BMI View: Both Namibia's life and non-life insurance segments are set to enjoy rapid growth over the period from 2015 to 2019, which will in large part be due to the development and distribut ion of micro-insurance products. Both major segments are dominated by large players which are wholly-owned by South African insurance groups. Unsurprisingly, Namibia therefore shares many characteristics with its neighbouring country.
The Namibian insurance sector is characterised by its close connection with South African insurance companies. Both Namibia's life and non-life segments are dominated by wholly-owned subsidiaries of large South African groups, and because of this, trends in both segments mirror those of their counterparts in South Africa. Accordingly, the incumbents are adept at producing and delivering products and solutions which are attractive to lower-income groups of the Namibian population. In terms of widely used metrics, such as penetration (8.1% of GDP in both major segments) and density (USD432 per capita in 2015), insurance is well-established by the standards of Sub-Saharan Africa (and, indeed, many developed countries).
At nearly 70% market share, Namibia's life insurance market is significantly larger than its non-life counterpart. This is, however, expected to change as non-life insurance is set to outpace life insurance at a rapid rate over the coming five years. In 2019, life insurance should account for 61% of total premiums written. Regardless, written life insurance premiums will grow by 6% annually over our forecast period. This steady growth will be driven primarily by innovation in product development and distribution channels; as much as other countries in Sub-Saharan Africa, Namibia's population is generally well-receptive to innovative savings/production products and imaginative distribution strategies. Accordingly, the lion's share of life premium growth will result from the growing sale of micro-insurance solutions -- mainly...
The Namibia Insurance Report has been researched at source and features BMI Research'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.
- 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).
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.
BMI Industry Forecasts
Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
- Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
- Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).
BMI’s Insurance Risk Reward Index
BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.
Examines the competitive positioning and short- to medium-term business strategies of key industry players. 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.
Growth Drivers & Risk Management Projections
Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:
- Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
- Freight: Tonnage – air freight, rail freight, road freight, inland waterway.
- Motor: Fleet size by type of vehicle % change y-o-y.
- Epidemiology: Disease Adjusted Life Years and private health expenditure.
Market Overview & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.
The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.
*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.