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

Region:Africa

Author(s):

Product Code:GDIS1804MR

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Published on

November 2018

Total pages

115

Table of Content

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About the Report

About the Report

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

Summary

GlobalData's '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 GlobalData's 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.

Products

Products

Namibian insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance


Companies

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

Table of Contents

Table of Contents

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 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 GlobalData

14.1 Contact GlobalData

14.2 About GlobalData

14.3 GlobalData's Services

14.4 Disclaimer


List of Figure

List of Figures

Figure 1: Namibian Real GDP (NAD Billion), 2013-2022

Figure 2: Namibian Exchange Rate (NAD per USD ), 2013-2022

Figure 3: Namibian Consumer Price Inflation (%), 2013-2022

Figure 4: Namibian Current Account Balance as Percentage of GDP (%), 2013-2015

Figure 5: Namibian Unemployment Rate, 2013-2022

Figure 6: Namibian Population by Age Group, 1990-2022

Figure 7: Namibian Insurance Industry - Gross Written Premium (NAD Billion), 2013-2022

Figure 8: Namibian Insurance Industry - Density (NAD), 2013-2022

Figure 9: Namibian Insurance Industry - Paid Claims (NAD Billion), 2013-2022

Figure 10: Namibian Life Insurance - Gross Written Premium (NAD Billion), 2013-2022

Figure 11: Namibian Life Insurance - Paid Claims (NAD Billion), 2013-2022

Figure 12: Namibian Life Insurance - Penetration (%), 2013-2017

Figure 13: Namibian Life Insurance - Penetration (%), 2017-2022

Figure 14: Namibian Life Insurance - Total Assets (NAD Billion), 2013-2022

Figure 15: Namibian Life Insurance - Total Investment Income (NAD Billion), 2013-2022

Figure 16: Namibian General Insurance - Gross Written Premium (NAD Billion), 2013-2022

Figure 17: Namibian General Insurance - Paid Claims (NAD Billion), 2014-2022

Figure 18: Namibian General Insurance - Penetration (%), 2013-2017

Figure 19: Namibian General Insurance - Penetration (%), 2017-2022

Figure 20: Namibian General Insurance - Loss Ratio (%), 2013-2017

Figure 21: Namibian General Insurance - Loss Ratio (%), 2017-2022

Figure 22: Namibian General Insurance - Total Assets (NAD Billion), 2013-2022

Figure 23: Namibian General Insurance - Total Investment Income (NAD Million), 2013-2022

Figure 24: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2013-2022

Figure 25: Namibian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022

Figure 26: Namibian General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022

Figure 27: Namibia - Insurance Supervision and Control at Various Levels

Figure 28: Namibia - Insurance Regulatory Frameworks for Company Registration and Operation


List of Table

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 USD Million), 2013-2017

Table 5: Namibian Insurance Industry - Gross Written Premium (NAD Billion and USD Million), 2017-2022

Table 6: Namibian Insurance Industry - Density (NAD), 2013-2017

Table 7: Namibian Insurance Industry - Density (NAD), 2017-2022

Table 8: Namibian Insurance Industry - Paid Claims (NAD Billion and USD Million), 2013-2017

Table 9: Namibian Insurance Industry - Paid Claims (NAD Billion and USD Million), 2017-2022

Table 10: Namibian Life Insurance - Gross Written Premium (NAD Billion and USD Million), 2013-2017

Table 11: Namibian Life Insurance - Gross Written Premium (NAD Billion and USD Million), 2017-2022

Table 12: Namibian Life Insurance - Paid Claims (NAD Billion and USD Million), 2013-2017

Table 13: Namibian Life Insurance - Paid Claims (NAD Billion and USD Million), 2017-2022

Table 14: Namibian Life Insurance - Total Assets (NAD Billion and USD Million), 2013-2017

Table 15: Namibian Life Insurance - Total Assets (NAD Billion and USD Million), 2017-2022

Table 16: Namibian Life Insurance - Total Investment Income (NAD Billion and USD Million), 2013-2017

Table 17: Namibian Life Insurance - Total Investment Income (NAD Billion and USD Million), 2017-2022

Table 18: Namibian General Insurance - Gross Written Premium (NAD Billion and USD Million), 2013-2017

Table 19: Namibian General Insurance - Gross Written Premium (NAD Billion and USD Million), 2017-2022

Table 20: Namibian General Insurance - Paid Claims (NAD Billion and USD Million), 2014-2017

Table 21: Namibian General Insurance - Paid Claims (NAD Billion and USD Million), 2017-2022

Table 22: Namibian General Insurance - Total Assets (NAD Billion and USD Million), 2013-2017

Table 23: Namibian General Insurance - Total Assets (NAD Billion and USD Million), 2017-2022

Table 24: Namibian General Insurance - Total Investment Income (NAD Million and USD Million), 2013-2017

Table 25: Namibian General Insurance - Total Investment Income (NAD Million and USD Million), 2017-2022

Table 26: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2013-2017

Table 27: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2017-2022

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, 2017-2022

Table 48: Namibian Life Insurance - Claims and Expenses, 2013-2017

Table 49: Namibian Life Insurance - Claims and Expenses, 2017-2022

Table 50: Namibian Life Insurance - Assets and Investments, 2013-2017

Table 51: Namibian Life Insurance - Assets and Investments, 2017-2022

Table 52: Namibian General Insurance - Policies and Premium, 2013-2017

Table 53: Namibian General Insurance - Policies and Premium, 2017-2022

Table 54: Namibian General Insurance - Claims and Expenses, 2013-2017

Table 55: Namibian General Insurance - Claims and Expenses, 2017-2022

Table 56: Namibian General Insurance - Assets and Investments, 2013-2017

Table 57: Namibian General Insurance - Assets and Investments, 2017-2022

Table 58: Namibian General Insurance - Property Insurance, 2013-2017

Table 59: Namibian General Insurance - Property Insurance, 2017-2022

Table 60: Namibian General Insurance - Motor Insurance, 2013-2017

Table 61: Namibian General Insurance - Motor Insurance, 2017-2022

Table 62: Namibian General Insurance - Miscellaneous, 2013-2017

Table 63: Namibian General Insurance - Miscellaneous, 2017-2022

Table 64: Insurance Industry Definitions

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