Managing Director Namibia National Reinsurance Corporation Ltd (Namibre)
Patty Karuaihe-Martin oversees the entire operations of Namibia National Reinsurance Corporation Ltd, ensuring that it is run successfully, maintaining profitability, running on sound business principles and achieving its mandate.
Patty Karuaihe-Martin Career Journey
Patty is a seasoned business and finance professional with over 30 years of experience in the financial industry, of which 10 were at PriceWaterhouseCoopers (PWC), where she held the position of Partner: Tax, Strategic Advisory, Risk and Corporate Governance.
Currently, Patty Karuaihe-Martin serves as the 2nd Vice-President of the Namibia Chamber of Commerce and Industry (NCCI).
Since joining NamibRe, Patty Karuaihe-Martin has grown the business from a small business to a medium business enterprise with an investment-grade credit rating, leveraging from gross profit premiums, increasing profitability and efficiency, and ensuring there is systematic shareholder return to the shareholders in the form of dividends.
In the 2019/20 Financial Year the Corporation recorded a record-breaking Gross Written Premium of NAD 755 million (USD 41.7 million). Patty has led a team that has grown the business from USD 10 million to USD 50 million in the first five years of her leadership.
In terms of profitability (the net underwriting profit), NamibRe recorded an effective increase of 82 per cent over the three-year period. Underwriting profits have also grown significantly, and the company has recorded an increase in its asset component from NAD 200 million (USD 11 million) to close to NAD 1 billion (USD 55.3 million). Shareholders received consistent returns over the past few years.
NamibRe has a high profile in Africa, being positioned 30 in 2019 (top 50 Reinsurers, Atlas Magazine), to being ranked 22 in 2020, and currently 18. This is mainly on account of a combination of two factors namely, employing (and training) staff with the correct expertise and concerted strategy to grow the business of NamibRe not only in Namibia but significantly enhancing business relations in the region and the Continent.
Patty Karuaihe-Martin strongly believes in thought leadership and continuous professional development; has a great passion for sustainability and an unquestionable drive for making a tangible impact in the insurance landscape. With her backing, members of her executive team are enrolled in the prestigious HEC African Leadership course.
She advocates for building women’s leadership, which has been demonstrated in her tenacious ability to get the Namibian Women in Finance annual initiative successfully established. Consequently, she also advocates for staff and talent development, supporting employees not only with the pursuit of post-graduate degrees but empowering a diverse staff complement and embracing competency development initiatives e.g., from someone being a cleaner to becoming a fully graduated member of the Claims team.
A champion for sustainable finance and responsible investment, Patty Karuaihe-Martin serves as the Co-Chair of the UNEP-FI Global Steering Committee, is currently the Chairperson of the Organization for Eastern and Southern Africa Insurers (OESAI), an Executive Member of the Africa Insurance Organization (AIO), as well as its incoming Vice-President, starting her term in May 2023. These two represent reputable insurance bodies in Africa.
Patty Karuaihe-Martin also serves as chairperson of the JP Karuaihe Foundation, established in memory of Judge JP Karuaihe. The Foundation funds underprivileged Namibian students and has since supported over 70 deserving students, who are currently lawyers, directors, and judges adding value to the country’s socioeconomic development.