Ken Research in its study on “The Insurance Industry in Botswana Key Trends and Opportunities to 2020“ discusses that in 2015, Life insurance segment was ranked the largest segment in the Botswana insurance industry with the gross written premium of 72.1% whereas the non-life segment is accounted for 26.8%. Personal accident and health segment has been accounted for 1.1%. In non-life insurance segment, property was the largest category accounted for 54.3% of gross written premium in 2015. Gross written premium was accounted at 99.3%, for the top five life insurers
International insurance act was merely welcomed by Botswana IFSC and the insurance industry in May 2005, which aims at creating fiscal and regulatory environment which is necessary to make Botswana an attractive location so as to avail the services like reinsurance, captive insurance and regulatory activities for the non-citizens and in currencies other than pula.
Botswana is a landlocked place in South Africa. Botswana has maintained one of the world’s highest economic growth rates since independence in 1966.botswana’s economy is now correlated with the global economic trends due to its heavy reliance on a single luxury export.
Insurance industry in Botswana is small, developed and significantly growing with time. Insurance companies are highly competitive and are regulated by the NON BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY and working on the rules and regulations stipulated in the insurance act 1987.
Currently there are 20 insurance companies in Botswana, out of which 13 are non-life insurers and seven are life insurers. The country also has 41 insurance brokers and 192 corporate agents.
Major players in Botswana insurance industry includes, Botswana Life Insurance Ltd Metropolitan Life Botswana Barclays Life Botswana (Pty) Ltd Regent Life (Botswana) (Pty) Ltd Liberty Life Botswana (Pty) Ltd Hollard Insurance Botswana Bona Life Insurance Botswana Insurance Company (Pty) Ltd Mutual & Federal Insurance Company of Botswana Ltd Phoenix of Botswana Assurance Company (Pty) Ltd Zurich Insurance Company Botswana Sesiro Insurance Company (Pty) Ltd BIHL Sure BECI Sunshine Insurance Company of Botswana (Pty) Ltd Alpha Direct Insurance Co. and Prefsure Botswana Ltd.
Key topics covered in report
Botswana Insurance industry Research
Botswana Insurance Market Size
Botswana life insurance industry research
Botswana Non life insurance industry research
Botswana insurance industry future outlook
Botswana insurance market trends
Botswana insurance market future outlook
For more coverage click on the link below:
https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/the-insurance-industry-botswana-key-trends/86268-93.html
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