Patty Karuaihe-Martin is steering growth at NamibRe.Patty Karuaihe-Martin has led NamibRe’s growth, sustainability drive, and regional influence.
Since the appointment of Patty Karuaihe-Martin in 2014 as Managing Director of Namibia National Reinsurance Corporation Ltd (NamibRe), she has overseen the transformation of the state-owned reinsurer from a domestically focused entity into a more regionally engaged player.
Leading Namibia’s Reinsurance mandate
NamibRe was established in 1998 by the Namibian government to retain capital within the country and reduce reliance on foreign reinsurers. The company provides reinsurance services across life and non-life segments, supporting local insurers and the broader national insurance industry.
Under Karuaihe-Martin’s leadership, NamibRe has expanded its market share and visibility. According to company data, it held over 50% of the short-term reinsurance market in Namibia as of 2022, with gross written premiums growing by 27% that year. The company also received a credit rating upgrade to AA-(NA) with a stable outlook—an outcome that came during a period when several international reinsurance firms faced downgrades.
Karuaihe-Martin brings over three decades of experience in finance, insurance, taxation, and corporate governance. Her career includes previous roles at PwC Namibia, where she led the tax and advisory practice, as well as leadership positions in state-owned enterprises and public institutions.
Engagement in global and regional platforms
In addition to her role at NamibRe, Karuaihe-Martin has been active on global platforms. She currently serves as co-chair of the United Nations Environment Programme Finance Initiative (UNEP FI) Global Steering Committee, where she advocates for sustainable insurance practices and climate-resilient finance. She also participated in international climate forums, including COP28, focusing on aligning insurance with broader environmental goals.
Regionally, she has held leadership roles in sector bodies such as the Organisation of Eastern and Southern Africa Insurers (OESAI), where she served as Chairperson, and the Africa Insurance Organisation (AIO), where she assumed the presidency in June 2024 after serving as vice president in 2023. Her involvement in these organisations has focused on strengthening collaboration across African insurance markets and addressing shared challenges such as the growing impact of natural disasters on insurers.
Karuaihe-Martin has received several awards over the years in recognition of her work in finance and insurance. She was named one of Africa’s Most Influential Women in Business and Government in 2017 and has been featured on various lists highlighting top women in the African insurance sector, including the 2023 “Top 10 Women to Watch in Insurance.”
Beyond her professional roles, Karuaihe-Martin chairs the JP Karuaihe Trust Fund, a scholarship initiative that supports tertiary education for Namibian students. Established in honour of her late father, the fund reflects her broader commitment to human capital development and educational equity in Namibia.
While challenges persist—such as increasing climate volatility and evolving regulatory landscapes—Patty Karuaihe-Martin’s focus on sustainability, governance, and regional collaboration has helped place NamibRe on a path of long-term resilience.
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