Growth in Namibian insurance numbers THE Namibian insurance industry has grown at an annual rate of 13,1% during its review period, with a 70,2% accounting for overall gross written premiums in 2011.
This is according to Small Business News wire that released a report early this year. The report provides historical values for the Namibian insurance market and forecasts figures for the years 2012 to 2016. Furthermore, the report states that the insurance industry is highly concentrated with 17 insurers and one reinsurer in the same year of 2011.
The Namibian insurance industry is dominated by the life segment business, says the report, and is highly concentrated with the top five companies in 2010 accounting for about 87% of the overall net written premiums.
According to the Namibia Financial Institutions Supervisory Authority (Namfisa), short-term insurance figures
show that net premiums written for the first two quarters of 2012 amounted to N$869 951. Premiums earned stood at N$876 290 and claims incurred amounted to N$526 477. Profit before tax for the first two quarters of last year was N$164 153. Re-insurance deposits amounted to N$86 589.
Long-term insurance, says Namfisa, had a total premium income of N$2 894 440. Investment income and capital gains amounted to N$1 409 796, other income and fees amounted to N$107 625, bringing the total income to N$4 411 861.
Total benefits paid amounted to N$1 947 979. Total expenses recorded stood at N$528 229. Profit before tax amounted to N$1 935 653.