The Namibia Special Risks Insurance Association (NASRIA) has recorded its strongest financial performance in history.
Total assets climbed to N$869 million, with net profit surpassing the N$100 million mark for the first time since the institution’s inception.
This was confirmed by NASRIA’s managing director John Uusiku at the Broker Awards, who described the 2024 financial year as a ‘historic milestone’ for the State-owned insurer.
“Dividends were paid to our sole shareholder, which is the government. We owe this success to the unwavering efforts of our dedicated insurance brokers and agents,” he said.
The company’s insurance revenue showed a healthy improvement, rising by 6% from N$79 million in 2023 to N$84 million in 2024, driven largely by policy renewals and new business acquisitions.
Uusiku said NASRIA’s investment income for 2024 equalled its gross written premiums (GWP) for the first time, a rare feat in the local insurance market.
“These milestones are not the result of NASRIA’s efforts alone,” Uusiku added.
“We sincerely thank our insurance brokers and agents for their continued collaboration and support,” he said.
NASRIA’s strong performance is a broader trend in the short-term insurance (STI) industry, according to the Namibia Financial Institutions Supervisory Authority (NAMFISA).
The regulator’s latest 4th Quarter Statistical Bulletin (2024) shows the STI sector holding total assets of N$9.1 billion and total liabilities of N$6.3 billion, leaving a capital and reserve buffer of N$2.8 billion.
This indicates a well-capitalised and financially sound industry overall. In terms of regulatory compliance, NASRIA continues to rank at the highest level on NAMFISA’s Ladder of Supervisory Intervention, which assesses insurers’ financial health and governance.
The scale ranges from Stage 1 (no significant problems) to Stage 5 (serious issues), with NASRIA classified at Stage 1, the most favourable rating.
“NASRIA is in a very strong financial and regulatory position. We encourage all stakeholders to continue their support, as we aim to build on this positive trajectory,” Uusiku concluded.