Growth of the Namibian insurance market

The Namibian insurance market has posted an annual 13.1% growth over the 2007-2011 period. With 70.2% of premiums written in 2011, the market is largely dominated by life insurance. This class of business is highly concentrated with 87% of premium income being made by five insurers. With only 17 insurers and one reinsurer, the Namibian market has a limited number of companies. Motor insurance accounts for only 35% of non-life collections which is on a downward trend compared to life insurance.