The mandate of NamibRe is to provide reinsurance services and to minimize the placement of insurance and reinsurance business outside the borders of Namibia. NamibRe is a state-owned corporation which was established by an Act of Parliament Namibre Act (Act 22 of 1998).
The Namibian insurance industry witnessed a lack of reinsurance capacity for a very long period of time. This meant that most insurance companies had to buy reinsurance business from abroad. This also meant that a large volume of capital outflow was headed for abroad. It is against this background that Namibia National Reinsurance Corporation was established by an Act of Parliament (Act No.22 of 1998) to become a truly Namibian enterprise tasked with carrying out reinsurance business in Namibia.
NamibRe is a state-owned corporation which was established by an Act of Parliament NamibRe Act (Act 22 of 1998) to curb against the capital outflow to abroad so that capital generated in the Namibian economy through insurance business, remains in Namibia, to contribute towards the country’s GDP and improve the country’s balance of payment position Furthermore, NamibRe was created to become a vehicle for empowerment and enhanced participation by Namibians in the financial services sector of our economy. NamibRe became operational in September 2001.