A new short-term insurance company, Lavoro Insurance Namibia Limited, which operates in partnership with British underwriting group City & Commercial Insurance Group, is set to be launched next week.
The company will be officially introduced at a launch reception hosted by the British High Commission in Windhoek.
Lavoro Insurance Namibia Limited is licensed by the Namibia Financial Institutions Supervisory Authority as a short-term insurer and is registered in terms of the Short-Term Insurance Act, 1998. The company will focus on providing commercial and corporate insurance products to the Namibian market.
British High Commissioner to Namibia Neil Bradley said the launch reflected cooperation between the United Kingdom and Namibia in the financial services sector.
“The launch of Lavoro Insurance Limited, in partnership with City & Commercial Insurance Group (United Kingdom), is a great example of UK–Namibia cooperation in the financial services sector, supporting economic growth for mutual benefit,” Bradley said.
Managing Director of Lavoro Insurance Namibia Limited Nghikefwamendu Simon said the company aims to combine local underwriting capability with international expertise.
“The official launch of Lavoro Insurance Namibia marks an important milestone for our company and for the Namibian insurance market. Through our partnership with City & Commercial Insurance Group, we are able to bring international expertise, technical depth, and underwriting capacity to Namibia, while building a locally grounded insurer that supports economic growth, innovation, and financial inclusion,” Simon said.
The launch is expected to increase competition in Namibia’s short-term insurance market, which is currently served by companies including Old Mutual, Santam, King Price, Momentum Short-term Insurance, Phoenix Namibia and Hollard, among others.
