The Insurance Industry in Namibia, Key Trends and Opportunities to 2022
The Insurance Industry in Namibia, Key Trends and Opportunities to 2022
Summary
GlobalData’s 'The Insurance Industry in Namibia, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Namibian insurance industry.
It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Namibian economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Inside this report, we look at the top themes, its predictions and identify winners and losers.
This report provides in-depth market analysis, information and insights into the Namibian insurance industry, including -
- The Namibian insurance industry's growth prospects by segment and category
- A comprehensive overview of the Namibian economy and demographics
- Details of the competitive landscape in the Namibian insurance industry
- The various distribution channels in the Namibian insurance industry
- Details of regulatory policy applicable to the Namibian insurance industry
- Analysis of natural hazards in the Namibian insurance industry
Key Highlights
- On February 1, 2018, the Namibia Financial Institutions Supervisory Authority (NAMFISA) introduced an amendment which increased the limits for mandatory professional indemnity insurance.
- According to the NAMFISA Annual Report 2018, the number of life insurance intermediaries increased from 4,201 in 2016 to 4,998 in 2017, which comprised 4,385 agents and 613 brokers.
- As of 2017, the Namibian insurance industry comprised 16 life and general insurers and one reinsurer.
Scope
- This report provides a comprehensive analysis of the insurance industry in Namibia.
- It provides historical values for the Namibian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Namibian insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Namibia.
- It profiles the top insurance companies in Namibia, and outlines the key regulations affecting them.
Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Namibian insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Namibian insurance industry.
- Assess the competitive dynamics in the Namibian insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Namibian insurance industry and their impact on companies and the industry's future.
Companies Mentioned in the Report
Liberty Life Namibia Ltd
Bonben Assurance Namibia Ltd
Hollard Life Namibia Ltd
Entrepo Life Ltd
Old Mutual Life Assurance Co. of Namibia
MMI Holdings Namibia Ltd
Professional Provident Society Insurance Co. (Nam) Ltd
Santam Namibia
NedNamibia Life Assurance Company Ltd
Namforce Life Insurance Ltd
Trustco Insurance Ltd
Hollard Insurance Company
Outsurance Insurance Company of Namibia Ltd
Western National Insurance Company
Old Mutual Short-term Insurance Company
King Price Insurance Company of Namibia Ltd
Lexna Insurance Ltd
Nasria
Ripley's Insurance Ltd
Quanta Insurance Ltd
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Paid claims
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Paid claims
5.1.3 Penetration
5.1.4 Assets and investments
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Paid claims
6.1.3 Penetration
6.1.4 Loss ratio
6.1.5 Assets and investments
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Droughts
9.3 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Liberty Life Namibia Ltd - company overview
10.1.2 Bonben Assurance Namibia Ltd - company overview
10.1.3 Hollard Insurance Company - company overview
10.1.4 Western National Insurance Company - company overview
10.1.5 Old Mutual Short-term Insurance Company - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Employee’s compensation insurance
11.4.3 Social Security Scheme
11.4.4 Professional indemnity for insurance brokers
11.4.5 Liability insurance for ship owners in respect of oil pollution
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervision
11.5.2 African Insurance Organization
11.5.3 Namibia Financial Institutions Supervisory Authority
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Motor insurance
12.2.6 Miscellaneous
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About GlobalData
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 DisclaimerList of Tables
Table 1: Namibian Insurance Industry - Key Facts, 2017
Table 2: Namibian Insurance Industry - Insurance companies, 2017
Table 3: Namibian Government Credit Ratings
Table 4: Namibian Insurance Industry - Gross Written Premium (NAD Billion and US$ Million), 2013-2017
Table 5: Namibian Insurance Industry - Gross Written Premium (NAD Billion and US$ Million), 2017-2022
Table 6: Namibian Insurance Industry - Density (NAD), 2013-2017
Table 7: Namibian Insurance Industry - Density (NAD), 2017-2022
Table 8: Namibian Insurance Industry - Paid Claims (NAD Billion and US$ Million), 2013-2017
Table 9: Namibian Insurance Industry - Paid Claims (NAD Billion and US$ Million), 2017-2022
Table 10: Namibian Life Insurance - Gross Written Premium (NAD Billion and US$ Million), 2013-2017
Table 11: Namibian Life Insurance - Gross Written Premium (NAD Billion and US$ Million), 2017-2022
Table 12: Namibian Life Insurance - Paid Claims (NAD Billion and US$ Million), 2013-2017
Table 13: Namibian Life Insurance - Paid Claims (NAD Billion and US$ Million), 2017-2022
Table 14: Namibian Life Insurance - Total Assets (NAD Billion and US$ Million), 2013-2017
Table 15: Namibian Life Insurance - Total Assets (NAD Billion and US$ Million), 2017-2022
Table 16: Namibian Life Insurance - Total Investment Income (NAD Billion and US$ Million), 2013-2017
Table 17: Namibian Life Insurance - Total Investment Income (NAD Billion and US$ Million), 2017-2022
Table 18: Namibian General Insurance - Gross Written Premium (NAD Billion and US$ Million), 2013-2017
Table 19: Namibian General Insurance - Gross Written Premium (NAD Billion and US$ Million), 2017-2022
Table 20: Namibian General Insurance - Paid Claims (NAD Billion and US$ Million), 2014-2017
Table 21: Namibian General Insurance - Paid Claims (NAD Billion and US$ Million), 2017-2022
Table 22: Namibian General Insurance - Total Assets (NAD Billion and US$ Million), 2013-2017
Table 23: Namibian General Insurance - Total Assets (NAD Billion and US$ Million), 2017-2022
Table 24: Namibian General Insurance - Total Investment Income (NAD Million and US$ Million), 2013-2017
Table 25: Namibian General Insurance - Total Investment Income (NAD Million and US$ Million), 2017-2022
Table 26: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2013-2017
Table 27: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2017-2022
Table 28: Namibian Insurance Industry - Life Insurers, 2017
Table 29: Namibian Insurance Industry - General Insurers, 2017
Table 30: Liberty Life Namibia Ltd - Key Facts
Table 31: Bonben Assurance Namibia Ltd - Key Facts
Table 32: Hollard Insurance Company - Key Facts
Table 33: Western National Insurance Company - Key Facts
Table 34: Old Mutual Short-term Insurance Company - Key Facts
Table 35: Namibia - Insurance Regulatory Framework Key Features
Table 36: Namibia - Life Insurance Regulatory Framework
Table 37: Namibia - Property Insurance Regulatory Framework
Table 38: Namibia - Motor Insurance Regulatory Framework
Table 39: Namibia - Liability Insurance Regulatory Framework
Table 40: Namibia - Minimum Capital Requirements for Long-Term Insurers
Table 41: Namibia - Deposit Requirement for Long-Term Insurers
Table 42: Namibia - Capital Requirement for Short-Term Insurers
Table 43: Namibia - Deposit Requirement for Short-Term Insurers
Table 44: Namibia - Investment Percentage for Life Insurance Companies
Table 45: Namibia - Corporate Tax Rates for the Financial Year 2018
Table 46: Namibian Life Insurance - Policies and Premium, 2013-2017
Table 47: Namibian Life Insurance - Policies and Premium, 2017-2022
Table 48: Namibian Life Insurance - Claims and Expenses, 2013-2017
Table 49: Namibian Life Insurance - Claims and Expenses, 2017-2022
Table 50: Namibian Life Insurance - Assets and Investments, 2013-2017
Table 51: Namibian Life Insurance - Assets and Investments, 2017-2022
Table 52: Namibian General Insurance - Policies and Premium, 2013-2017
Table 53: Namibian General Insurance - Policies and Premium, 2017-2022
Table 54: Namibian General Insurance - Claims and Expenses, 2013-2017
Table 55: Namibian General Insurance - Claims and Expenses, 2017-2022
Table 56: Namibian General Insurance - Assets and Investments, 2013-2017
Table 57: Namibian General Insurance - Assets and Investments, 2017-2022
Table 58: Namibian General Insurance - Property Insurance, 2013-2017
Table 59: Namibian General Insurance - Property Insurance, 2017-2022
Table 60: Namibian General Insurance - Motor Insurance, 2013-2017
Table 61: Namibian General Insurance - Motor Insurance, 2017-2022
Table 62: Namibian General Insurance - Miscellaneous, 2013-2017
Table 63: Namibian General Insurance - Miscellaneous, 2017-2022
Table 64: Insurance Industry DefinitionsList of Figures
Figure 1: Namibian Real GDP (NAD Billion), 2013-2022
Figure 2: Namibian Exchange Rate (NAD per US$), 2013-2022
Figure 3: Namibian Consumer Price Inflation (%), 2013-2022
Figure 4: Namibian Current Account Balance as Percentage of GDP (%), 2013-2015
Figure 5: Namibian Unemployment Rate, 2013-2022
Figure 6: Namibian Population by Age Group, 1990-2022
Figure 7: Namibian Insurance Industry - Gross Written Premium (NAD Billion), 2013-2022
Figure 8: Namibian Insurance Industry - Density (NAD), 2013-2022
Figure 9: Namibian Insurance Industry - Paid Claims (NAD Billion), 2013-2022
Figure 10: Namibian Life Insurance - Gross Written Premium (NAD Billion), 2013-2022
Figure 11: Namibian Life Insurance - Paid Claims (NAD Billion), 2013-2022
Figure 12: Namibian Life Insurance - Penetration (%), 2013-2017
Figure 13: Namibian Life Insurance - Penetration (%), 2017-2022
Figure 14: Namibian Life Insurance - Total Assets (NAD Billion), 2013-2022
Figure 15: Namibian Life Insurance - Total Investment Income (NAD Billion), 2013-2022
Figure 16: Namibian General Insurance - Gross Written Premium (NAD Billion), 2013-2022
Figure 17: Namibian General Insurance - Paid Claims (NAD Billion), 2014-2022
Figure 18: Namibian General Insurance - Penetration (%), 2013-2017
Figure 19: Namibian General Insurance - Penetration (%), 2017-2022
Figure 20: Namibian General Insurance - Loss Ratio (%), 2013-2017
Figure 21: Namibian General Insurance - Loss Ratio (%), 2017-2022
Figure 22: Namibian General Insurance - Total Assets (NAD Billion), 2013-2022
Figure 23: Namibian General Insurance - Total Investment Income (NAD Million), 2013-2022
Figure 24: Namibian Reinsurance - Premium Ceded by Insurance Segment (NAD Billion), 2013-2022
Figure 25: Namibian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 26: Namibian General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 27: Namibia - Insurance Supervision and Control at Various Levels
Figure 28: Namibia - Insurance Regulatory Frameworks for Company Registration and Operation
Research Methodology
The research study released with title "The Insurance Industry in Namibia, Key Trends and Opportunities to 2022" involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Key Executives Interviewed
Research Programs/Design
| Historical Data (2017-2022E) |
|
|
| Market Factor Analysis |
|
|
| Market Forecast (2023F-2028F) |
|
|
Market Size Estimation
Top-down and bottom-up approaches are used to validate and estimate the global/regional market size by manufacturers, regional splits, product segments and application.
To establish Research coverage of the study with most relevant & functional players HTF MI follows industry standards such as NAICS/SIC/ICB/TRCB, furthermore the sorted list of companies is validated using Product Mapping and business activities and shortlisted by industry perspective.
HTF MI select experienced analyst and associate that are specialized in the domain for conducting research. They prepare a list of companies by region that helps to understand players penetration rate in the market. This companies are further analyses in what segment or application they serve in our market. The list of product and applications are evaluated for each companies dealing in the The Insurance Industry. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand company’s positioning regarding market value, volume and their market share for regional as well as global. Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Online) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc from The Insurance Industry who then work towards appointment generation.
Primary Data Collection
The primary research is performed by taking the interviews of executives of various companies dealing in the The Insurance Industry as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and relevant list of appointee or target primary respondents; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & In Mail, Community Forums, Open Survey, SurveyMonkey etc.
Secondary Sources
The secondary resources considered in the The Insurance Industry study includes company annual reports, press releases, published articles of organizations and associations, and the survey taken through different mediums such as online website and forums, survey monkey, LinkedIn, etc. In addition, the valuable strategic information obtained from industry association, paid database, and investor presentations are also good tool for information to make appropriate iterative validation are used to modify market models and cross-verify primary research and insights.
Market Breakdown and Data Triangulation
To make market engineering data complete; extensive primary research is conducted to gather information and validate the critical numbers derived to be used for calculations of market statistics; market size estimations; forecasting; breakdown; and data triangulation. Both top-down and bottom-up approaches were applied, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Furthermore qualitative and further quantitative analysis is also done for all the numbers arrived at in the market estimation process to list relevant information in the final deliverable report "The Insurance Industry in Namibia, Key Trends and Opportunities to 2022" .
| Market Size |
|
|
| Market Position of Top Company |
|
|
| Qualitative Analysis |
|
|
Key Information from Primary Sources
| Primary Sources | Parameters | Key Data |
| Market Segments |
|
|
| Total Market |
|
|
| Format | Properties | |
|---|---|---|
| 1-User Access | The report is sent in PDF format. The report will be emailed to you. | This is a single user access license, allowing one specific user to access the report. |
| Site User | The study would be provided in PDF format. The report will be emailed to you. | This is a site license, allowing 1-10 employees within your organisation to access the report. |
| Enterprise User | The format of deliverable would be PDF and Excel. | This is an enterprise or corporate license, allowing all employees within your organisation irrespective of geographic location to access the report. |
