Millions in Covid-related insurance claims
Jo-Maré Duddy – The top-3 short-term insurance companies in Namibia received Covid-19-related claims of around N$20 million in the three months ended June 2021, the Namibia Financial Institutions Supervisory Authority (Namfisa) has confirmed.
According to the watchdog, short-term insurers didn’t specifically isolate Covid-19-related claims last year. As such, Namfisa couldn’t indicate how much of the around N$1.34 billion worth of net claims incurred in 2020 was Covid-related.
Total net claims incurred by the short-term insurance industry in 2020 was nearly 10.3% or N$124.9 million more than the previous year.
However, the change in provision for claims outstanding or incurred but not reported totalled about N$68 million, compared to about N$1.15 million in 2019.
The industry made a profit of about N$283.8 million last year, plunging nearly N$251.7 million or 47% year-on-year.
According to the watchdog, short-term insurers didn’t specifically isolate Covid-19-related claims last year. As such, Namfisa couldn’t indicate how much of the around N$1.34 billion worth of net claims incurred in 2020 was Covid-related.
Total net claims incurred by the short-term insurance industry in 2020 was nearly 10.3% or N$124.9 million more than the previous year.
However, the change in provision for claims outstanding or incurred but not reported totalled about N$68 million, compared to about N$1.15 million in 2019.
The industry made a profit of about N$283.8 million last year, plunging nearly N$251.7 million or 47% year-on-year.
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