Liberty prepared for pandemic impact

WN: How has Covid-19 impacted the industry?LLN: The impact of Covid-19 and the lockdown measures which have been implemented have been felt in the insurance industry. Nevertheless, insurers are generally well prepared for major loss events such as pandemics, but the financial impacts will take more time to play out. The actual impact will vary from each insurer and re-insurer, as it will be largely dependent on the mix and classes of business they underwrite, their reserving methodologies, policy terms of trade, reinsurance coverage and pricing. Covid-19 is impacting the economy at an unprecedented speed, insurers are now facing unique challenges in this situation as it is evolving rapidly. WN: How strong is the industry to absorb the impact?LLN: The statutory capital requirements imposed by regulators has resulted in the insurance sector being more resilient to financial knocks. After the 2008 global financial crisis the Solvency II and Basil prescribed methods for insurers and the banking industry was brought about, the financial services sector has enjoyed improved supervision and implemented buffers.The preserved capital provides a buffer that allows insurers to pay claims even when losses exceed expectations or asset returns fall below expectations it is a "rainy day fund, so when bad things happen, there is money to cover it".WN: What steps have Liberty Life Namibia taken to accommodate clients who are severely impacted by the fall-out of the pandemic?LLN: During these uncertain times, we understand that clients may be experiencing personal financial challenges. We always aim to treat our customers with dignity and respect, when offering our support to our clients' financial well-being. As a result of this, most of Liberty's products have premium relief and premium flexibility options available to our policyholders. The options which are available are dependent on the type of product each client has with us. We are offering premium relief across several products including our lifestyle protection and universal risk products and notably for our retirement anniuties and endowments, we are offering premium relief for up to six months, without incurring paid-up charges.WN: Any closing comments?LLN: As the world starts to emerge from Covid-19 and with the easing of restrictions, let's be mindful of the fact that we will be returning to a 'new normal'. And to remember Dan Millman words: “The secret of change is to focus all your energy not on fighting the old, but on building the new.” This, while delivering on our purpose: to improve people’s lives by making financial freedom possible.

Liberty prepared for pandemic impact

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Republikein 2026-07-23

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Liberty prepared for pandemic impact

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Republikein 2026-07-23

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