Business Monitor International

Namibia Insurance Report

Published 27 June 2014

  • 62 pages
Namibia Insurance Report

BMI View: As of mid-2014, the newsflow confirms that the strength and innovation of the leading companies in Namibia's non-life and life segments will underpin further steady growth in premiums (at least in local currency terms), through the forecast period. Profitability appears to be holding up as well. Ongoing regulatory reform is an additional positive feature.

The South African insurers, who have a dominant presence in both the non-life and the life segments, 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 innovative micro-insurance, micro-finance and other solutions. Trustco, a rare example of a significant indigenous Namibian insurer has achieved double digit growth in sales of micro-insurance products and is expanding into South Africa. Metropolitan International, the pan-African operation of South Africa's MMI Holdings is also present in Namibia: this is a company which has a proven track record in serving lower income groups in South Africa and many other countries across Sub-Saharan Africa.

In essence, Namibia's insurance sector is a microcosm of South Africa's. Particular parts of the market are exposed to fairly brutal competition, but pricing discipline is the norm. For higher income groups, life insurance plays a central role in organised savings, but is mature. There are numerous growth opportunities for insurers who focus on lower income...

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).


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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