Namibia Sees 22.6% Surge in New Insurance Policies in Q1 2024 Despite Year-on-Year Decline

Namibia recorded a 22.6% increase in new insurance policies in Q1 2024, reaching 102,597 policies, according to NAMFISA. However, this marks a 45.3% year-on-year decline. The total number of active policies grew by 3.2% quarter-on-quarter to nearly 1.94 million, driven by reduced policy terminations and lapses. The demand for credit risk policies contributed to the quarterly rise, while a decrease in individual investments led to the annual decline. Policy lapses dropped by 6.8% quarter-on-quarter and 62.1% year-on-year