Country Dashboards

Population
2 mn
2016
GDP (USD)
$10 bn
2016
gdp/capita
$4,427
2016
Inflation rate
6.6%
2016

Non life premium title

Premium Description
Insurance market data
Life premium volume (USD) 610 mn
Non-life premium volume (USD) 277 mn
Total premium volume 887 mn
Total premium volume (NAD,ZAR) 6 bn
Insurance penetration: Premiums in % of GDP 7.86%
Insurance density: Premium / capita USD 425
Local currency NAD,ZAR
Market Composition
Domestic life insurers 16
Domestic non-life insurers 12
Domestic composite insurers
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers
State-owned insurers
State-owned reinsurers 1
Insurance intermediaries 2967
Reinsurance intermediaries 4
Insurance Regulatory Authority
Institution
NAMFISA, 154 Independence Avenue, 1st Floor, Sanlam Centre, Windhoek
Contact

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed Yes
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions Yes
Minimum capital requirement (N$ 1mn - N$ 4mn) - Insurance Companies and (N$ 5mn - N$ 10mn) - Reinsurance Companies
Minimum paid-up share capital
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes