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The Best Insurance Companies in Namibia: A Comprehensive Guide
When it comes to safeguarding one’s future and protecting assets, insurance plays a pivotal role. In Namibia, a country known for its breathtaking landscapes and diverse culture, the insurance industry is thriving. Whether you’re seeking long-term life insurance for financial security or short-term coverage for your valuable possessions, there’s a multitude of insurance companies to choose from. This blog post explores the realm of insurance in Namibia, covering both long-term and short-term insurance providers, their services, and the essential registration requirements they must meet.
Long-term Insurance Companies in Namibia
1. Alexander Forbes Investment Namibia Ltd
Website: aforbes.com
Alexander Forbes Investment Namibia Ltd is a prominent player in the Namibian insurance market. They offer a range of long-term insurance products designed to provide financial security and peace of mind.
2. Bonben Assurance Namibia Ltd
Website: bonlifenam.com
Bonben Assurance Namibia Ltd is dedicated to protecting what matters most to you. With a focus on long-term insurance solutions, they aim to assist clients in securing their financial future.
3. Entrepo Life Limited
Website: entreponamibia.com
Entrepo Life Limited is committed to providing comprehensive life insurance solutions. Their services cater to the long-term financial well-being of individuals and families.
4. Hollard Life Namibia Limited
Website: hollardnam.com
Hollard Life Namibia Limited is part of the internationally recognized Hollard Group. They offer a diverse range of life insurance products to meet the unique needs of their clients.
5. Liberty Life Namibia Ltd
Website: liberty.com.na
Liberty Life Namibia Ltd is a well-established name in the Namibian insurance sector. They specialize in long-term insurance, focusing on helping clients plan for their financial future.
6. MMI Holdings Namibia Ltd
Website: mminamibia.com
MMI Holdings Namibia Ltd is a respected long-term insurance provider with a wide range of products designed to address the financial needs of their clients.
7. Namforce Life Insurance Ltd
Website: namforce.com.na
Namforce Life Insurance Ltd is committed to providing life insurance solutions that offer financial security and peace of mind.
8. NedNamibia Life Assurance Co. Ltd
Website: Nedbank.com.na
NedNamibia Life Assurance Co. Ltd is affiliated with Nedbank, offering a variety of long-term insurance products to their clients.
9. Old Mutual Life Ass. Co. of Namibia Ltd
Website: oldmutual.com
Old Mutual Life Ass. Co. of Namibia Ltd is a prominent name in the Namibian insurance industry, providing a range of long-term insurance options to suit diverse client needs.
10. Professional Provident Society Insurance Co. (Nam) Ltd
Website: pps.com.na
Professional Provident Society Insurance Co. (Nam) Ltd focuses on long-term insurance solutions and is known for its commitment to safeguarding the financial future of its clients.
11. Prosperity Lifecare Insurance Ltd
Website: prosperitynam.com
Prosperity Lifecare Insurance Ltd offers a wide array of life insurance products to cater to the long-term financial security of individuals and families.
12. Sanlam Consolidated Life Assurance Ltd
Website: sanlam.com.na
Sanlam Consolidated Life Assurance Ltd is part of the renowned Sanlam Group. They offer a variety of long-term insurance options designed to provide financial stability and peace of mind.
13. Sanlam Financial Solutions Ltd
Website: sanlam.com.na
Sanlam Financial Solutions Ltd is dedicated to offering long-term insurance solutions that address the unique needs of their clients.
14. Sanlam Life Namibia Limited
Website: sanlam.com.na
Sanlam Life Namibia Limited, a part of Sanlam Group, provides a wide range of long-term insurance products to ensure the financial well-being of their clients.
15. Sanlam Namibia Ltd (Regent)
Website: sanlam.com.na
Sanlam Namibia Ltd (Regent) is committed to delivering long-term insurance solutions that offer financial security and peace of mind to their clients.
16. Trustco Life Ltd
Website: https://www.life.na/
Trustco Life Ltd focuses on offering comprehensive long-term insurance products that cater to the financial well-being of their clients.
Short-term Insurance Companies in Namibia
1. Nasria (Namibia Special Risks Insurance Association)
Website: Visit Nasria
Nasria is a reputable name in the Namibian short-term insurance sector, offering insurance solutions that protect assets and provide peace of mind.
2. Trustco Insurance Ltd
Website: tgh.na
Trustco Insurance Ltd is dedicated to providing short-term insurance solutions that safeguard valuable possessions and offer financial security.
3. Hollard Insurance Company
Website: https://www.hollard.com.na/
Hollard Insurance Company is a well-established player in the short-term insurance market, offering comprehensive solutions to protect what matters most.
4. Momentum Insurance Limited
Website: momentum.com.na
Momentum Insurance Limited is known for its short-term insurance products designed to offer financial security and peace of mind.
5. Western National Insurance Company
Website: westnat.com
Western National Insurance Company specializes in short-term insurance, providing solutions that protect assets and provide peace of mind.
6. Prosperity Insurance Limited
Prosperity Insurance Limited offers a range of short-term insurance products to protect valuable possessions and ensure financial security.
7. Ripley’s Insurance Limited
Ripley’s Insurance Limited is committed to delivering short-term insurance solutions that offer peace of mind and protect what matters most.
8. Investmed
Investmed specializes in short-term insurance products, offering comprehensive coverage for valuable possessions and assets.
9. Momentum Short Term Insurance Ltd
Website: momentum.com.na
Momentum Short Term Insurance Ltd focuses on providing short-term insurance solutions designed to safeguard assets and provide financial security.
10. Phoenix Assurance Namibia Limited
Phoenix Assurance Namibia Limited offers a range of short-term insurance products to protect assets and provide peace of mind.
11. King Price Insurance Company of Namibia Limited
Website: kingprice.co.na
King Price Insurance Company of Namibia Limited offers short-term insurance solutions that focus on providing cost-effective coverage to clients.
12. Lexna Insurance Limited
Lexna Insurance Limited specializes in short-term insurance solutions designed to protect assets and offer financial security.
13. Outsurance Insurance Company of Namibia Ltd
Website: fnbnamibia.com.na
Outsurance Insurance Company of Namibia Ltd is known for its short-term insurance products that offer comprehensive coverage and financial security.
14. Santam Namibia
Website: santam.com.na
Santam Namibia is a respected name in the short-term insurance sector, offering comprehensive solutions to protect assets and provide peace of mind.
15. Corporate Guarantee
Website: corporateguarantee.com
Corporate Guarantee is dedicated to offering short-term insurance solutions designed to protect valuable possessions and provide financial security.
16. Old Mutual Short-term Insurance Company
Website: oldmutual.com
Old Mutual Short-term Insurance Company is a well-established player in the short-term insurance market, offering comprehensive solutions to protect what matters most.
Registration Requirements for Insurance companies in Namibia
When it comes to registering insurance companies in Namibia, there are essential registration requirements as per the Namibian Insurance Acts of 1998 (Act No. 4 of 1998). These requirements ensure that insurance companies in Namibia are well-prepared to offer reliable and secure insurance services to their clients.
Here are the key registration requirements for insurers and re-insurers (Insurance companies in Namibia_:
1. Name Reservation For Insurance companies in Namibia
- Applicants must apply for a reservation of the company name with NAMFISA (Namibia Financial Institutions Supervisory Authority).
2. Registration Fee For Insurance companies in Namibia
- A registration fee must be paid, as prescribed by the Insurance Regulations. The fee is N$200.00 per insurance class.
3. Registration with the Registrar of Companies
- Insurance companies in Namibia must be registered with the Registrar of Companies.
4. Disclosure of Other Business
- Applicants are required to disclose any other business operations they are involved in.
5. Required Information For Insurance companies in Namibia
- Applicants must provide the following information:
- Formal Application for Registration letter.
- Proof of payment of registration fees.
- Company registration with the Registrar of Companies.
- Municipality trade license.
- Name of Principal Officer.
- Abridged CV of the Principal Officer.
- Address of Principal Officer.
- Residence Permit if not a Namibian citizen.
- Police Clearance Certificate.
- Certified copy of Educational Qualifications.
- Certified Copy of ID/Birth Certificate/Passport.
- Names of Directors.
- Abridged CVs of Directors.
- Address of each director.
- Citizenship of each Director.
- Memorandum & Articles of Association, in duplicate and signed.
- Shareholders Agreement.
- Copies of Share Certificates.
- Proof of Required Capital as per specified requirements.
- Business Plan for 5 years.
- Re-insurance strategy and arrangements.
- Basis of Premium rates.
- Investment Principals and strategy.
- Actuarial Report and review of business plan.
- Name of Actuary.
- Name of Auditor.
- Statement of business year-end.
- Classes of Insurance.
- Sample of Insurance Contract per product.
6. Company Structure
- Applicants must be a public company managed by a Board of Directors. Requirements include:
- The Managing Director in Namibian.
- At least 50% of the other Directors should be Namibian Citizens resident in Namibia, unless authorized by the Registrar if a person is other than a Namibian citizen.
7. Capital Requirements For Insurance companies in Namibia
- The company must have capital consisting of paid-up shares or other funds approved by the registrar. The registration is done in respect of specific classes with associated capital requirements.
8. Deposit Requirement For Insurance companies in Namibia
- Applicants are required to deposit a specific amount with the Treasury based on the class of insurance.
These stringent registration requirements ensure that insurance companies in Namibia are financially secure and well-prepared to provide insurance services to their clients, both in the long-term and short-term sectors.
In Conclusion (List of Insurance companies in Namibia)
Insurance plays a crucial role in securing one’s future and protecting valuable assets. In Namibia, a wide array of long-term and short-term insurance providers are dedicated to offering comprehensive solutions that provide financial security and peace of mind. Whether you’re planning for the long-term or safeguarding your valuable possessions, the Namibian insurance landscape has you covered. It’s crucial to choose an insurance companies in Namibia that align with your specific needs and priorities, and understanding the registration requirements ensures that these insurers operate in a secure and reliable manner. So, when it comes to insurance in Namibia, you can trust that there are options to cater to your unique requirements.
Click here to explore the detailed registration requirements specified by NAMFISA for insurers and re-insurers in Namibia.
Want to start making money online in Namibia with a blog today?
Namfisa Electronic Regulatory System (ERS)
How to Manage Your Formal Communications with NAMFISA Online
APPLICATION FORM FOR REGISTRATION AS A SHORT-TERM INSURANCE AGENT-Individual or Natural Person
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