Namibian insurance sector experiences substantial growth
The Namibian insurance industry has grown at an annual rate of 13.1 per cent in 2012, according to a new document.The Namibian insurance industry has grown at an annual rate of 13.1 per cent in 2012, according to a new document.
Released early this year, the report from Small Business News states that the insurance industry is highly concentrated with 17 insurers and one reinsurer, The Namibian reports.
Short-term insurance figures show that net premiums written for the first two quarters of 2012 amounted to N$869 951 (€74,705), according to figures released by the Namibia Financial Institutions Supervisory Authority (Namfisa). Long-term insurance had a total premium income of N$2 894 440.
A report from Market Research titled "The Insurance Industry in Namibia, Key Trends and Opportunities to 2016" notes that the Namibian insurance industry is one of the most well regulated insurance industries in the Sub-Saharan region.
It states that the growth currently experienced by the sector is partly due to the fact that the Namfisa recently enforced several new laws to improve the efficiency of the insurance industry - in line with international standards.
There has also been a significant rise in new products, such as microinsurance, being developed to cater to growing and changing consumer needs.