Business Monitor International


Namibia Insurance Report

Published 10 December 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: Namibia's insurance market is expanding rapidly, with both life and non-life expected to show robust double digit growth in terms of premiums written throughout our forecast period to 2018. While the life sector will continue to dominate, accounting for around 70% of premiums, growth will be higher in the non-life sector, with motor, property and personal accident insurance expanding particularly rapidly.

The insurance market in Namibia saw healthy growth in premiums in 2014, although currency fluctuations meant that in US dollar terms the market looked more subdued. Moving forward, a healthy domestic economic outlook and stronger Namibian dollar mean we expect to see growth in both US dollar terms and local currency terms throughout the forecast period, with high double digit growth expected in many sub-sectors. Increases in private financial consumption and household income are driving growth in the life sector where the appetite for retirement savings products is increasing. At the same time developments in the housing sector are driving growth in property premiums and rising auto sales are leading to positive growth in motor vehicle insurance premiums.

The market is highly concentrated and is largely dominated by subsidiaries of major South African insurers. This has the benefit of ensuring solid and stable management, as well as providing access to more capital. The Namibian insurance market is already amongst the largest in Sub-Saharan Africa, though it remains small by global standards, and there is substantial scope for expansion. This includes opportunities for domestic insurers, such as Hollard Namibia which recently achieved a 20% market share in the insurance industry. Much of the growth will be driven by product innovation and the provision of micro-insurance products catering for Namibia's considerable low income population.

A key factor holding back growth at present is the lack of a well developed distribution network in Namibia,...

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 Premiums Written (Namibia 2011-2018)
15
Total Claims And Assets
16
Table: Total Insurance Claims (Namibia 2008-2013)
16
Table: Total Insurance Assets (Namibia 2007-2013)
17
Life Premiums Forecast
17
Total Premiums
18
Table: Gross Life Premiums Written (Namibia 2011-2018)
18
Key Drivers
19
Table: Insurance Key Drivers, Private Health Expenditure (Namibia 2011-2018)
20
Table: Insurance Key Drivers, Disease Adjusted Life Years (Namibia 2011-2018)
20
Life Claims And Assets
22
Table: Life Insurance Claims (Namibia 2006-2013)
23
Table: Assets (Namibia 2006-2013)
23
Non-Life Premiums Forecast
24
Total Non-Life Premiums
25
Table: Gross Non-Life Premiums Written (Namibia 2011-2018)
25
Table: Net Non-Life Premiums Written (Namibia 2011-2018)
26
Non-Life Reinsurance
26
Table: Reinsurance Non-Life Premiums Written (Namibia 2011-2018)
27
Non-Life Claims And Assets
27
Table: Assets (Namibia 2007-2013)
28
Non-Life Sub-Sector Forecast
29
Table: Non-Life % Breakdown (Namibia 2011-2018)
29
Motor Vehicle And Transport Insurance
30
Table: Motor Vehicle Insurance (Namibia 2011-2018)
31
Table: Insurance Key Drivers, Autos (Namibia 2011-2018)
32
Table: Transport Insurance (Namibia 2011-2018)
32
Personal Accident Insurance
32
Table: Personal Accident Insurance (Namibia 2011-2018)
33
Property Insurance
33
Table: Property Insurance (Namibia 2011-2018)
33
Credit/Financial Guarantee Insurance
34
Table: Credit/Financial Guarantee Insurance (Namibia 2011-2018)
34
Industry Risk Reward Ratings
35
Sub-Saharan Africa Risk/Reward Ratings
35
Table: Sub-Saharan Africa Insurance Risk/Reward Ratings Q4 2014
36
Market Overview
38
Life Market Overview
38
Non-Life Market Overview
41
Company Profile
45
Hollard
45
Liberty Holdings
48
MMI Holdings
52
Old Mutual
56
Sanlam Group
60
Trustco
64
Demographic Forecast
67
Table: Namibia's Population By Age Group, 1990-2020 ('000)
68
Table: Namibia's Population By Age Group, 1990-2020 (% of total)
69
Table: Namibia's Key Population Ratios, 1990-2020
70
Table: Namibia's Rural And Urban Population, 1990-2020
70
Methodology
71
Industry Forecast Methodology
71
Risk/Reward Rating Methodology
74
Table: Indicators
76
Table: Weighting of Indicators
77

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

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.

secure
Benefit from discounts when you add multiple products to your basket
2 Products SAVE 10%
3 Products SAVE 15%
4 Products SAVE 20%
5 Products SAVE 25%
6 Products SAVE 30%
7 - 20 Products SAVE 35%
21 Products or more SAVE 40%

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