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The long-term insurance industry has made a profit of N$1.6 billion in the last three months. This is more than double compared to the previous three months and also compared to the whole year before. According to the Namibia Financial Institutions Supervisory Authority quarterly report, the industry had 2 166 896 active policies as of 31 December 2024. This includes life insurance, disability cover, funeral insurance, retirement annuities and savings products. Additionally, the industry’s total assets increased both on a quarterly and annual basis. “Excess assets increased by 14.9% quarter on quarter and increased by 17.7% annually to N$12.4 billion,” says the report. According to the report, the total value of assets held by long-term insurers reached a substantial N$83.8 billion. “This growth was primarily driven by a substantial increase in industry profitability for both periods, which significantly contributed to the expansion of the asset base,” reads the report. On the liabilities side, the total amount the industry owed decreased by 0.3% in the last, settling at N$71.5 billion. A closer look at the industry’s performance in terms of business activity, reveals the total value of premiums written increased to reach N$3.6 billion. This increase was driven by the underwriting of high-value policies in risk and individual investment insurance categories. The total amount paid out in claims decreased by 23.9% in the quarter and 4.4% over the year to N$2.4 billion. “The decline in demand for new policies, particularly funeral policies, contributed to the decrease in the number of new policies underwritten during the quarter,” says the report. The credit life and funeral risk classes of insurance were the primary contributors to terminated policies during the fourth quarter, accounting for 53.6% and 21.9%, respectively. Finally, the number of policies that lapsed or were cancelled increased by 24.2% in the fourth quarter and by 30% over the year, reaching 28 868. “The quarterly increase in policy lapses can be attributed to seasonal trends during the review period,” reads the report. The post Insurance industry makes N$1.6 billion profit appeared first on The Namibian.

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