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  4. > Namibia Insurance Report Q3 2016

Namibia Insurance Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 53 pages

Includes 3 FREE quarterly updates

BMI View: Namibia's insurance market will be affected by depreciation and squeezed household income.While premiums are set to grow strongly in local currency, over the short-term in US dollars the marketwill contract before it shows a slow recovery over the remainder of the forecast period to 2020. On theupside, market penetration will remain strong and personal accident insurance will lead growth, albeit atthe expense of life insurance. The market is characterised by a broad range of products on offer and strongdistribution channels that are well suited to the local market, which is characterised by low incomehouseholds and a small, widely distributed population.Latest Updates and Developments:

- We have updated our forecasts for the non-life segment to reflect ongoing currency movements andchanges in forecasts. In local currency terms, we maintain our growth forecast at 9.9%, but in US dollarterms the market will contract by 12.3%, revised from 7.7%.

- Within the non-life sector, the number of new vehicle sales declined by 2.3% to 21,222 units in 2015.Our Autos team forecast vehicle vales to contract by 3.5% as high interest rates and increasinginflationary pressures continue to place downside pressure on our vehicle sales forecast as borrowingcosts remain elevated and consumer disposable income tightens.

- We have updated our forecasts for the life insurance sector to reflect ongoing currency movements andchanges in forecasts. In local currency terms, we have maintained our growth of 7.9%, but in US dollarterms the market will contract by 13.9%, revised from 7.7%.

Table Of Contents

Namibia Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Namibia 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Namibia 2013-2020) 11
Table: Life Insurance Claims (Namibia 2008-2013) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Namibia 2013-2020) 16
Table: Non-Life Insurance Claims (Namibia 2009-2015) 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 - Q316 26
Market Overview 28
Life Market Overview 28
The Product Offering 28
The Competitive Landscape 28
Non-Life Market Overview 30
The Product Offering 30
The Competitive Landscape 31
Company Profile 33
MMI Holdings 33
Old Mutual 37
Sanlam Group 40
Trustco 44
Methodology 47
Industry Forecast Methodology 47
Risk/Reward Index Methodology 50
Table: Indicators 52
Table: Weighting of Indicators 53

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