Windhoek
With premiums as low as N$30 per annum, the National Special Risk Association of Namibia (Nasria) has annual revenue exceeding over N$30 million and boasts with capital and cash reserves of over N$318 million.
To date Nasria has received total premiums of over N$200 million with claims payments of over N$27 million. A record payout of N$25 million was made to TCL mine due to a strike at the mine in 1996.
Nasria was established in October 1987 in response to the cancellation of reinsurance facilities previously available to the conventional insurance market for acts of terrorism and politically motivated acts. Within six months of its operations the company received its first claims emanating from the bomb blast at the Oshakati First National Bank branch in February 1988, with a total claim value of N$320 000. Despite that early setback Nasria’s budgeted premium for the first year stood at N$10 million.
“It is no secret that the political landscape has changed in the last 25 years of our operations. During the pre-independence days there was a clear need for protection against bomb blasts and other violent acts, which do not apply today as we enjoy peace, stability and tranquility. That does not mean we must become complacent. There is still a need to be vigilant against any riots or acts of violence,” said Nasria’s chief executive officer, Ndjoura Tjozongoro.
Speaking at the launch of Nasria’s roadshow, Tjozongoro cited the recent confrontation involving the “children of the liberation struggle”, who were embroiled in a clash with some residents in the Brakwater area near Windhoek, as well as labour unrest at the Skorpion zinc mine at Rosh Pinah last year, which cost the company in excess of N$26 million, as some of the reasons companies should be covered against special risks.
Nasria is the only insurer in Namibia that provides cover against damage to property and consequential loss caused by riot or civil commotion; strikes, lockouts and labour disturbances; acts to overthrow or influence any state or government or any local authority with force or by means of fear; terrorism or violent acts with a political objective or to bring about social or economic change, or in protest against or for the purpose of inspiring fear in any section of the public; and reciprocal cover in respect of moveable property (including vehicles) between South Africa and Namibia.
It is against this background that Nasria has embarked on a national roadshow, not only to meet and service its clientele but also to introduce its products and services to those not familiar with what the company has to offer.
“We will also use the roadshow to gauge opinion from traditional and political leaders on issues that affect their communities and constituencies. In recent years the floods in the north and north-eastern parts of the country have not only displaced a lot of people but also caused damage to their properties. Even though Nasria does not cover floods at present, we are pretty sure we will make a difference if we consider that option,” said Tjozongoro.
Nasria’s roadshow will commence in Windhoek on February 13, followed by Oshakati on February 27. The next leg of the roadshow will start in Walvis Bay on March 05 followed by Katima Mulilo and Rundu on March 11 and 12, respectively.
The national roadshow will conclude with Lüderitz on April 02.
“By this time next year, when we turn 30 years old, we will confidently report to government that the Namibian nation will know much more about the work of Nasria and that we have insured the whole of Namibia against the unforeseen,” Tjozongoro added.