namib­ian in­sur­ance in­dus­try growth

RISKAFRICA Magazine - - NEWS -

The Namib­ian in­sur­ance in­dus­try grew 13.1 per cent last year, ac­cord­ing to a re­port by PR newswire, Small Busi­ness News.

Long-term in­sur­ance, says NAMFISA, had a to­tal pre­mium in­come of N$2.8 mil­lion ($317 582). In­vest­ment in­come and cap­i­tal gains amounted to N$1.4 mil­lion ($158 820), other in­come and fees amounted to N$107 625 ($12 209), bring­ing the to­tal in­come to N$4.4 ($500 000). To­tal ben­e­fits paid amounted to N$1 947 979 ($215 539).

The re­port pro­vides his­tor­i­cal val­ues for the Namib­ian in­sur­ance mar­ket and forecasts fig­ures for the years 2012 to 2016. The Namib­ian in­sur­ance in­dus­try is highly con­cen­trated, with 17 in­sur­ers and one rein­surer, with the top five com­pa­nies in 2010 ac­count­ing for about 87 per cent of over­all net writ­ten pre­mi­ums. The in­dus­try is dom­i­nated by the life seg­ment, says the re­port.

The Namibia Fi­nan­cial In­sti­tu­tions Su­per­vi­sory Au­thor­ity’s (NAMFISA) short-term in­sur­ance fig­ures show that net pre­mi­ums writ­ten for the first two quar­ters of 2012 amounted to N$869 951 ($98 624). Pre­mi­ums earned stood at N$876 290 ($99 365) and claims in­curred amounted to N$526 477 ($59 706). Rein­sur­ance de­posits amounted to N$86 589 ($9 816).

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