The Namibia Special Risks Insurance Association Ltd (NASRIA Ltd) has strengthened its role as a major player in the country’s financial and insurance sector after a year marked by growth and important changes.
Managing director John Uusiku said NASRIA remains committed to offering new and innovative insurance products that meet Namibia’s changing risk environment.
According to the company, insurance revenue grew by 6%, rising from N$84 million to N$89 million due to new business and policy renewals. However, insurance service results fell by 23% to N$45 million, mainly because of higher insurance costs.
NASRIA’s total assets stood at N$960 million by 31 March 2025 and exceeded N$1 billion for the first time in June 2025. Equity also increased from N$801 million to N$870 million, showing better profitability. The company’s investment income grew by 37% to N$92 million. NASRIA will pay a dividend of N$16 million to its sole shareholder, the Government of Namibia.
Established in 1987 and operating since 1988, NASRIA is the only insurer in Namibia that provides cover for special risks such as riots, strikes, civil unrest, lockouts, and labour disturbances. This makes the company an important partner for businesses and individuals, especially during uncertain times when other insurers may not offer such cover.
During the past financial year, NASRIA introduced a new brand identity, reflecting its commitment to customer-focused services and modern risk management. Uusiku said this brand refresh forms part of a wider plan to improve the company’s products and align them with national development goals.
“Our focus is on providing relevant, efficient, and accessible insurance solutions,” he said.
One of the year’s biggest highlights was NASRIA’s partnership with Bank Windhoek to launch the Credit Guarantee Scheme (CGS) valued at N$50 million.
The scheme helps youth, women, and small and medium-sized enterprises (SMEs) who struggle to get loans because they lack collateral. By guaranteeing part of these loans, NASRIA helps financial institutions lend more easily to young entrepreneurs and small businesses, supporting innovation, job creation, and economic growth.
NASRIA also continued to support communities through its education-focused Corporate Social Responsibility activities. The company donated teaching and learning materials to Kampelo Combined School and Olutsiidhi Primary School in the Omusati region to help improve learning conditions for pupils.
Uusiku said stakeholder engagement remains important to NASRIA’s mission.
“We aim to serve Namibia with solutions that support both economic resilience and social progress,” he said.