Paper short abstract:

What is “social security” and when are “times of security”? This presentation looks into the cultural underpinnings of formal life insurances in Namibia, arguing that they not only redirect financial flows but also impact informal care networks, notions of solidarity, and concepts of time.

Paper long abstract:

Social security is a burning issue in Africa. Less than 20% of the population in Sub-Saharan Africa is said to be covered by at least one social benefit. While facing a constant increase in economic and ecological threats, the challenges of the future become most apparent with regard to social protection. What is “social security” meant to be and when are “times of security”? Three scenarios are to be distinguished: the introduction of social welfare schemes by nation states (such as pension funds, medical care, and financial transfers), informal credit associations (ROSCAS), and formal insurances (life and non-life) offered mostly by globally operating companies.

Based on intensive fieldwork among customers and insurance agents in Namibia, this presentation looks into the cultural underpinnings of formal social insurances. Funeral and life covers turned out to be a much favored financial alternative in particular to the growing middle class where informal care networks have become either porous or overstraining, and own resources are sought to be protected. It is argued that there is more to formal insurances than redirecting financial flows into insurances and banks as a means of creating security for the wealthy and not-so-well-offs. The promise of caring for the future (possibly after the death of the policyholder) may contest informal care networks, the notion of solidarity, and concepts of time.