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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Namibian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Namibia's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Namibia non-life (P&C) market as well as trends by line of business. Axco analysts also report on Namibia's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Namibia's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Namibia, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Namibia, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Namibia with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Although advanced in some respects, the market is still very small. While cover is bought for the major industrial risks and some commercial and household business is written, most of the population have little concept of insurance and no money to purchase it. In common with the region as a whole the Namibian economy has been weak since 2016 and market participants have seen this reflected in corporate clients seeking premium reductions and higher not-taken-up rates or lapses in personal ....
This is a brief extract of information; more updated information may be available in the latest published report.