MVA Fund's surplus stands at N.dollars 73,1 million: Nyandoro

21 Jul 2013 07:30
WINDHOEK, 21 JUL (NAMPA) - The Motor Vehicle Accident (MVA) Fund has recorded an operating surplus of N.dollars 73,1 million in 2013, compared to N.dollars 4,5 million recorded in 2008.
The MVA Fund's Chief Financial Officer, James Nyandoro stated this when the MVA management and Board of Directors paid a courtesy call on Prime Minister Hage Geingob here on Friday.
Nyandoro said the fund is expecting to have an increased surplus of over N.dollars 100 million in 2014.
He further informed the Prime Minister that the fund has recorded an increase in total assets of N.dollars 344 million in 2013 compared to N.dollars 206 million in the previous year.
The MVA expects its total assets to increase to N.dollar 440 million in 2014.
Nyandoro noted that the company has improved its claim turnaround time from three years to less than 30 minutes for funeral grants, and 30 days for other claims.
He however went on to say that the MVA “is always underfunded”.
Nyandoro noted that the funding level for this year stands at 40 per cent compared to 14 per cent in 2012, while it is expected to increase to over 48 per cent in 2014.
“It needs to be 100 per cent or above to ensure that the fund has enough resources due to the increase of hospital claim costs and other services,” he indicated.
The MVA Chief Financial Officer noted that through the establishment of the Finance Emergency Medical Care Faculty at the Polytechnic of Namibia, the fund has managed to award bursaries to over 30 Namibian students in the field of paramedics.
Nyandoro said as part of the fund's corporate social investment, medical equipment valued at over N.dollars 3 million was donated to the Ministry of Health and Social Services, while N.dollars 1 million was donated to Dagbreek Special School in 2011 towards the construction of a hostel.
“Our future aspirations are to invest in public health facilities to lessen the high cost of private facilities and improve response time from crash to stabilisation,” he said.