Insurance uptake in Namibia remains relatively low, with most adults (67.3%) lacking any insurance products or services, with affordability as the main reason for the situation, according to the 2025 Namibia Financial Inclusion Survey Report.
The report, released last week by the Namibia Statistics Agency (NSA), showed that in terms of insurance access, eligible adults fall into three categories:
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Approximately 30.9% of individuals have or use long-term insurance products or services from formal service providers. While some of these adults may also utilise informal insurance products, the defining characteristic is the use of at least one or more insurance product from a formal service provider.
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A small proportion (1.7%) of adults rely solely on informal mechanisms.
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The majority (67.3%) of adults do not have or use any insurance products or services, whether formal or informal.
The report says that the same proportion of males and females are insured. The results indicate that informal usage is minimal among both females and males at 2.3% and 1.1%, respectively. In contrast, most of both groups remain uninsured, accounting for 67.3% of females and 67.4% of males.
Risk events
Respondents were asked to identify risk events that negatively affected their income in the six months preceding the survey. The findings show that rising living costs were the most reported risk, affecting 36.5% of the population, followed by illness (27%) and death (26%) within the family. In contrast, loss of housing was the least reported event at 1.3%. Overall, these results highlight that everyday financial pressures and health-related shocks are the most significant risks faced by households
Insurance coverage
Respondents were also asked whether they currently have or previously have specific insurance products. The results show that only a small share of the adult population in Namibia holds insurance products. Funeral cover, life insurance and medical insurance emerged as the most common types of insurance, while ownership of other insurance products remains low. In general, the proportion of those who “had in the past” is consistently lower than those who “currently have”, indicating a decline in usage across most product categories
How insurance is viewed
Respondents were also asked for their views and opinions on different aspects of insurance. More than half (58.8%) consider insurance to be a long-term saving option. However, 28.6% of the adult population believe that insurance is mainly for wealthy people and 53.3% view insurance as costly. These findings reveal mixed perceptions of insurance, while many recognised its potential as a savings tool, concerns about affordability and lack of low-cost products continue to shape attitudes toward its broader adoption.
Methodology
The survey explored the types of risks and hardships experienced by individuals aged 15 years and above, as well as insurance products they would use in mitigating these risks. The analysis provides valuable insight into how Namibians perceive vulnerability and the role of insurance in strengthening financial resilience. The main fieldwork was conducted in all 14 regions of Namibia from 6 October to 4 November 2025.