STAFF WRITER
The Namibia Special Risks Insurance Association (Nasria) has paid a dividend of N$16 million to the government after recording another strong year of financial and operational performance for 2024/2025.
Nasria maintained its record of clean audits with another unqualified opinion, providing insurance cover against politically motivated and special risks not typically covered by commercial insurers.
The company has achieved this every year since its establishment.
Insurance revenue increased by 6%, rising from N$84 million to N$89 million, supported by policy renewals and new business across several sectors.
However, the insurance service result fell by 23% to N$45 million due to higher costs and claims.
Despite these pressures, Nasria’s reserves grew from N$801 million to N$870 million, reflecting continued profitability and careful financial management. As of 31 March 2025, total assets stood at N$960 million.
The insurer’s assets topped N$1 billion for the first time in its history by June 2025.
Liabilities rose by 37% to N$92 million, which the company attributed to growth in its asset base and expanding operations.
Nasria also announced the establishment of a special risk insurance subsidiary in Botswana, trading as BOSRIA.
The new company will expand Nasria’s regional footprint and provide cross-border insurance cover for Namibian businesses operating in Botswana.
It marks Nasria’s first direct investment outside Namibia. BOSRIA will offer protection against politically motivated losses, riots, strikes, civil commotion, and other non-traditional risks often excluded from standard insurance policies.
Nasria also invested more than N$437 000 in 13 community projects during the financial year, supporting initiatives in agriculture, education, health, and community development.
It’s managing director John Uusiku said Nasria remains financially sound, well-governed, and strategically positioned to support Namibia’s long-term economic resilience.
“As Namibia faces both domestic and regional economic headwinds, NASRIA’s stability and innovation play a crucial role in maintaining confidence within the financial services sector. Our regional expansion through BOSRIA and our ongoing governance reforms demonstrate our readiness for the next phase of growth,” Uusiku said.
Caption
NASRIA has paid a dividend of N$16 million to the government.
- Photo: NASRIA
