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The Insurance Industry in Namibia, Key Trends and Opportunities to 2022

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    Report

  • 115 Pages
  • November 2018
  • Region: Namibia
  • GlobalData
  • ID: 4703744
Description Jump to:
The Insurance Industry in Namibia, Key Trends and Opportunities to 2022

Summary

'The Insurance Industry in Namibia, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Namibian insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Namibian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

This report provides in-depth market analysis, information and insights into the Namibian insurance industry, including -
  • The Namibian insurance industry's growth prospects by segment and category

  • A comprehensive overview of the Namibian economy and demographics

  • Details of the competitive landscape in the Namibian insurance industry

  • The various distribution channels in the Namibian insurance industry

  • Details of regulatory policy applicable to the Namibian insurance industry

  • Analysis of natural hazards in the Namibian insurance industry


Key Highlights
  • On February 1, 2018, the Namibia Financial Institutions Supervisory Authority (NAMFISA) introduced an amendment which increased the limits for mandatory professional indemnity insurance.

  • According to the NAMFISA Annual Report 2018, the number of life insurance intermediaries increased from 4,201 in 2016 to 4,998 in 2017, which comprised 4,385 agents and 613 brokers.

  • As of 2017, the Namibian insurance industry comprised 16 life and general insurers and one reinsurer.


Scope
  • This report provides a comprehensive analysis of the insurance industry in Namibia.

  • It provides historical values for the Namibian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.

  • It offers a detailed analysis of the key segments in the Namibian insurance industry, with market forecasts to 2022.

  • It covers an exhaustive list of parameters, including written premium and claims.

  • It analyzes the various distribution channels in Namibia.

  • It profiles the top insurance companies in Namibia, and outlines the key regulations affecting them.


Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Namibian insurance industry and each segment and category within it.

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Namibian insurance industry.

  • Assess the competitive dynamics in the Namibian insurance industry.

  • Identify the growth opportunities and market dynamics in key segments.

  • Gain insights into key regulations governing the Namibian insurance industry and their impact on companies and the industry's future.

Table of Contents

1. Key Facts and Highlights2 Executive Summary3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Paid claims
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Paid claims
5.1.3 Penetration
5.1.4 Assets and investments
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Paid claims
6.1.3 Penetration
6.1.4 Loss ratio
6.1.5 Assets and investments
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Droughts
9.3 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Liberty Life Namibia Ltd - company overview
10.1.2 Bonben Assurance Namibia Ltd - company overview
10.1.3 Hollard Insurance Company - company overview
10.1.4 Western National Insurance Company - company overview
10.1.5 Old Mutual Short-term Insurance Company - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Employee’s compensation insurance
11.4.3 Social Security Scheme
11.4.4 Professional indemnity for insurance brokers
11.4.5 Liability insurance for ship owners in respect of oil pollution
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervision
11.5.2 African Insurance Organization
11.5.3 Namibia Financial Institutions Supervisory Authority
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Motor insurance
12.2.6 Miscellaneous
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About the Publisher
14.1 Contact the Publisher
14.2 About the Publisher
14.3 Services
14.4 Disclaimer
List of Tables
Table 1: Namibian Insurance Industry - Key Facts, 2017
Table 2: Namibian Insurance Industry - Insurance companies, 2017
Table 3: Namibian Government Credit Ratings
Table 4: Namibian Insurance Industry - Gross Written Premium (NAD Billion and US$ Million), 2013-2017
Table 5: Namibian Insurance Industry - Gross Written Premium (NAD Billion and US$ Million), 2017-
Table 6: Namibian Insurance Industry - Density (NAD), 2013-2017
Table 7: Namibian Insurance Industry - Density (NAD), 2017-
Table 8: Namibian Insurance Industry - Paid Claims (NAD Billion and US$ Million), 2013-2017
Table 9: Namibian Insurance Industry - Paid Claims (NAD Billion and US$ Million), 2017-
Table 10: Namibian Life Insurance - Gross Written Premium (NAD Billion and US$ Million), 2013-2017
Table 11: Namibian Life Insurance - Gross Written Premium (NAD Billion and US$ Million), 2017-
Table 12: Namibian Life Insurance - Paid Claims (NAD Billion and US$ Million), 2013-2017
Table 13: Namibian Life Insurance - Paid Claims (NAD Billion and US$ Million), 2017-
Table 14: Namibian Life Insurance - Total Assets (NAD Billion and US$ Million), 2013-2017
Table 15: Namibian Life Insurance - Total Assets (NAD Billion and US$ Million), 2017-
Table 16: Namibian Life Insurance - Total Investment Income (NAD Billion and US$ Million), 2013-2017
Table 17: Namibian Life Insurance - Total Investment Income (NAD Billion and US$ Million), 2017-
Table 18: Namibian General Insurance - Gross Written Premium (NAD Billion and US$ Million), 2013-2017
Table 19: Namibian General Insurance - Gross Written Premium (NAD Billion and US$ Million), 2017-
Table 20: Namibian General Insurance - Paid Claims (NAD Billion and US$ Million), 2014-2017
Table 21: Namibian General Insurance - Paid Claims (NAD Billion and US$ Million), 2017-
Table 22: Namibian General Insurance - Total Assets (NAD Billion and US$ Million), 2013-2017
Table 23: Namibian General Insurance - Total Assets (NAD Billion and US$ Million), 2017-
Table 24: Namibian General Insurance - Total Investment Income (NAD Million and US$ Million), 2013-2017
Table 25: Namibian General Insurance - Total Investment Income (NAD Million and US$ Million), 2017-
Table 26: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2013-2017
Table 27: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2017-
Table 28: Namibian Insurance Industry - Life Insurers, 2017
Table 29: Namibian Insurance Industry - General Insurers, 2017
Table 30: Liberty Life Namibia Ltd - Key Facts
Table 31: Bonben Assurance Namibia Ltd - Key Facts
Table 32: Hollard Insurance Company - Key Facts
Table 33: Western National Insurance Company - Key Facts
Table 34: Old Mutual Short-term Insurance Company - Key Facts
Table 35: Namibia - Insurance Regulatory Framework Key Features
Table 36: Namibia - Life Insurance Regulatory Framework
Table 37: Namibia - Property Insurance Regulatory Framework
Table 38: Namibia - Motor Insurance Regulatory Framework
Table 39: Namibia - Liability Insurance Regulatory Framework
Table 40: Namibia - Minimum Capital Requirements for Long-Term Insurers
Table 41: Namibia - Deposit Requirement for Long-Term Insurers
Table 42: Namibia - Capital Requirement for Short-Term Insurers
Table 43: Namibia - Deposit Requirement for Short-Term Insurers
Table 44: Namibia - Investment Percentage for Life Insurance Companies
Table 45: Namibia - Corporate Tax Rates for the Financial Year 2018
Table 46: Namibian Life Insurance - Policies and Premium, 2013-2017
Table 47: Namibian Life Insurance - Policies and Premium, 2017-
Table 48: Namibian Life Insurance - Claims and Expenses, 2013-2017
Table 49: Namibian Life Insurance - Claims and Expenses, 2017-
Table 50: Namibian Life Insurance - Assets and Investments, 2013-2017
Table 51: Namibian Life Insurance - Assets and Investments, 2017-
Table 52: Namibian General Insurance - Policies and Premium, 2013-2017
Table 53: Namibian General Insurance - Policies and Premium, 2017-
Table 54: Namibian General Insurance - Claims and Expenses, 2013-2017
Table 55: Namibian General Insurance - Claims and Expenses, 2017-
Table 56: Namibian General Insurance - Assets and Investments, 2013-2017
Table 57: Namibian General Insurance - Assets and Investments, 2017-
Table 58: Namibian General Insurance - Property Insurance, 2013-2017
Table 59: Namibian General Insurance - Property Insurance, 2017-
Table 60: Namibian General Insurance - Motor Insurance, 2013-2017
Table 61: Namibian General Insurance - Motor Insurance, 2017-
Table 62: Namibian General Insurance - Miscellaneous, 2013-2017
Table 63: Namibian General Insurance - Miscellaneous, 2017-
Table 64: Insurance Industry Definitions
List of Figures
Figure 1: Namibian Real GDP (NAD Billion), 2013-
Figure 2: Namibian Exchange Rate (NAD per US$), 2013-
Figure 3: Namibian Consumer Price Inflation (%), 2013-
Figure 4: Namibian Current Account Balance as Percentage of GDP (%), 2013-
Figure 5: Namibian Unemployment Rate, 2013-
Figure 6: Namibian Population by Age Group, 1990-
Figure 7: Namibian Insurance Industry - Gross Written Premium (NAD Billion), 2013-
Figure 8: Namibian Insurance Industry - Density (NAD), 2013-
Figure 9: Namibian Insurance Industry - Paid Claims (NAD Billion), 2013-
Figure 10: Namibian Life Insurance - Gross Written Premium (NAD Billion), 2013-
Figure 11: Namibian Life Insurance - Paid Claims (NAD Billion), 2013-
Figure 12: Namibian Life Insurance - Penetration (%), 2013-2017
Figure 13: Namibian Life Insurance - Penetration (%), 2017-
Figure 14: Namibian Life Insurance - Total Assets (NAD Billion), 2013-
Figure 15: Namibian Life Insurance - Total Investment Income (NAD Billion), 2013-
Figure 16: Namibian General Insurance - Gross Written Premium (NAD Billion), 2013-
Figure 17: Namibian General Insurance - Paid Claims (NAD Billion), 2014-
Figure 18: Namibian General Insurance - Penetration (%), 2013-2017
Figure 19: Namibian General Insurance - Penetration (%), 2017-
Figure 20: Namibian General Insurance - Loss Ratio (%), 2013-2017
Figure 21: Namibian General Insurance - Loss Ratio (%), 2017-
Figure 22: Namibian General Insurance - Total Assets (NAD Billion), 2013-
Figure 23: Namibian General Insurance - Total Investment Income (NAD Million), 2013-
Figure 24: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2013-
Figure 25: Namibian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 26: Namibian General Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 27: Namibia - Insurance Supervision and Control at Various Levels
Figure 28: Namibia - Insurance Regulatory Frameworks for Company Registration and Operation

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Liberty Life Namibia Ltd

  • Bonben Assurance Namibia Ltd

  • Hollard Life Namibia Ltd

  • Entrepo Life Ltd

  • Old Mutual Life Assurance Co. of Namibia

  • MMI Holdings Namibia Ltd

  • Professional Provident Society Insurance Co. (Nam) Ltd

  • Santam Namibia

  • NedNamibia Life Assurance Company Ltd

  • Namforce Life Insurance Ltd

  • Trustco Insurance Ltd

  • Hollard Insurance Company

  • Outsurance Insurance Company of Namibia Ltd

  • Western National Insurance Company

  • Old Mutual Short-term Insurance Company

  • King Price Insurance Company of Namibia Ltd

  • Lexna Insurance Ltd

  • Nasria

  • Ripley's Insurance Ltd

  • Quanta Insurance Ltd

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