Country Dashboards

3 mn
US$12 bn
Inflation rate

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 424
Local currency NAD,ZAR
Market Composition
Domestic life insurers 14
Domestic non-life insurers 14
Domestic composite insurers 0
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 1
Foreign reinsurers 9
State-owned insurers 1
State-owned reinsurers 1
Insurance intermediaries 825
Reinsurance intermediaries 4
Insurance Regulatory Authority
NAMFISA, 154 Independence Avenue, 1st Floor, Sanlam Centre, Windhoek

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
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions Yes
Minimum capital requirement Insurer- N$2 000 000 , Reinsurer- N$12 000 000
Minimum paid-up share capital Insurer- N$2 000 000 , Reinsurer- N$12 000 000
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
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 WC
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes