CEO of Momentum Metropolitan Namibia, Sakaria Nghikembua, talks about joining the company in the middle of the Covid-19 pandemic and the lessons the company learnt from the pandemic. He tells Observer Money about the new products launched by his company and the current status of the insurance industry in the country.
Observer Money (OM): You were appointed as CEO of Momentum Metropolitan Namibia, just over two years ago, how has the journey been so far?
Sakaria Nghikembua (SN): Enlightening, challenging and rewarding. I came in right in the middle of the Covid-19 pandemic. As a business, we learned many new valuable lessons. We learned how to work remotely and differently. We learned how to innovatively reach out to our clients. We had to find new ways of growing in an economy where businesses were either closing or scaling down. But this has also been a rewarding journey because we were there for our clients when they needed us most. For example, we paid out close to N$300 millionin Covid-19 claims. We also preserved the business and grew in our various businesses in the Group. With this foundation, we are well-positioned to seize new opportunities in the marketplace. Are you asking if I am happy with the journey so far? Yes, I am.
(OM): Both the long term and short-term insurance industries in Namibia have faced challenges given the weak economy and the impact of the Covid pandemic, how has Momentum Metropolitan navigated these challenges?
(SN): We have weathered the storms well. As already stated, we were there for our clients. We paid the claims at the most difficult time in our clients’ lives. We have grown our various businesses despite the difficult times.
All our businesses remain well capitalised. We introduced initiatives like the premium pause option to alleviate our clients, burden during uncertain times. Our intermediaries and financial advisers have been instrumental, standing beside our clients, guiding them through their choices, and ensuring their financial well-being remains a priority. This spirit guided us through the pandemic and continues to shape our response to any challenge the economy presents.
(OM): In your opinion, what is the state of the insurance industry in Namibia at the moment?
(SN): The insurance industry in Namibia remains strong. The industry is well and proactively regulated. Insurance businesses remain well-capitalised. The industry is poised to take advantage of the promising developments in the economy that are expected to be derived from the oil and gas sector, as well as green hydrogen.
