Promote ethical business – prime minister tells insurance companies

Prime minister Saara Kuugongelwa-Amadhila says insurance players should promote financial inclusion and conduct ethical business.

She was speaking at the 50th African Insurance Organisation annual conference yesterday.

This comes as the Namibian Competition Commission issued numerous insurance companies fines of up to N$13,1 million between 1 August 2022 and 31 December 2023.

These companies were fined for collusive practices and restrictive agreements.

“The industry has a responsibility to be innovative, responsive and efficient and fair, always placing the needs of the customers at the centre of their business. In doing so, the industry players must aim to promote financial inclusion and ethical business conduct, and leverage technological advancements,” Kuugongelwa-Amadhila told industry players.

She further advocated wider reach and coverage by insurance companies.

The conference this year focused on coping with rising natural catastrophes across Africa as the region has been dealing with the impact of climate change.

The said insurance institutions are essential in managing this risk.

“This gathering of insurance executives here today is an optimal forum to discuss issues relating to insurance solutions in the face of increased and more serious natural catastrophes on the continent,” she said.

This conference held in the capital will end tomorrow after starting on Saturday.

Drawing attention to the trade benefits this industry holds, economist Omu Kakujaha-Matundu says insurance can be an enabler for trade.

“Like with reference to the African Continental Free Trade Area agreement, insurance can facilitate, as it at least gives some comfort or assurances to exporters to explore unknown markets without fear of losing everything, should something go wrong,” he says.

Regarding climate change, Kakujaha-Matundu says Namibia Special Risks Insurance Association is a key player, as not all force majeure events, such as droughts and floods, are catered for by conventional insurance.