Supported
Government
Sector Supported Specifications
Disasters Management
Source Picture
Key Date
12/2022
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