Business Monitor International

Namibia Insurance Report

Published 02 October 2014

  • 62 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
Namibia Insurance Report

BMI View:  The Interim results for 2014 suggest an overwhelmingly positive year for both non-life and life sectors in the Namibian insurance market with many factors suggesting this period of strong growth will continue well on into 2015 and beyond. The industry has benefited substantially from effective management decisions made at the start of 2014 when larger firms such as Liberty and Old Mutual began tailoring, innovating and diversifying their product mix; a decision which has resonated very well with Namibian consumers based on current results. The oncoming regulation changes also should contribute to a more efficient industry in the future.

For the most part, Namibia remains a microcosm of the South African market and because of this many of the trends prevalent in South Africa are prevalent in Namibia. This being said the close ties between the two countries undeniably has benefits for the Namibian market. For one, the South African companies are extremely well managed and run. Because of the fact that the Namibian market is dominated by South African subsidiaries which are equally well managed the strategic decision making in the industry is often very good.

For example this year many of the South African based firms such as Old Mutual decided to put a greater emphasis on micro-insurance and diversifying the product mix. This has been very effective and has stimulated growth in premiums especially in the non-life sector which had been struggling before. The ties between the two countries do not end there, however, as often macroeconomic conditions can have a contagion effect between the two countries. This was evident at the start of this year when poor economic conditions in South Africa were adversely affecting premium growth in Namibia and by extension the demand for insurance products. Luckily there has been a turnaround in the economic environment but this is just one example of Namibia's dependence on South Africa.

Recent Developments

  • Data...

The Namibia Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Namibia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Namibian insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for Namibia to test other views - a key input for successful budgeting and strategic business planning in Namibia's insurance market.
  • Target business opportunities and risks in Namibia through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).


BMI Industry View

Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

Regional Outlook

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Rankings

BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

Premiums: Total (US$mn), growth (% y-o-y), penetration (% of GDP), density (US$ per capita) for Life and Non-Life sectors, and total premiums.

Life: Data on gross written premiums for all major non-life segments (e.g. motor, fire, work).

Non-life: Data on gross written premiums for all major life segments (e.g. life, retirement).

Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).

Competitive Landscape & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

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'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc