Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Insurance Employees Get the Boot

Home Archived Insurance Employees Get the Boot

By Wezi Tjaronda WINDHOEK Fifteen positions at the Insurance Company of Namibia Limited (Inscon) have been made redundant following a lack of growth and adverse claims that dogged the company in 2006. The 15 affected positions are spread across all the three branches in Walvis Bay, Ongwediva and Tsumeb as well as the head office in Windhoek and also affects all positions from management to cleaners. General manager of Inscon, Rudi Jacobs, said yesterday the decision to make the positions redundant was taken as a cost-cutting measure to make the insurance company competitive and to turn its financial woes around. “We need to have a balance between the productivity and staff complement because if the two do not balance, then you have problems,” he said. Some of the older affected workers went on early retirement. “During this year (2006), Inscon has experienced lack of growth and adverse claims being almost double the claims for 2005,” Jabocs said. He could not however give any figures because he said the company’s financial report is still being compiled. Jacobs said the insurance industry as a whole went through tough times last year especially because of claims after the floods that destroyed homes, livestock, property and other infrastructure in Mariental early 2006. Due to the floods alone, the industry faced claims of around N$100 million, of which claims from Inscon amounted to N$10 million. He said apart from motor claims that made up the bulk of the Mariental claims, accidents that are happening on Namibian roads are the most adverse of all the claims. Apart from claims from the floods and vehicles, the insurance company also had many veld-fire claims in 2006. Jacobs expressed concern over what is happening on the country’s roads where lives are being lost and vehicles are being written off after accidents. “Something is happening on our roads. Whenever a vehicle overturns, it is a total loss,” he said, adding that “insurance companies have to pay in full”. He urged road users to be careful on the roads for Namibia to contain the accidents.