Namibre grows from strength to strength

December 2011/January 2012
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Namibia National Reinsurance Corporation Limited; the only locally registered reinsurer operating in Namibia, toasted to its 10th Anniversary in September this year, proud of carving a trail that to date is pitching the institution higher and higher.

Anna Nakale-Kawana, Managing Director of Namibre says during the 10-year period and from financial results of 2003-2010, the net profit steadily rose from N$2.2m-N$13.3m while gross premiums showed the same trend and rose from N$5.2m in 2002 to an impressive N$97.1m in 2010. She also reveals that assets grew from N$24m in 2002 to N$118.8m last year.

Namibre client base consists of 12 reinsurers, 50 insurers, 10 medical aid companies and 18 brokers. Nakale-Kawana further asserts that the loss ratio expressed as a percentage of gross premium has been maintained at an average of 58%, management efficiency ratios expressed as the percentage of net premiums has been maintained at 8% and retention ratio increased to 79% last year. Last year, the solvency margin was retained well above the regulator’s minimum requirement; at 117%.

“To diversify portfolio of risks, we offered services in foreign markets such as: Angola, Zambia, Malawi, Tanzania, Kenya, Zimbabwe, Mozambique, Swaziland and Botswana. Nakale-Kawana also prides in the fact that since 2005, the institution has religiously paid dividends to shareholders and as part of contribution to Government capital base, Namibre bought two houses from Government valued at N$3.1m on which the Namibre building is constructed.


Namibre commenced operations in 2001, following the enactment of the Namibia National Reinsurance Corporation Act (of 1998). The main purpose of the Act was to stem the outflow of funds through offshore reinsurance placements. As at FYE11, 89% of the Corporation’s business was derived locally, with the remainder coming from various African countries. The corporation is 100%-owned by the Namibian government and is exempted from paying corporate income tax until 2012 when its General Reserve Fund is equal to or exceed twice the amount of the authorised share capital of the Corporation.

Reinsurance and Services

Namibre offers facultative and treaty reinsurance in the following classes: fire, marine, motor, guarantee, miscellaneous, personal lines, special risk and healthcare.

The lingering effects of the recent global financial and economic crisis took a heavy toll on economic activity in sub-Saharan Africa, from which the Namibian economy was not immune. In this regard, Namibre investment portfolio realised a less than 1% decrease in relation to the previous periods. Namibre has achived another positive credit rating from Global Credit Rating Company, with a Regional Rand (A-) and an international US$ (BB) Positive Claims Paying Ability Security Class.

Future Strategies

Namibre strives to be the reinsurance company of choice in Africa. Its mission is to provide professional and quality reinsurance services to clients and maximise shareholder returns. To this, the Corporation continues to build up business relations with other reinsurers, through reinsurance forums. The Corporation’s strategic goals are to gradually grow its foreign market portfolio, while remaining largely concentrated on the local underwriting. Namibre’s other strategic goals include growing marine underwriting; enhancing underwriting expertise in other risks like mining in Namibia; developing staff with technical skills and to contribute to communities as part of the Corporation’s social responsibility policy. Nakale-Kawana also says the icing on the cake of Namibre was the ability to spruce up its Corporate Identify with the construction of its own N$18m value of office building using surplus funds.

As a local reinsuring entity, Namibre has been involved in developing reinsurance capacity in the market. This has been and will continue to be done through training. Last year, a reinsurance workshop was organised in conjunction with the Insurance Institute of Namibia. Such workshops and training courses will be arranged next year, in conjunction with other reinsurers in the region.

The Corporation continues to assist communities, especially with regard to education upliftment. Computers and printers have been donated to educational regions. Namibre continues to sponsor Namibian students at tertiary institutions in the fields of finanace and commerce. The furniture used by Namibre in the past, were donated to four secondary schools in Katutura and Khomasdal in the Khomas region.