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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Namibia Insurance Report
Product Price
$1,295.00

BMI View: Namibia's insurance sector is relatively well developed ( in places ), compared with the wider sub-Saharan African market, with penetration of life insurance in particular being higher than it is in many neighbouring countries. The non-life sector is less developed and we see strong growth potential in the personal accident and motor vehicle insurance segments. While Namibia's population is small, many households have never purchased insurance coverage and the introduction of new distribution and product innovation strategies should allow investors to leverage a fairly robust macroeconomic and consumer spending environment over the next few years.

Headline Insurance Forecasts (Namibia 2012-2019)
Indicator 2012 2013 2014 2015f 2016f 2017f 2018f 2019f
BMI/NAMFISA
Gross life premiums written, NADbn 5.81 6.39 7.43 7.79 8.40 9.01 9.61 10.21
Gross life premiums written, NAD, % y-o-y 17.3 10.0 16.4 4.8 7.9 7.2 6.7 6.3
Gross life premiums written, USDbn 0.71 0.66 0.69 0.64 0.67 0.69 0.71 0.73
Gross life premiums written, USD, % y-o-y 3.8 -6.5 3.5 -6.8 5.2 3.1 2.6 2.2
Gross non-life premiums written, NADbn 2.44 2.79 3.34 3.90 4.47 5.14 5.86 6.54
Gross non-life premiums written, NAD, % y-o-y 14.3 14.1 19.7 16.7 14.7 15.0 13.9 11.7
Gross non-life premiums written, USDbn 0.30 0.29 0.31 0.32 0.36 0.40 0.43 0.47
Gross non-life premiums written, USD, % y-o-y 1.2 -3.0 6.5 3.8 11.9 10.6 9.5 7.4

Latest Updates and Developments:

  • We have revised a number of our USD-denominated insurance premiums forecasts downwards for this quarter following revisions to our currency market outlook. We now forecast life premiums to grow by a relatively moderate 1.2% y-o-y over the 2015-2019 period, while non-life premiums will grow at a more robust 8.6% a year through the period .

  • We maintain our view that the motor vehicle and personal accident insurance segments will remain the key source of growth within the wider non-life segment over the next few years as insurers use distribution and product innovation strategies to target new user groups, including lower income customers. Both markets will be worth around USD155mn by 2019.

  • November saw the introduction of new regulations concerning insurers and pensions firms. Operators in both industries will now be required invest a minimum of 1.75% of their market value domestically into unlisted investments, with a maximum investment of 3.5%. The decision, which is aimed at boosting the country's private equity and alternative investments sector, is unlikely to deter foreign investors, with South African insurers in particular continuing to control a significant stake of the domestic landscape.

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
Claims And Assets
18
Table: Life Insurance Claims (Namibia 2007-2014)
18
Table: Assets (Namibia 2007-2014)
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 2007-2014)
26
Table: Assets (Namibia 2007-2014)
26
Non-Life Sub-Sector Forecast
27
Table: Non-Life % Breakdown (Namibia 2012-2019)
27
Motor Vehicle And Transport Insurance
28
Table: Motor Vehicle Insurance (Namibia 2012-2019)
29
Table: Insurance Key Drivers, Autos (Namibia 2012-2019)
30
Table: Transport Insurance (Namibia 2012-2019)
30
Health Insurance
30
Table: Insurance Key Drivers, Private Health Expenditure (Namibia 2012-2019)
31
Personal Accident Insurance
31
Table: Personal Accident Insurance (Namibia 2012-2019)
31
Property Insurance
32
Table: Property Insurance (Namibia 2012-2019)
32
Credit/Financial Guarantee Insurance
32
Table: Credit/Financial Guarantee Insurance (Namibia 2012-2019)
33
Industry Risk Reward Ratings
34
Sub-Saharan Africa Risk/Reward Index
34
Table: Sub-Saharan Africa Insurance Risk/Reward Index
35
Market Overview
37
Life Market Overview
37
The Product Offering
37
The Competitive Landscape
37
Non-Life Market Overview
39
The Product Offering
39
The Competitive Landscape
40
Company Profile
42
MMI Holdings
42
Old Mutual
46
Sanlam Group
49
Trustco
53
Demographic Forecast
56
Table: Population Headline Indicators (Namibia 1990-2025)
57
Table: Key Population Ratios (Namibia 1990-2025)
57
Table: Urban/Rural Population & Life Expectancy (Namibia 1990-2025)
58
Table: Population By Age Group (Namibia 1990-2025)
58
Table: Population By Age Group % (Namibia 1990-2025)
59
Methodology
61
Industry Forecast Methodology
61
Risk/Reward Index Methodology
64
Table: Indicators
66
Table: Weighting of Indicators
67

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.