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

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.


  • Key Facts and Highlights
    • Table Namibian Insurance Industry - Key Facts, 2017
    • Table Namibian Insurance Industry - Leading Insurers, 2017
  • Executive Summary
  • Economy and Demographics
    • Table Figure 1: Namibian Real GDP (NAD Billion), 2013-2022
    • Table Namibian Government Credit Ratings
    • Table Figure 2: Namibian Exchange Rate (NAD per US$), 2013-2022
    • Table Figure 3: Namibian Consumer Price Inflation (%), 2013-2022
    • Table Figure 4: Namibian Current Account Balance as Percentage of GDP (%), 2013-2015
    • Table Figure 5: Namibian Unemployment Rate, 2013-2022
    • Table Figure 6: Namibian Population by Age Group, 1990-2022
  • Industry Outlook
    • Industry Indicators
      • Gross written premium
        • Table Namibian Insurance Industry - Gross Written Premium (NAD Billion and US$ Million), 2013-2017
        • Table Namibian Insurance Industry - Gross Written Premium (NAD Billion and US$ Million), 2017-2022
        • Table Figure 7: Namibian Insurance Industry - Gross Written Premium (NAD Billion), 2013-2022
      • Insurance density
        • Table Namibian Insurance Industry - Density (NAD), 2013-2017
        • Table Namibian Insurance Industry - Density (NAD), 2017-2022
        • Table Figure 8: Namibian Insurance Industry - Density (NAD), 2013-2022
      • Paid claims
        • Table Namibian Insurance Industry - Paid Claims (NAD Billion and US$ Million), 2013-2017
        • Table Namibian Insurance Industry - Paid Claims (NAD Billion and US$ Million), 2017-2022
        • Table Figure 9: Namibian Insurance Industry - Paid Claims (NAD Billion), 2013-2022
  • Life Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Namibian Life Insurance - Gross Written Premium (NAD Billion and US$ Million), 2013-2017
        • Table Namibian Life Insurance - Gross Written Premium (NAD Billion and US$ Million), 2017-2022
        • Table Figure 10: Namibian Life Insurance - Gross Written Premium (NAD Billion), 2013-2022
      • Paid claims
        • Table Namibian Life Insurance - Paid Claims (NAD Billion and US$ Million), 2013-2017
        • Table Namibian Life Insurance - Paid Claims (NAD Billion and US$ Million), 2017-2022
        • Table Figure 11: Namibian Life Insurance - Paid Claims (NAD Billion), 2013-2022
      • Penetration
        • Table Figure 12: Namibian Life Insurance - Penetration (%), 2013-2017
        • Table Figure 13: Namibian Life Insurance - Penetration (%), 2017-2022
      • Assets and investments
        • Table Namibian Life Insurance - Total Assets (NAD Billion and US$ Million), 2013-2017
        • Table Namibian Life Insurance - Total Assets (NAD Billion and US$ Million), 2017-2022
        • Table Figure 14: Namibian Life Insurance - Total Assets (NAD Billion), 2013-2022
        • Table Namibian Life Insurance - Total Investment Income (NAD Billion and US$ Million), 2013-2017
        • Table Namibian Life Insurance - Total Investment Income (NAD Billion and US$ Million), 2017-2022
        • Table Figure 15: Namibian Life Insurance - Total Investment Income (NAD Billion), 2013-2022
  • General Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Namibian General Insurance - Gross Written Premium (NAD Billion and US$ Million), 2013-2017
        • Table Namibian General Insurance - Gross Written Premium (NAD Billion and US$ Million), 2017-2022
        • Table Figure 16: Namibian General Insurance - Gross Written Premium (NAD Billion), 2013-2022
      • Paid claims
        • Table Namibian General Insurance - Paid Claims (NAD Billion and US$ Million), 2014- 2017
        • Table Namibian General Insurance - Paid Claims (NAD Billion and US$ Million), 2017- 2022
        • Table Figure 17: Namibian General Insurance - Paid Claims (NAD Billion), 2014-2022
      • Penetration
        • Table Figure 18: Namibian General Insurance - Penetration (%), 2013-2017
        • Table Figure 19: Namibian General Insurance - Penetration (%), 2017-2022
      • Loss ratio
        • Table Figure 20: Namibian General Insurance - Loss Ratio (%), 2013-2017
        • Table Figure 21: Namibian General Insurance - Loss Ratio (%), 2017-2022
      • Assets and investments
        • Table Namibian General Insurance - Total Assets (NAD Billion and US$ Million), 2013- 2017
        • Table Namibian General Insurance - Total Assets (NAD Billion and US$ Million), 2017- 2022
        • Table Figure 22: Namibian General Insurance - Total Assets (NAD Billion), 2013-2022
        • Table Namibian General Insurance - Total Investment Income (NAD Million and US$ Million), 2013-2017
        • Table Namibian General Insurance - Total Investment Income (NAD Million and US$ Million), 2017-2022
        • Table Figure 23: Namibian General Insurance - Total Investment Income (NAD Million), 2013-2022
  • Reinsurance Outlook
    • Premium Ceded
      • Table Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2013-2017
      • Table Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2017-2022
      • Table Figure 24: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2013-2022
      • Table Figure 25: Namibian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
      • Table Figure 26: Namibian General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
  • Distribution Channel Outlook
  • Natural and Man-Made Hazards
    • Flooding
    • Droughts
    • Exposure
  • Competitive Landscape
    • Table Namibian Insurance Industry - Life Insurers, 2017
    • Table Namibian Insurance Industry - General Insurers, 2017
    • Company Profiles
      • Liberty Life Namibia Ltd - company overview
        • Table Liberty Life Namibia Ltd - Key Facts
      • Bonben Assurance Namibia Ltd - company overview
        • Table Bonben Assurance Namibia Ltd - Key Facts
      • Hollard Insurance Company - company overview
        • Table Hollard Insurance Company - Key Facts
      • Western National Insurance Company - company overview
        • Table Western National Insurance Company - Key Facts
      • Old Mutual Short-term Insurance Company - company overview
        • Table Old Mutual Short-term Insurance Company - Key Facts
  • Governance, Risk and Compliance
    • Table Namibia - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Namibia - Life Insurance Regulatory Framework
      • Property insurance
        • Table Namibia - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Namibia - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Namibia - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Employee’s compensation insurance
      • Social Security Scheme
      • Professional indemnity for insurance brokers
      • Liability insurance for ship owners in respect of oil pollution
    • Supervision and Control
      • Table Figure 27: Namibia - Insurance Supervision and Control at Various Levels
      • International Association of Insurance Supervision
      • African Insurance Organization
      • Namibia Financial Institutions Supervisory Authority
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Table Figure 28: Namibia - Insurance Regulatory Frameworks for Company Registration and Operation
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table Namibia - Minimum Capital Requirements for Long-Term Insurers
        • Table Namibia - Deposit Requirement for Long-Term Insurers
        • Table Namibia - Capital Requirement for Short-Term Insurers
        • Table Namibia - Deposit Requirement for Short-Term Insurers
      • Solvency margin
      • Reserve requirements
      • Investment regulations
        • Table Namibia - Investment Percentage for Life Insurance Companies
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Namibia - Corporate Tax Rates for the Financial Year 2018
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Namibian Life Insurance - Policies and Premium, 2013-2017
        • Table Namibian Life Insurance - Policies and Premium, 2017-2022
      • Claims and expenses
        • Table Namibian Life Insurance - Claims and Expenses, 2013-2017
        • Table Namibian Life Insurance - Claims and Expenses, 2017-2022
      • Assets and investments
        • Table Namibian Life Insurance - Assets and Investments, 2013-2017
        • Table Namibian Life Insurance - Assets and Investments, 2017-2022
    • General Insurance
      • Policies and premium
        • Table Namibian General Insurance - Policies and Premium, 2013-2017
        • Table Namibian General Insurance - Policies and Premium, 2017-2022
      • Claims and expenses
        • Table Namibian General Insurance - Claims and Expenses, 2013-2017
        • Table Namibian General Insurance - Claims and Expenses, 2017-2022
      • Assets and investments
        • Table Namibian General Insurance - Assets and Investments, 2013-2017
        • Table Namibian General Insurance - Assets and Investments, 2017-2022
      • Property insurance
        • Table Namibian General Insurance - Property Insurance, 2013-2017
        • Table Namibian General Insurance - Property Insurance, 2017-2022
      • Motor insurance
        • Table Namibian General Insurance - Motor Insurance, 2013-2017
        • Table Namibian General Insurance - Motor Insurance, 2017-2022
      • Miscellaneous
        • Table Namibian General Insurance - Miscellaneous, 2013-2017
        • Table Namibian General Insurance - Miscellaneous, 2017-2022
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Appendix
    • Contact GlobalData
    • About GlobalData
      • Table Figure 29: About GlobalData
    • GlobalData’s Services
    • Disclaimer

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