The Namibia Special Risks Insurance Association (Nasria) has disclosed that during the 2024 financial year, its total assets increased to N$869 million, and its net profit exceeded N$100 million for the first
In 2024, Nasria restructured its investment portfolio and appointed six new investment managers to lead a sustainable growth strategy.
As a result, insurance revenue increased by 6%, rising from N$79 million in 2023 to N$84 million in 2024. The growth was driven mainly by policy renewals and new business.
Nasria’s executive of marketing, Ndapona Schleberger, spoke to Observer Money about the association’s evolving role in the insurance industry.
Observer Money (OM): What are the projections for 2025 in terms of net profit, compared to N$869 million?
Ndapona Schleberger (NS): For the 2024/2025 year of assessment, we achieved a significant milestone by surpassing the N$100 million mark in profit. In the same period, we recorded unprecedented investment growth, with total investment assets reaching an all-time high of N$890 million.
OM: What are your expectations in terms of the growth of the PVT product line, and what is it all about?
NS: Nasria, remains the only insurer in Namibia which provides cover against damage to properties and consequential losses caused by riots or civil commotion, strikes, lockouts and labour disturbances, terrorism or violence, or acts with a political objective/motive. Our flagship product, PVT, has been carrying Nasria for decades, and we continue to communicate and promote the importance of having a special risk insurance cover. PVT is our flagship product. We have identified further growth potential within the PVT product line, with a targeted increase of 9% for the 2025/2026 financial year. It is our hope to exceed this target and reach a broader market, thereby driving profitability to even greater heights.
OM: The company has appointed six managers for its investment portfolio; why is this important?
NS: An expanded pool of asset managers enables greater risk diversification. The selection process was conducted with deliberate care to ensure alignment with the investment policy, which prioritises sustainable investment growth in line with defined targets. This approach also ensures that policyholder funds are allocated to appropriate investment vehicles that support long-term growth while maintaining exposure at acceptable risk levels.
OM: What are some of the challenges that faced the insurance industry, including Nasria in 2024?
NS: One cannot isolate Nasria from the total insurance industry, and these are the challenges faced by the industry as a whole.
OM: Anything else that you may wish to add?
NS: Nasria remains actively committed to the successful implementation of the Credit Guarantee Scheme (CGS) in partnership with banks and other lending institutions that extend credit to SMEs, youth-owned, and women-owned businesses. Through this scheme, Nasria underwrites 60% of the required collateral, thereby reducing the credit risk for lenders. The remaining 40% is carried by the lending institutions. These institutions play a critical role in enabling access to finance for SMEs, an area traditionally constrained by stringent collateral requirements under conventional lending practices. The CGS continues to serve as a strategic instrument to bridge this gap and foster inclusive economic participation. Lending institutions that are not yet participating in the scheme are strongly encouraged to apply, as their involvement is key to further closing the financing gap and expanding access to credit for underserved segments of the economy.
