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Namibia Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 52 pages

Includes 3 FREE quarterly updates

BMI View: Namibia's insurance market is one of the more developed in Sub-Sahara Africa, though itremains considerably smaller than the regional leader, South Africa. A number of large regional insurersare active in the Namibian market, boosting the reach of insurers' distribution channels and broadening therange of products on offer. These firms are well placed to take advantage of the expected growth inpremiums, with both life and non-life insurance expected to grow steadily throughout our forecast periodbetween 2016 and 2020. This growth is predicated upon wider economic growth in the country, which willboost average household income rates and expand the potential first-time user market.

Latest Updates and Developments:

- Regulatory oversight is improving in the Namibian market. Media reports from February 2016 show theNamibia Financial Institutions Supervisory Authority (Namfisa) is investigating retailers which areproviding products regulated by the Long-Term Insurance Act without the necessary licensing.

- One of the leading regional insurers, MMI Holdings, is reportedly considering exiting some smallerAfrican markets. MMI Holdings has not specified which markets are under review but it has a smallpresence in Namibia, Botswana, Ghana, Kenya and Swaziland.

- Namibia's life insurance market is the more developed of the two sectors, accounting for just under 70%of premiums written in the market. We expect life insurance premiums to grow steadily over the forecastperiod, increasing by an average of 6.8% annually between 2016 and 2020, in local currency terms.

Table Of Contents

Namibia Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Namibia 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Namibia 2013-2020) 12
Table: Life Insurance Claims (Namibia 2008-2013) 13
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Namibia 2013-2020) 16
Table: Non-Life Insurance Claims (Namibia 2009-2014) 16
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums By Product Line (Namibia 2013-2020) 24
Industry Risk Reward Ratings 26
Sub-Saharan Africa Risk/Reward Index 26
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q216 27
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 29
Non-Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Company Profile 33
MMI Holdings 33
Old Mutual 37
Sanlam Group 40
Trustco 43
Methodology 46
Industry Forecast Methodology 46
Risk/Reward Index Methodology 49
Table: Indicators 51
Table: Weighting of Indicators 52

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