New trustees at Renaissance
The trustees now consist of Benny Amuenje, Abri Nel, Gabriel Tjombe, Omlavi Hamwele, Ambrosius Kandjii, Esther Andima and Bernard Grové
Speaking about the annual report, 2013 Board Chairperson, Mr. Benny Amuenje, said the Fund views transparency as a key factor in governance, and is the only Fund in Namibia to provide an annual report to its members, adding that 2013 was a challenging year for Renaissance Health.
“We experienced a decline in the Fund’s reserves brought about by an unusual claims ratio in 2012 that continued in 2013,” Amuenje said.
Despite the decline in the reserves, Renaissance’s assets were able to cover the liabilities of the Fund 3.3 times which, Amuenje said, is more than sufficient to provide members with peace of mind. This was confirmed by Mrs. Nangula Uaandja from PwC when the Annual Financial Statements were presented for approval.
The Fund has strengthened its reserves to achieve the NAMFISA benchmark of 25% of income.
In addition to the escalation in claim trends and the unpredictable number of children born to Fund members, Amuenje said that rapid growth of members during 2012 also placed further pressure on the reserves. The Fund received 2,081 new principal members in 2012. These members, he explained, were entitled to incur claims during 2012 and 2013 whilst not immediately contributing to reserves.
Amuenje said the Fund benefitted from sound investments that protected the returns and delivered higher investment returns. The operating expenses were also maintained and managed very well.
Talking about operational results and activities of the Fund, Principal Officer Ms. Sonja Malan said Renaissance managed to turn the deficit of 2012 into a surplus of N$ 4,68 million for 2013. She said that the benefits from the various corrective measures paid off and the Fund will reach the 25% reserve level in a shorter period than forecast.
Malan said that the Fund’s 2014 benefit options were similar to those offered in 2013, and minor enhancements were made to hospital benefits, the inclusive preventative benefits as well as the day-to-day benefits.
She said Renaissance is widely recognized to be the most innovative in the industry with a diversified selection of benefit options, designed to suit both member’s healthcare needs and their financial position.