The Namibian insurance industry witnessed a lack of reinsurance capacity for a very long time. This meant that most insurance companies had to buy reinsurance business from abroad. This resulted in large volumes of capital outflow from Namibia to countries overseas.

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.

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