Life Report

Product Insurance Market Reports Life Rev Namibia

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Namibia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Namibia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Namibia

The Namibia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Namibia. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Namibia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Namibia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Namibia is available.

Axco’s report describes the regulatory framework that applies to the Namibian domestic life insurance sector, including whether non-admitted insurance is permitted in Namibia; as well as the legislation necessary to know regarding Namibia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Namibia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Namibian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Namibia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Namibian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Namibia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Namibia Life and Benefits Report Extract

Below are brief extracts of information from the Namibia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Compared to most other countries in the region, with the exception of South Africa, the insurance industry in Namibia accounts for a fairly substantial proportion of GDP. The insurance industry is surprisingly well developed given the size of the economy. In 2018 Namibia was the 58th largest insurance market worldwide in terms of life insurance, impressive given the size of the population and the fact that only a relatively small proportion of the population insures. The advanced state of the insurance industry reflects South Africa's involvement ....


As at 31 December 2018 there were 134 registered active pension funds compared with 138 in 2017, of which the vast majority are defined contribution (DC) type schemes. The government was exploring ways of creating a compulsory contributory pension system, which may impact on the level of membership and contributions to the current system but due to economic constraints caused by a weak economy it is unlikely to be introduced in the immediate short-term ....


The state, via the Ministry of Health and Social Services provides healthcare through 12 regional directorates which manage 27 hospitals, 37 health centres and 286 primary healthcare clinics. The state healthcare facilities are funded via general taxation although should citizens wish to use it, they are charged NAD 30 (USD 2.05) (except pensioners and the disabled). In addition there are eight private hospitals, nine private health centres and 81 private clinics. There are also a small number of facilities managed and funded by faith-based organisations ....

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