Namibia gets a ‘king’

On 1 September South Africa’s fastest growing short-term insurer introduced its one-of-a-kind insurance offering to consumers outside of South African borders, adding King Price Namibia to its royal kingdom.With its new offering, the Namibian consumer is able to enjoy a complete insurance solution and in-country service from an insurer who understands what they really need. Both personal and business insurance is on offer. King Price Insurance Namibia was born from CEO Justinus van der Westhuyzen’s need to evolve the industry. Approximately two years ago, he was the youngest board member of a well-established insurance organisation in Namibia, and at the height of his career. The slow ways of the corporate world, however, frustrated him, and after searching for more than a year for the right partners who shared his dream, he found King Price Insurance. This newcomer in the African market was already disrupting the industry with their unique pricing model, and with insurance premiums that decrease monthly, King Price is changing how risk is managed, and questioning the traditional model all insurance companies have established as common practice, for the greater good of the client. “We believe that the King Price modus operandi will capture the imaginations of Namibians and will help shake up the industry,” says Van der Westhuyzen. Typically, the premium on a car at a competitor will remain the same or increase annually, even though the value of the car depreciates every month, while King Price’s offers start with a lower premium and then decreases as the value of your car decreases.Price is king, bottom lineEverything a company does better than its competitors attracts clients, for instance, offering a superior product, or having extraordinary service. When the client base of a company grows, it subsequently results in higher returns, leaving the company in an extremely privileged position to lower the price on its products. “When we recognise the truth here at King Price, we shout it out without reluctance. Therefore, we say it like it is, and that is that everything comes down to price,” notes van der Westhuyzen. The relatively new kid on the block, known for its quirky tone, decreasing monthly premiums, N$1 insurance (for bikes, golf clubs and hunting rifles), and outstanding corporate culture, King Price is an organisation that keeps inventing. Although this wild child is determined to turn the industry on its head, it’s not alone – it has the backing of the world’s leading reinsurer, Munich Re, as its reinsurer and shareholder, along with Namibian founders. It also has the support of the Mertech Group whose owner, Francois van Niekerk, co-founded the Atterbury Property Group. “We are looking forward to growing, innovating, and constantly spreading delightful confusion, while making a real difference,” concludes the Namibian CEO.

Namibia gets a ‘king’

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Republikein 2025-08-15

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Namibia gets a ‘king’

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