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The Insurance Industry in Namibia, Key Trends and Opportunities to 2018
Published: Apr-2015 | Format: PDF | Timetric | Number of pages: 150 | Code: MRS - 16763
Synopsis Timetric’s ' The Insurance Industry in Namibia, Key Trends and Opportunities to 2018' report provides detailed analysis of the market trends, drivers, challenges in the Namibian insurance industry. It provides key performance indicators such as written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions during the review period (2009–2013) and forecast period (2013–2018). The report also analyzes detailed information on the competitive landscape in the country. The report brings together Timetric’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 regulatory structure. Summary Timetric's 'The Insurance Industry in Namibia, Key Trends and Opportunities to 2018' 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 • Key trends, drivers and challenges in the Namibian insurance industry • The detailed competitive landscape in the Namibian insurance industry • Detailed regulatory policies of the Namibian insurance industry 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 2009–2013 review period, and projected figures for the 2013–2018 forecast period. • It offers a detailed analysis of the key segments in the Namibian insurance industry, along with market forecasts until 2018. • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions. • 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. Key Highlights • The Namibian insurance industry grew in terms of gross written premium at a review-period CAGR of 10.8%. • The life segment accounted for 70.4% of the industry’s gross written premium value in 2013. • Namibia’s insurance penetration stood at 7.9%, which was higher compared to other African countries in 2013, such as Kenya (3.4%) and Morocco (3.0%). • The insurance industry in Namibia is regulated by the Namibian Financial Institutions Supervisory Authority (NAMFISA). Companies Mentioned Metropolitan Life (Namibia) Ltd Sanlam Namibia Ltd Old Mutual Life Assurance Company (Namibia) Ltd
1 Executive Summary 2 Introduction 2.1 What is this Report About? 2.2 Definitions 2.3 Methodology 3 Namibian Insurance Industry Overview 3.1 Namibian Insurance Industry 3.2 Key Industry Trends and Drivers 3.3 Challenges 4 Industry Segmentation 4.1 Life Insurance 4.2 Non-Life Insurance 4.2.1 Property insurance 4.2.2 Motor insurance 4.2.3 Liability insurance 4.2.4 Marine, aviation and transit insurance 4.3 Personal Accident and Health Insurance 4.3.1 Health insurance 4.4 Reinsurance 5 Governance, Risk and Compliance 5.1 Legislation Overview and Historical Evolution 5.2 Latest Changes in Regulations 5.3 Legislation and Market Practice by Type of Insurance 5.3.1 Life insurance 5.3.2 Property insurance 5.3.3 Motor insurance 5.3.4 Liability insurance 5.3.5 Marine, aviation and transit insurance 5.3.6 Personal accident and health insurance 5.4 Compulsory Insurance 5.4.1 Motor third-party liability insurance 5.4.2 Employee’s compensation insurance 5.4.3 Social Security Scheme 5.5 Supervision and Control 5.5.1 International Association of Insurance Supervision 5.5.2 African Insurance Organization 5.5.3 Namibia Financial Institutions Supervisory Authority 5.6 Non-Admitted Insurance Regulations 5.6.1 Overview 5.6.2 Intermediaries 5.6.3 Market practices 5.6.4 Fines and penalties 5.7 Company Registration and Operations 5.7.1 Types of insurance organization 5.7.2 Establishing a local company 5.7.3 Foreign ownership 5.7.4 Types of license 5.7.5 Capital requirements 5.7.6 Solvency margins 5.7.7 Reserve requirements 5.7.8 Investment regulations 5.7.9 Statutory return requirements 5.7.10 Fee structure 5.8 Taxation 5.8.1 Insurance premium or policy taxation 5.8.2 Withholding taxes on premium paid overseas 5.8.3 Corporate tax 5.8.4 VAT 5.8.5 Captives 5.9 Legal System 5.9.1 Introduction 5.9.2 Access to court 5.9.3 Alternative dispute resolution (ADR) 6 Competitive Landscape 6.1 Overview 6.2 Leading Companies 6.2.1 Metropolitan Life (Namibia) Ltd – company overview 6.2.2 Sanlam Namibia Ltd – company overview 6.2.3 Old Mutual Life Assurance Company (Namibia) Ltd – company overview 7 Macroeconomic Indicators 7.1 GDP at Constant Prices (US$) 7.2 GDP at Current Prices (US$) 7.3 GDP per Capita at Current Prices (US$) 7.4 Inflation Rate 7.5 Total Internet Users 7.6 Unemployment Rate (% of Total Labor Force) 7.7 Total Life Expectancy 7.8 Rural and Urban Populations 7.9 Total Population 8 Appendix 8.1 Methodology 8.2 Contact Timetric 8.3 About Timetric 8.4 Timetric’s Services 8.5 Disclaimer
Table 1: Insurance Industry Definitions Table 2: Namibian Insurance Gross Written Premium by Segment (NAD Billion), 2009–2013 Table 3: Namibian Insurance Gross Written Premium by Segment (US$ Million), 2009–2013 Table 4: Namibian Insurance Gross Written Premium by Segment (NAD Billion), 2013–2018 Table 5: Namibian Insurance Gross Written Premium by Segment (US$ Million), 2013–2018 Table 6: Namibian Insurance Segmentation by Gross Written Premium (Percentage Share), 2009–2018 Table 7: Namibian Insurance Direct Written Premium by Segment (NAD Billion), 2009–2013 Table 8: Namibian Insurance Direct Written Premium by Segment (US$ Million), 2009–2013 Table 9: Namibian Insurance Direct Written Premium by Segment (NAD Billion), 2013–2018 Table 10: Namibian Insurance Direct Written Premium by Segment (US$ Million), 2013–2018 Table 11: Namibian Insurance Segmentation by Direct Written Premium (Percentage Share), 2009–2018 Table 12: Namibian Life Insurance – Gross Written Premium (NAD Billion), 2009–2013 Table 13: Namibian Life Insurance – Gross Written Premium (NAD Billion), 2013–2018 Table 14: Namibian Life Insurance – Paid Claims (NAD Billion), 2009–2013 Table 15: Namibian Life Insurance – Paid Claims (NAD Billion), 2013–2018 Table 16: Namibian Life Insurance – Incurred Loss (NAD Billion), 2009–2013 Table 17: Namibian Life Insurance – Incurred Loss (NAD Billion), 2013–2018 Table 18: Namibian Life Insurance – Loss Ratio (%), 2009–2013 Table 19: Namibian Life Insurance – Loss Ratio (%), 2013–2018 Table 20: Namibian Life Insurance – Combined Ratio (%), 2009–2013 Table 21: Namibian Life Insurance – Combined Ratio (%), 2013–2018 Table 22: Namibian Life Insurance – Total Assets (NAD Billion), 2009–2013 Table 23: Namibian Life Insurance – Total Assets (NAD Billion), 2013–2018 Table 24: Namibian Life Insurance – Total Investment Income (NAD Billion), 2009–2013 Table 25: Namibian Life Insurance – Total Investment Income (NAD Million), 2013–2018 Table 26: Namibian Life Insurance – Retentions (NAD Billion), 2009–2013 Table 27: Namibian Life Insurance – Retentions (NAD Billion), 2013–2018 Table 28: Namibian Non-Life Insurance – Gross Written Premium by Category (NAD Billion), 2009–2013 Table 29: Namibian Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2009–2013 Table 30: Namibian Non-Life Insurance – Gross Written Premium by Category (NAD Billion), 2013–2018 Table 31: Namibian Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2013–2018 Table 32: Namibian Non-Life Insurance – Direct Written Premium by Category (NAD Billion), 2009–2013 Table 33: Namibian Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2009–2013 Table 34: Namibian Non-Life Insurance – Direct Written Premium by Category (NAD Billion), 2013–2018 Table 35: Namibian Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2013–2018 Table 36: Namibian Non-Life Insurance – Paid Claims (NAD Million), 2009–2013 Table 37: Namibian Non-Life Insurance – Paid Claims (NAD Million), 2013–2018 Table 38: Namibian Non-Life Insurance – Incurred Loss (NAD Billion), 2009–2013 Table 39: Namibian Non-Life Insurance – Incurred Loss (NAD Billion), 2013–2018 Table 40: Namibian Non-Life Insurance – Loss Ratio (%), 2009–2013 Table 41: Namibian Non-Life Insurance – Loss Ratio (%), 2013–2018 Table 42: Namibian Non-Life Insurance – Combined Ratio (%), 2009–2013 Table 43: Namibian Non-Life Insurance – Combined Ratio (%), 2013–2018 Table 44: Namibian Non-Life Insurance – Total Assets (NAD Billion), 2009–2013 Table 45: Namibian Non-Life Insurance – Total Assets (NAD Billion), 2013–2018 Table 46: Namibian Non-Life Insurance – Total Investment Income (NAD Million), 2009–2013 Table 47: Namibian Non-Life Insurance – Total Investment Income (NAD Million), 2013–2018 Table 48: Namibian Non-Life Insurance – Retentions (NAD Billion), 2009–2013 Table 49: Namibian Non-Life Insurance – Retentions (NAD Billion), 2013–2018 Table 50: Namibian Property Insurance – Gross Written Premium (NAD Billion), 2009–2013 Table 51: Namibian Property Insurance – Gross Written Premium (NAD Billion), 2013–2018 Table 52: Namibian Motor Insurance – Gross Written Premium (NAD Billion), 2009–2013 Table 53: Namibian Motor Insurance – Gross Written Premium (NAD Billion), 2013–2018 Table 54: Namibian Liability Insurance – Gross Written Premium (NAD Million), 2009–2013 Table 55: Namibian Liability Insurance – Gross Written Premium (NAD Million), 2013–2018 Table 56: Namibian Marine, Aviation and Transit Insurance – Gross Written Premium (NAD Million), 2009–2013 Table 57: Namibian Marine, Aviation and Transit Insurance – Gross Written Premium (NAD Million), 2013–2018 Table 58: Namibian Personal Accident and Health Insurance – Gross Written Premium (NAD Billion), 2009–2013 Table 59: Namibian Personal Accident and Health Insurance – Gross Written Premium (NAD Billion), 2013–2018 Table 60: Namibian Personal Accident and Health Insurance – Paid Claims (NAD Million), 2009–2013 Table 61: Namibian Personal Accident and Health Insurance – Paid Claims (NAD Million), 2013–2018 Table 62: Namibian Personal Accident and Health Insurance – Incurred Loss (NAD Million), 2009–2013 Table 63: Namibian Personal Accident and Health Insurance – Incurred Loss (NAD Million), 2013–2018 Table 64: Namibian Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013 Table 65: Namibian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018 Table 66: Namibian Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013 Table 67: Namibian Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018 Table 68: Namibian Personal Accident and Health Insurance – Total Assets (NAD Million), 2009–2013 Table 69: Namibian Personal Accident and Health Insurance – Total Assets (NAD Billion), 2013–2018 Table 70: Namibian Personal Accident and Health Insurance – Total Investment Income (NAD Million), 2009–2013 Table 71: Namibian Personal Accident and Health Insurance – Total Investment Income (NAD Million), 2013–2018 Table 72: Namibian Personal Accident and Health Insurance – Retentions (NAD Billion), 2009–2013 Table 73: Namibian Personal Accident and Health Insurance – Retentions (NAD Billion), 2013–2018 Table 74: Namibian Health Insurance – Gross Written Premium (NAD Billion), 2009–2013 Table 75: Namibian Health Insurance – Gross Written Premium (NAD Billion), 2013–2018 Table 76: Namibian Reinsurance Accepted – By Category (NAD Million), 2009–2013 Table 77: Namibian Reinsurance Accepted – By Category (US$ Million), 2009–2013 Table 78: Namibian Reinsurance Accepted – By Category (NAD Million), 2013–2018 Table 79: Namibian Reinsurance Accepted – By Category (US$ Million), 2013–2018 Table 80: Namibian Reinsurance – Ceded by Insurance Segment (NAD Million), 2009–2013 Table 81: Namibian Reinsurance – Ceded by Insurance Segment (US$ Million), 2009–2013 Table 82: Namibian Reinsurance – Ceded by Insurance Segment (NAD Million), 2013–2018 Table 83: Namibian Reinsurance – Ceded by Insurance Segment (US$ Million), 2013–2018 Table 84: Namibian Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Table 85: Namibian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Table 86: Namibian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Table 87: Namibian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Table 88: Namibian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Table 89: Namibian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Table 90: Namibia – Life Insurance Regulatory Framework Table 91: Namibia – Property Insurance Regulatory Framework Table 92: Namibia – Motor Insurance Regulatory Framework Table 93: Namibia – Liability Insurance Regulatory Framework Table 94: Namibia – Minimum Capital Requirements for Long-Term Insurers Table 95: Namibia – Deposit Requirement for Long-Term Insurers Table 96: Namibia – Capital Requirement for Short-Term Insurers Table 97: Namibia – Deposit Requirement for Short-Term Insurers Table 98: Namibia – Solvency Requirement for Long-Term Insurers Table 99: Namibia – Corporate Taxes for the Financial Year 2015 Table 100: Metropolitan Life (Namibia) Ltd, Main Products Table 101: Metropolitan Life (Namibia) Ltd, Key Employees Table 102: Sanlam Namibia Ltd, Main Products Table 103: Sanlam Namibia Ltd, Key Employees Table 104: Old Mutual Life Assurance Company (Namibia) Ltd, Main Products Table 105: Old Mutual Life Assurance Company (Namibia) Ltd, Key Employees
Figure 1: Namibian Insurance Gross Written Premium by Segment (NAD Billion), 2009–2018 Figure 2: Namibian Insurance Gross Written Premium Market Dynamics by Segment, 2009–2018 Figure 3: Namibian Insurance Direct Written Premium by Segment (NAD Billion), 2009–2018 Figure 4: Namibian Insurance Direct Written Premium Market Dynamics by Segment, 2009–2018 Figure 5: Namibian Life Insurance – Gross Written Premium (NAD Billion), 2009–2013 Figure 6: Namibian Life Insurance – Gross Written Premium (NAD Billion), 2013–2018 Figure 7: Namibian Life Insurance – Paid Claims (NAD Billion), 2009–2013 Figure 8: Namibian Life Insurance – Paid Claims (NAD Billion), 2013–2018 Figure 9: Namibian Life Insurance – Incurred Loss (NAD Billion), 2009–2013 Figure 10: Namibian Life Insurance – Incurred Loss (NAD Billion), 2013–2018 Figure 11: Namibian Life Insurance – Loss Ratio (%), 2009–2013 Figure 12: Namibian Life Insurance – Loss Ratio (%), 2013–2018 Figure 13: Namibian Life Insurance – Combined Ratio (%), 2009–2013 Figure 14: Namibian Life Insurance – Combined Ratio (%), 2013–2018 Figure 15: Namibian Life Insurance – Total Assets (NAD Billion), 2009–2013 Figure 16: Namibian Life Insurance – Total Assets (NAD Billion), 2013–2018 Figure 17: Namibian Life Insurance – Total Investment Income (NAD Billion), 2009–2013 Figure 18: Namibian Life Insurance – Total Investment Income (NAD Million), 2013–2018 Figure 19: Namibian Life Insurance – Retentions (NAD Billion), 2009–2013 Figure 20: Namibian Life Insurance – Retentions (NAD Billion), 2013–2018 Figure 21: Namibian Life Insurance – Total Investment (NAD Billion), 2009–2013 Figure 22: Namibian Life Insurance – Penetration (Percentage of GDP), 2009–2013 Figure 23: Namibian Life Insurance – Premium per Capita (NAD), 2009–2013 Figure 24: Namibian Non-Life Insurance – Gross Written Premium by Category (NAD Billion), 2009–2018 Figure 25: Namibian Non-Life Insurance – Gross Written Premium by Category (%), 2013 and 2018 Figure 26: Namibian Non-Life Insurance – Gross Written Premium Dynamics by Category, 2009–2018 Figure 27: Namibian Non-Life Insurance – Direct Written Premium by Category (NAD Billion), 2009–2018 Figure 28: Namibian Non-Life Insurance – Direct Written Premium by Category (%), 2013 and 2018 Figure 29: Namibian Non-Life Insurance – Direct Written Premium Dynamics by Category, 2009–2018 Figure 30: Namibian Non-Life Insurance – Paid Claims (NAD Million), 2009–2013 Figure 31: Namibian Non-Life Insurance – Paid Claims (NAD Million), 2013–2018 Figure 32: Namibian Non-Life Insurance – Incurred Loss (NAD Billion), 2009–2013 Figure 33: Namibian Non-Life Insurance – Incurred Loss (NAD Billion), 2013–2018 Figure 34: Namibian Non-Life Insurance – Loss Ratio (%), 2009–2013 Figure 35: Namibian Non-Life Insurance – Loss Ratio (%), 2013–2018 Figure 36: Namibian Non-Life Insurance – Combined Ratio (%), 2009–2013 Figure 37: Namibian Non-Life Insurance – Combined Ratio (%), 2013–2018 Figure 38: Namibian Non-Life Insurance – Total Assets (NAD Billion), 2009–2013 Figure 39: Namibian Non-Life Insurance – Total Assets (NAD Billion), 2013–2018 Figure 40: Namibian Non-Life Insurance – Total Investment Income (NAD Million), 2009–2013 Figure 41: Namibian Non-Life Insurance – Total Investment Income (NAD Million), 2013–2018 Figure 42: Namibian Non-Life Insurance – Retentions (NAD Billion), 2009–2013 Figure 43: Namibian Non-Life Insurance – Retentions (US$ Billion), 2013–2018 Figure 44: Namibian Non-Life Insurance – Total Investment (NAD Million), 2009–2013 Figure 45: Namibian Non-Life Insurance Penetration (Percentage of GDP), 2009–2013 Figure 46: Namibian Non-Life Insurance – Premium per Capita (NAD), 2009–2013 Figure 47: Namibian Property Insurance – Gross Written Premium (NAD Billion), 2009–2013 Figure 48: Namibian Property Insurance – Gross Written Premium (NAD Billion), 2013–2018 Figure 49: Namibian Motor Insurance – Gross Written Premium (NAD Billion), 2009–2013 Figure 50: Namibian Motor Insurance – Gross Written Premium (NAD Billion), 2013–2018 Figure 51: Namibian Liability Insurance – Gross Written Premium (NAD Million), 2009–2013 Figure 52: Namibian Liability Insurance – Gross Written Premium (NAD Million), 2013–2018 Figure 53: Namibian Marine, Aviation and Transit Insurance – Gross Written Premium (NAD Million), 2009–2013 Figure 54: Namibian Marine, Aviation and Transit Insurance – Gross Written Premium (NAD Million), 2013–2018 Figure 55: Namibian Personal Accident and Health Insurance – Gross Written Premium (NAD Billion), 2009–2013 Figure 56: Namibian Personal Accident and Health Insurance – Gross Written Premium (NAD Billion), 2013–2018 Figure 57: Namibian Personal Accident and Health Insurance – Paid Claims by Category (NAD Million), 2009–2013 Figure 58: Namibian Personal Accident and Health Insurance – Paid Claims (NAD Million), 2013–2018 Figure 59: Namibian Personal Accident and Health Insurance – Incurred Loss (NAD Million), 2009–2013 Figure 60: Namibian Personal Accident and Health Insurance – Incurred Loss (NAD Million), 2013–2018 Figure 61: Namibian Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013 Figure 62: Namibian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018 Figure 63: Namibian Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013 Figure 64: Namibian Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018 Figure 65: Namibian Personal Accident and Health Insurance – Total Assets (NAD Million), 2009–2013 Figure 66: Namibian Personal Accident and Health Insurance – Total Assets (NAD Billion), 2013–2018 Figure 67: Namibian Personal Accident and Health Insurance – Total Investment Income (NAD Million), 2009–2013 Figure 68: Namibian Personal Accident and Health Insurance – Total Investment Income (NAD Million), 2013–2018 Figure 69: Namibian Personal Accident and Health Insurance – Retentions (NAD Billion), 2009–2013 Figure 70: Namibian Personal Accident and Health Insurance – Retentions (NAD Billion), 2013–2018 Figure 71: Namibian Personal Accident and Health Insurance – Total Investment (NAD Million), 2009–2013 Figure 72: Namibian Personal Accident and Health Insurance Penetration (Percentage of GDP), 2009–2013 Figure 73: Namibian Personal Accident and Health Insurance – Premium per Capita (NAD), 2009–2013 Figure 74: Namibian Health Insurance – Gross Written Premium (NAD Billion), 2009–2013 Figure 75: Namibian Health Insurance – Gross Written Premium (NAD Billion), 2013–2018 Figure 76: Namibian Reinsurance Accepted – By Category (NAD Million), 2009–2018 Figure 77: Namibian Reinsurance Accepted – By Category (Percentage Share), 2013 and 2018 Figure 78: Namibian Reinsurance Accepted Dynamics by Category, 2009–2018 Figure 79: Namibian Reinsurance – Ceded by Insurance Segment (NAD Million), 2009–2018 Figure 80: Namibian Reinsurance – Dynamics by Insurance Segment, 2009–2018 Figure 81: Namibian Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Figure 82: Namibian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Figure 83: Namibian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Figure 84: Namibian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Figure 85: Namibian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Figure 86: Namibian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Figure 87: Namibia – The Insurance Regulatory Framework Figure 88: Namibia – Insurance Supervision and Control at Various Levels Figure 89: Namibia – Insurance Regulatory Frameworks for Company Registration and Operation Figure 90: Namibian GDP at Constant Prices (US$ Billion), 2009–2013 Figure 91: Namibian GDP at Current Prices (US$ Billion), 2009–2013 Figure 92: Namibian GDP Per Capita at Current Prices (US$), 2009–2013 Figure 93: Namibian Inflation Rate (%), 2009–2013 Figure 94: Namibian Total Internet Users (Million), 2009–2013 Figure 95: Namibian Unemployment Rate (%), 2009–2013 Figure 96: Namibian Total Life Expectancy (Years), 2009–2013 Figure 97: Namibian Rural and Urban Populations (%), 2009–2013 Figure 98: Namibian Total Populations (Million), 2009–2013
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