Inscon lays off workers

INSURANCE Company of Namibia Limited (Inscon) has become a casualty of the natural disasters which befell the country last year, leading to the insurer having to retrench a number of its staff.

As a result of the difficult year experienced by the insurance industry last year, Inscon – a wholly owned Namibian company – was forced to downscale its operations, laying off 18 members of its staff complement of around 48. Speaking to The Namibian yesterday, Inscon General Manager Rudi Jacobs attributed the company’s woes to the Mariental floods which occurred early last year, the veld fires which swept across the country and the rising number of car accidents.He said claims from these disasters milked insurers.In total the industry had to pay out around N$100 million as a result of the floods which wreaked havoc in Mariental.”2006 was a difficult year for the insurance industry in Namibia and particularly for Inscon.During this year Inscon has experienced lack of growth and adverse claims, being almost double the claims for 2005,” lamented Jacobs.Although talking of “high losses”, Jacobs could not quantify the amount, saying figures were still being compiled and would be released in the company’s annual report in June.Jacobs said the company’s retrenchment exercise complied with the requirements of the Labour Act.”We are convinced that having taken these measures we will secure the sustainability of the company.Consequently this will position us to become once more competitive in the market.”Inscon has offices in Windhoek, Tsumeb, Ongwediva and Walvis Bay.Speaking to The Namibian yesterday, Inscon General Manager Rudi Jacobs attributed the company’s woes to the Mariental floods which occurred early last year, the veld fires which swept across the country and the rising number of car accidents.He said claims from these disasters milked insurers. In total the industry had to pay out around N$100 million as a result of the floods which wreaked havoc in Mariental.”2006 was a difficult year for the insurance industry in Namibia and particularly for Inscon.During this year Inscon has experienced lack of growth and adverse claims, being almost double the claims for 2005,” lamented Jacobs.Although talking of “high losses”, Jacobs could not quantify the amount, saying figures were still being compiled and would be released in the company’s annual report in June.Jacobs said the company’s retrenchment exercise complied with the requirements of the Labour Act.”We are convinced that having taken these measures we will secure the sustainability of the company.Consequently this will position us to become once more competitive in the market.”Inscon has offices in Windhoek, Tsumeb, Ongwediva and Walvis Bay.