Windhoek Observer

Chamwe Kaira  The number of active long-term insurance policies grew by 13.1% to 2,166,896 by the end of 2024. The growth was mainly driven by a higher volume of new policies underwritten during the year. The sector recorded growth in its assets, supported by recoveries in both global and local financial markets. The value of assets rose by 12.9% to N$83.8 billion as of 31 December 2024. This increase was largely driven by an expansion of the investment portfolio. Excess assets increased by 15.4%, supported by stronger growth in total assets compared with total liabilities. The value of total liabilities…

Chamwe Kaira In 2024, the Namibia Financial Institutions Supervisory Authority (Namfisa) received the highest number of complaints against the long-term insurance industry, totalling 138.  The short-term insurance industry followed with 89 complaints, while the microlending sector recorded 75.  Pension funds received 59 complaints, medical aid funds 10, and the capital markets industry two. Namfisa said consumer protection remains a top priority, with efforts aimed at building a financial environment where consumers are informed, protected, and confident in their dealings. The authority supervises both the long- and short-term insurance industries. Namfisa board chairperson Hettie Garbers-Kirsten said Namfisa safeguards consumers through regulations…

Staff Writer  A recent study shows that only 22% of Namibians feel confident about their retirement savings, while nearly half have not started saving.  The Old Mutual Namibia 2024 Old Mutual Financial Services Monitor (OMFSM) revealed that many people are under pressure, putting off big expenses, dipping into savings, or borrowing from friends and family to get through the month. The study found that although there is a strong desire to save, most people do not have enough left after covering basic needs. Financial stress remains a major challenge, with 52% of working Namibians saying they feel financially stressed. The…