SANTAM NAMIBIA SETS THE PACE AS THE LEADER
IN THE COUNTRY’S SHORT-TERM INSURANCE INDUSTRY

Santam Namibia is the country’s leading short-term insurer, boasting a market share of more than 30 per cent with assets totalling more than N$200 million.

Says Riaan Louw, Chief Executive of Santam Namibia: “Santam Namibia offers its clients a wide variety of highly specialised products and services. Our core business focuses on corporate, commercial and personal insurance policies and comprises about 34,5% of the industry, which includes the niche market for corporate en special risk insurance. The company has grown markedly from a gross premium income base of N$26 million in 1990 to N$289 million in 2006”.

Santam Namibia received the PMR Award for being the best Namibian short-term insurer in 2005. It was the company’s fourth award since 2000. In addition, a survey conducted among the short-term insurance business partners, namely the brokers, identified Santam Namibia as the top short-term insurance company in the region.

Since opening its doors 51 years ago in Namibia, the yellow umbrella is still outperforming its competitors. “Being the best in everything we choose to do, is the purpose of our existence. Our vision for Santam Namibia is to be an insurer of international quality. In realising this vision, we believe it is important that all our brokers provide their clients with excellent service.”

Louw explains that the bulk of the company’s business is done through various brokerages. “Hence our focus is also on a work environment that attracts the best employees, is free from all discrimination and on employing and working with people with high ethical standards and personal integrity. By creating a strong and high-quality employee and intermediary base, we can provide our clients with the best service.”

Santam Namibia’s head office is in Windhoek with branches in Oshakati, Walvis Bay, Otjiwarongo, and Keetmanshoop. Windhoek also boasts a drive-in centre where clients can get an immediate assessment on motor vehicle insurance requirements.

The company is very proud of its involvement in corporate social activities. “In 2006 we were involved in, among others, the School Art Project, which involved all schools in Namibia and promoted child development through art; the Golf Day for schools, which provided an opportunity for schools to earn an income of up to N$25 000 for developmental projects; we assisted the Dagbreek Centre to establish a daycare centre; and provided bursaries to various Namibian citizens to qualify themselves specifically in the marketing field.

“It is our vision to empower young people and thereby ensuring a brighter future for them – they are ultimately tomorrow’s leaders.”

Santam Namibia is a subsidiary of Santam South Afica and the companies operate on a Group basis. Santam South Africa was established in 1918 and listed in 1964 on the Johannesburg Stock Exchange. In 1956, a branch in Windhoek was opened. Along with the independence of Namibia in 1990 it was decided to establish Santam Namibia as a separate company from Santam South Africa. In 2001 Santam Namibia acquired the short-term insurer Allianz and in June 2005 it celebrated a broad-based empowerment deal with Nam-mic Financial Services (NFS).

The current shareholding of the company is constituted out of Santam Ltd (60%), Bank Windhoek (30%) and NFS (10%). “The partnership with NFS gives Santam the competitive edge in the Namibian short-term insurance industry. Our vision, combined with the expertise of our strategic partners, is to cater for the lower-income base of the economy on an individual level and for upcoming small and medium sized enterprises on a commercial level,” says Louw.

Louw believes that Santam Namibia’s partnership with NFS and Bank Windhoek as well as the company’s involvement with the Ministry of Education demonstrates its commitment to the socio-economic transformation that will develop Namibia further as a stable and successful democracy while adding further growth to the Gross Domestic Product.

“Our internal project, Project 2010, sets benchmarks for the company to move from being a good company to a great company. In addition we also focus on playing our part to meet the Vision 2030, which the Government has set for the development of Namibia.”