Business Monitor International


Namibia Insurance Report

Published 27 February 2014

  • 62 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
 
$1,295.00
Namibia Insurance Report

BMI View: The strengths and weaknesses of Namibia's insurance sector are defined by those of its vastly larger counterpart: neighbouring South Africa. Arguably the main problem is that Namibia's economy is very closely tied to that of South Africa: the Namibian dollar, for instance, is pegged to the South African rand. This means that the lacklustre performance of the South African economy (in terms of sluggish demand, stubborn inflationary pressures and low growth in labour productivity) has implications for Namibia and its insurer . Nevertheless, premiums should grow steadily through the forecast period.

BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.

The South African insurers are world class operators who intimately understand the issues and customers in a country like Namibia. In particular, the South African insurers are very adept at identifying the right business strategy and product offering for the income groups where they have a competitive advantage. For most of the South African majors, this means relatively high income groups in Namibia (and the businesses that employ them). In Namibia, as in South Africa, insurers rarely offer 'all products to all people'.

Over recent years, lower income groups in Namibia have been relatively hard hit by the lacklustre performance of the economy. However, they have benefited from...

Table of Contents

BMI Industry View
7
SWOT
9
Insurance
9
Political
11
Economic
12
Business Environment
14
Industry Forecast
15
Total Premiums Forecast
15
Total Premiums
15
Table: Total Gross Written Premiums 2011-2018
15
Total Claims And Assets
16
Table: Total Insurance Claims 2008-2012
16
Table: Assets 2007-2012
17
Life Premiums Forecast
18
Total Premiums
19
Table: Gross Life Premiums Written 2011-2018
19
Key Drivers
19
Table: Private Health Expenditure 2011-2018
20
Table: Disease Adjusted Life Years 2011-2018
20
Life Claims And Assets
21
Table: Life Insurance Claims 2008-2012
21
Table: Assets 2007-2012
22
Non-Life Premiums Forecast
23
Total Non-Life Premiums
24
Table: Gross Non-Life Premiums 2011-2018
24
Table: Net Non-Life Premiums 2011-2018
25
Non-Life Reinsurance
25
Table: Reinsurance Non-Life Premiums 2011-2018
25
Non-Life Claims And Assets
26
Table: Non-Life Insurance Claims 2007-2012
26
Non-Life Sub-Sector Forecast
28
Table: Non-Life % Breakdown 2011-2018
28
Motor Vehicle And Transport Insurance
29
Table: Motor Vehicle Insurance 2011-2018
30
Table: Autos Fleet 2011-2018
31
Table: Transport Insurance 2011-2018
31
Personal Accident Insurance
31
Table: Personal Accident Insurance 2011-2018
32
Property Insurance
32
Table: Property Insurance 2011-2018
32
Credit/ Financial Guarantee Insurance
33
Table: Credit/Financial Guarantee Insurance 2011-2018
33
Industry Risk Reward Ratings
34
MENA Insurance Risk/Reward Ratings
34
Table: MENA Insurance Risk/Reward Ratings
35
Market Overview
36
Life Market Overview
36
Non-Life Market Overview
37
Company Profile
39
MMI Holdings
39
Sanlam Group
42
Old Mutual
45
Hollard
48
Trustco
50
Demographic Forecast
52
Table: Namibia's Population By Age Group, 1990-2020 ('000)
53
Table: Namibia's Population By Age Group, 1990-2020 (% of total)
54
Table: Namibia's Key Population Ratios, 1990-2020
55
Table: Namibia's Rural And Urban Population, 1990-2020
55
Methodology
56
Industry Forecast Methodology
56
Risk/Reward Rating Methodology
59
Table: Indicators
60
Table: Weighting of Indicators
62

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).

Coverage

Executive Summary

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 Ratings

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

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

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2017 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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Testimonials

'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