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NamibRe eyes long term insurance

NamibRe Finance Manager Francois Francis, Managing Director Patty Karuaihe-Martin, Ministry of Finance Permanent Secretary Erika Shafuda, NamibRe Legal Secretary Ntwala Mwilima and the Deputy Permanent Secretary I-Ben Nashandi holding the dividend check payout of N$1.8 million at the Fiscus Building in Windhoek.

NamibRe insurance last week handed over a dividend payment of N$1.8 million to shareholders. NamibRe as a local re-insurer for the insurance industry returned eight-fold the initial investment by the state. Minister of Finance Saara Kuugongelwa-Amadhila said at the Ministry of Finance Head Office in Windhoek that NamibRe operates as a State Owned Enterprise and the generation of profit as an SOE is not meant for the state.

The institution has paid over N$4.9 million in dividends to shareholders and the initial investment of N$20 million has increased to N$37.1 million to the government coffers through the  payout of dividends, VAT, PAYE and Income Tax. NamibRe hopes to raise contributions via dividend payments. A new board was ushered at the same occasion where they signed a Governance Agreement. This is the second time that such a Board agreement has been signed. Kuugongelwa-Amadhila thanked the Board for the stellar performance resulting in the timely payment of dividends. She urged the new Board for continued dedication and that other parastatals to emulate NamibRe’s performance and governance. Currently NamibRe focuses on short term insurance, but have expressed interest in venturing into long-term insurance in the future. The minister said at the event that the outflow of money from the insurance industry out of the country is worrying as this capital is needed to develop the domestic economy by ensuring that insurance businesses are re-insured locally. The new NAMIBRE Board comprises of Ismael Ghei-Khoibeb and Libertha Kapere who will serve as Board Chairpersons while Theodor Saunderson, Tomas Iindji, Ndapandula Tshitayi and Marten Ashikoto will act as members. NAMIBRE provides reinsurance services to clients and to maximize shareholder return to curb unnecessary capital outflow from the Namibian financial system in strengthening Namibia’s balance of payments, and to become a vehicle for empowerment and enhanced participation by Namibians in the financial services sector of the economy.

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