Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Namibia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Namibia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Total GWP (USD)
Insurance Penetration (%)
Although advanced in some respects, the Namibian insurance market is still very small. Gross written non-life premiums (excluding personal accident and healthcare) amounted to NAD 1.45bn in 2018. This was a 45.67% decrease compared to the 2017 figures, although it is understood that this is distorted by some large adjustments in the miscellaneous category relating to tax deferral schemes; if these are excluded there is only a 4.3% reduction year on year.
In 2019 there were 15 short-term insurers operating in the market and one reinsurer.