Namibia Insurance Report

Published 01 June 2015

  • 70 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
 
$1,295.00
Namibia Insurance Report

BMI View: Dominated by the local elements of South Africa's leading insurance companies, Namibia's insurance sector unsurprisingly shares many characteristics with that of the much larger neighbour. At around 8.1% of GDP and USD457 per capita, respectively, total penetration and density are at levels that are very high by the standards of Sub-Saharan Africa. Both major segments should enjoy steady growth through the forecast period, thanks to innovation by the insurers in terms of product development (e.g. micro-insurance) and distribution (e.g. through mobile phones). The smaller non-life segment should grow significantly faster than the life segment. This is because the non-life segment will benefit from the further expansion of basic private accident covers. The non-life segment's fortunes should also be boosted by the rapid growth in the number of cars on Namibia's roads and by coverage of presently uninsured cars.

Namibia resembles neighbouring South Africa in four respects: many of the leading players in both segments are South African; the insurers are adept at producing and delivering products and solutions that are attractive to lower income groups. In terms of widely used metrics such as penetration (8.1% of GDP across both major segments) and density (USD457 per capita), insurance is well established by the standards of Sub-Saharan Africa (and, indeed, many developed countries); and, the life segment is much larger than the non-life segment in terms of premiums written.

In 2015, growth in premiums in USD terms will likely be boosted by currency movements. Nevertheless, they should grow by 16% in local currency terms. The increase will be driven by four factors. These are: the expansion of the national car fleet which implies higher volumes for the motor vehicle insurance sub-sector of the non-life segment; coverage of presently uninsured cars; continuing good growth of personal accident insurance; and respectable growth in life insurance. Both...

Table of Contents

BMI Industry View
7
SWOT
9
Insurance
9
Political
11
Economic
12
Operational Risk
14
Industry Forecast
16
Life Premiums Forecast
16
Total Premiums
17
Table: Gross Life Premiums Written (Namibia 2012-2019)
18
Life Claims And Assets
18
Table: Life Insurance Claims (Namibia 2008-2013)
18
Table: Assets (Namibia 2007-2013)
19
Life Drivers
19
Table: Life Expectancy by Gender (Namibia 2012-2019)
20
Table: Demographic Breakdown (Namibia 2012-2019)
21
Non-Life Premiums Forecast
21
Non-Life Premiums
22
Table: Gross Non-Life Premiums Written (Namibia 2012-2019)
23
Table: Net Non-Life Premiums Written (Namibia 2012-2019)
24
Non-Life Reinsurance
24
Table: Reinsurance Non-Life Premiums Written (Namibia 2012-2019)
25
Non-Life Claims And Assets
25
Table: Non-Life Insurance Claims (Namibia 2007-2013)
26
Table: Assets (Namibia 2007-2014)
26
Non-Life Sub-Sector Forecast
27
Table: Non-Life % Breakdown (Namibia 2012-2019)
28
Motor Vehicle And Transport Insurance
29
Table: Motor Vehicle Insurance (Namibia 2012-2019)
29
Table: Insurance Key Drivers, Autos (Namibia 2012-2019)
30
Table: Transport Insurance (Namibia 2012-2019)
31
Health Insurance
31
Table: Insurance Key Drivers, Private Health Expenditure (Namibia 2012-2019)
31
Personal Accident Insurance
31
Table: Personal Accident Insurance (Namibia 2012-2019)
32
Property Insurance
32
Table: Property Insurance (Namibia 2012-2019)
33
Credit/Financial Guarantee Insurance
33
Table: Credit/Financial Guarantee Insurance (Namibia 2012-2019)
34
Industry Risk Reward Ratings
35
Sub-Saharan Africa Risk/Reward Index
35
Table: Sub-Saharan Africa Insurance Risk/Reward Index
36
Market Overview
38
Life Market Overview
38
Non-Life Market Overview
42
Company Profile
45
MMI Holdings
45
Old Mutual
49
Sanlam Group
52
Trustco
56
Demographic Forecast
59
Table: Population Headline Indicators (Namibia 1990-2025)
60
Table: Key Population Ratios (Namibia 1990-2025)
60
Table: Urban/Rural Population & Life Expectancy (Namibia 1990-2025)
61
Table: Population By Age Group (Namibia 1990-2025)
61
Table: Population By Age Group % (Namibia 1990-2025)
62
Methodology
64
Industry Forecast Methodology
64
Risk/Reward Index Methodology
67
Table: Indicators
69
Table: Weighting of Indicators
70

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.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc