Minister of finance Ericah Shafudah has urged public-private partnerships to address climate risks and strengthen Africa’s financial autonomy.
Speaking at Namibre’s 25th CEO anniversary summit at Swakopmund yesterday, she said partnerships are needed among the private sector, government regulators and international partners.
“I am encouraged by the sustainability that is part of Namibre’s strategy. The cooperation is a signatory to the United Nations’ EP finance initiative principles for sustainable insurance and a founding signatory to the Nairobi declaration on sustainable insurable,” she said.
She said Africa faces a substantial development financial deficit, which has intensified as international development finance declines, a reality Namibia knows as a middle-income country.
“It is critical that Africa strengthens reassurance capacity to be a source of financing for some of the losses caused by natural phenomena,” she said.
This, however, requires initiative and innovative approaches so that costs are shared, she said.
“I believe the insurance is about sharing of risks. Building strong, well-capitalised African reassurance strengthens financial autonomy and when they are globally competitive, more premium income can be retained and reinvested in African infrastructure and jobs.”
The minister said capacity extends across collaborations of local and global institutions.
She congratulated Namibre on its 25th anniversary.
“Today we celebrate the growth of an institution established 25 years ago to build domestic reassurance capacity, retain financial resources within our borders, and strengthen Nambia’s reassurance industry,” the minister said.
Shafudah said when Namibre commenced operations in 2001, reassurance capacities were sources outside Namibia and establishing it was a deliberate intervention to protect sovereignty resting on decisive objectives of establishing Namibia’s reassurance capacity and contributing to the development of a sustainable and resilient insurance sector.
“Namibre has grown into a pillar of our financial sector, providing robust life and non-life insurance capacity to the local market and offering reassurance capacities for other markets in Africa,” she said.
The minister said its financial progress is notable.
According to her, Namibre’s premium rose to N$902.8 million in 2025, while its assets reached N$1.1 billion and shareholder equity N$382.3 million.
