NAMFISA Signs Cape Town Declaration To Improve Insurance Access For Underserved Communities

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has signed the Cape Town Declaration on Inclusive Insurance, committing to support efforts to make insurance more accessible and affordable for underserved communities in Namibia.

On a statement issued on Wednesday, NAMFISA announced that the signing of the Declaration is representing a commitment that would see the Authority join a global network of insurance supervisors working to advance financial inclusion through accessible, affordable and appropriate insurance products.

NAMFISA's Chief Executive Officer (CEO), Kenneth Matomola said insurance should be available to all members of society rather than remain accessible to only a few.

"Insurance should not be a privilege accessible only to a few, but an important financial protection mechanism available to all segments of society," Matomola said.

He said the signing reinforced the Authority's commitment to creating a regulatory environment that supports accessible and affordable insurance solutions while maintaining proper supervision and protecting consumers.

The Cape Town Declaration is a voluntary international commitment implemented through the Access to Insurance Initiative (A2ii), convened by the Consultative Group to Assist the Poor (CGAP), according to NAMFISA. It brings together insurance supervisors committed to improving access to insurance through cooperation, knowledge-sharing, innovation and appropriate regulatory approaches.

NAMFISA explained that despite the role insurance plays in protecting households, individuals and businesses against unexpected financial losses, limited awareness continued to prevent some people, particularly underserved communities, from taking up insurance products.

Through the declaration, NAMFISA will participate in international discussions with other insurance supervisors, exchange regulatory experiences and use global research and practical lessons to improve insurance regulation in Namibia.

The Authority will also take part in peer-learning activities and knowledge-sharing initiatives to identify practical ways of addressing barriers to insurance access in the local market.

The commitment forms part of NAMFISA's broader efforts to promote responsible innovation, strengthen consumer protection and support the development of insurance products that respond to the needs and financial circumstances of the Namibian population.