The government embarked on a considerable shake-up of the insurance and pensions sector during the 1990s, over which the South African mutual societies had the biggest influence. Premium income continued to be invested mainly in South African assets following independence, overriding Namibian insurance funds like the Government Institutions Pension Fund (GIPF).
Legislative amendments of 1995 required that 35% of Namibian-generated funds under management be reinvested in specified local assets. A long-term insurance bill tabled at the end of 1996 made it compulsory for South African mutuals to establish Namibian-registered public companies and match net liabilities with local assets. As part of their asset localization measures, Sanlam and Old Mutual launched the first Namibian unit trusts in 1995. Other major insurance companies include Metropolitan Life and Mututal and Federal Insurance Company.
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