Hollard marks 10 years,

As Namibia’s economic development continues to translate into a growing middle class, insurance is one industry that has seen noteworthy growth. In the case of Hollard Insurance, the local short-term insurance company was established in 2009, and last week said it had achieved 20% market share. “Hollard Insurance Namibia was established with a key pillar being that we would be our own entity – an insurance company with a local Namibian flavour,” Hollard Namibia CEO Johan Barnard said of the company’s growth. Barnard said Hollard’s average premium income growth currently exceeds 31% per year in the two countries where it operates, namely Namibia and Zambia. Added together, the insurer’s assets in both these countries currently amount to N$600 million, with an average turnover of more than N$750 million. Detailing Hollard’s history in Namibia, the company said it came to the country in 2009 following a successful run in Mozambique, adapting its business model to better fit local conditions such as population density and distance between towns. “It is a model that offers clients the opportunity to choose insurance that relates to their needs, while also allowing us to use our entrepreneurial skills and build a local Namibian company. This innovation has seen Hollard Insurance Namibia sourcing goods and services from local suppliers even if that comes at a small premium, because supporting local business is vital,” Barnard said. With representation in eight Namibian towns, he said, the company’s short-term insurance business has grown at a rate of more than 19% per year, while Hollard, according to the company’s own figures, contributes nearly 25% of all total premium income in the country. “Crucially, management will not allow outdated business practices to hold back the company, meaning Hollard Insurance Namibia will continue challenging the status quo and searching for better ways to do business,” the company CEO said. WINDHOEK DENVER ISAACS