Namibia Insurance Report

Providing expert analysis, independent forecasts and competitive intelligence on the insurance industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Insurance Risk Reward Index and Company Profiles.

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  • Get a full view of the competitive landscape to assess your market position
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Namibia Insurance Report
Product Price
$1,295.00

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

Headline Insurance Forecasts (Namibia 2013-2020)
2013 2014 2015e 2016f 2017f 2018f 2019f 2020f
BMI/NAMFISA
Gross life premiums written, NADbn 6.39 7.43 7.79 8.40 9.01 9.61 10.21 10.82
Gross life premiums written, NAD, % y-o-y 10.0 16.4 4.8 7.9 7.2 6.7 6.3 5.9
Gross life premiums written, USDbn 0.66 0.69 0.61 0.57 0.58 0.60 0.61 0.62
Gross life premiums written, USD, % y-o-y -6.5 3.5 -10.6 -7.7 2.6 2.6 2.2 1.8
Gross non-life premiums written, NADbn 2.79 3.34 3.67 4.04 4.46 4.95 5.42 5.98
Gross non-life premiums written, NAD, % y-o-y 14.1 19.7 10.0 9.9 10.5 11.0 9.6 10.1
Gross non-life premiums written, USDbn 0.29 0.31 0.29 0.27 0.29 0.31 0.32 0.34
Gross non-life premiums written, USD, % y-o-y -3.0 6.5 -6.1 -6.0 5.8 6.7 5.4 5.9

Latest Updates and Developments:

  • Regulatory oversight is improving in the Namibian market. Media reports from February 2016 show the Namibia Financial Institutions Supervisory Authority (Namfisa) is investigating retailers which are providing 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 smaller African markets. MMI Holdings has not specified which markets are under review but it has a small presence 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 forecast period, increasing by an average of 6.8% annually between 2016 and 2020, in local currency terms.

  • Stronger growth will be seen in the smaller non-life sector where premiums are forecast to grow by an average of 10.2% annually over the forecast period, when measured in local currency terms. Although a broadly positive outlook, we do note the impact of both local inflation and currency movements which could impact upon forecasts.

BMI Industry View
5
Table: Headline Insurance Forecasts (Namibia 2013-2020)
5
SWOT
7
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

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.

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.

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.

Company Profiles*

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.

Sources

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.