Namibia Insurance Industry – Key Trends and Opportunities to 2028
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Namibia Insurance Market Report Overview
The gross written premium of the Namibia insurance market was NAD15.9 billion ($950.6 million) in 2023 and will achieve a CAGR of more than 8% during 2024-2028. The Namibia insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Namibia Insurance Market Outlook, 2023-2028 (NAD Billion)
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The Namibia insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Namibia economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2023) | NAD15.9 billion ($950.6 million) |
CAGR (2024-2028) | >8% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segments | · Life Insurance
· General Insurance |
Key General Insurance LoB | · Property
· Motor · Financial Lines · MAT · Miscellaneous |
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Namibia Insurance Market Trends
The key trends impacting the Namibia insurance market are agriculture, healthcare, financial investments, and fintech and insurtech. As of December 2023, Namibia is on track to implement Universal Health Coverage (UHC), propelled by collaborative efforts by the Ministry of Health and Social Services, the Namibia Financial Institutions Supervisory Authority, civil society organizations, healthcare professionals, medical aid funds, and other relevant stakeholders, as well as support from the USAID Local Health System Sustainability Project.
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Namibia Insurance Market by Segments
The key segments in the Bahamas insurance market are and general insurance. The life insurance segment dominated the Namibia insurance market in 2023 and will register significant growth during 2024-2028.
General insurance lines of business in the Bahamas insurance market include Property, Motor, Financial Lines, MAT, and Miscellaneous. Miscellaneous was the dominant line of business, in general insurance, in 2023.
Namibia Insurance Market Analysis by Segments, 2023 (%)
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Namibia Insurance Market – Latest Developments
- On January 27, 2023, the Financial Action Task Force published a report evaluating Namibia’s progress in executing anti-money laundering and countering terrorist financing measures.
- On November 10, 2021, NAMFISA issued Standard No. INS.S.2.11 on the procedure for corporate companies (including insurers and reinsurers) to register as corporate insurance agents.
Namibia Insurance Market Segments Outlook (Value, NAD Billion, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Namibia insurance industry through the following:
- Historical values for the Namibia insurance industry for the review period, 2019-2023, and projected figures for the forecast period, 2024-2028.
- A detailed analysis of the key categories in the Namibia insurance industry and market forecast up to 2028.
- Insights on key regulations affecting the market.
- Analysis of distribution channels operating in the segment, an overview of the Namibia economy and demographics, and detailed information on the competitive landscape in the country.
- Profiles of the top life insurance companies in Namibia and Herzegovina and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Namibia and Herzegovina insurance industry.
- A comprehensive overview of the Namibia and Herzegovina economy, government initiatives, and investment opportunities.
- The Namibia and Herzegovina insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Namibia and Herzegovina insurance industry’s market structure gives details of lines of business.
- Namibia and Herzegovina’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Namibia insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Namibia insurance industry.
- Assess the competitive dynamics in the Namibia insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Hollard Insurance Company
Old Mutual Short-term insurance Company
Momentum Short Term insurance
Momentum Metropolitan
Alexander Forbes Insurance
Table of Contents
Frequently asked questions
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What was the Namibia insurance market gross written premium in 2023?
The gross written premium of the Namibia insurance market was NAD15.9 billion ($950.6 million) in 2023.
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What will the growth rate of the Namibia insurance market be during the forecast period?
The insurance market in Namibia is expected to achieve a CAGR of more than 8% during 2024-2028.
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Which segment dominated the Namibia insurance market in 2023?
The life insurance segment dominated the Namibia insurance market in 2023.
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