Botswana Insurance, Companies & Insurance Quote

Botswana is predominantly flat rolling tableland with Kalahari Desert in the Southwest and borders Namibia, South Africa and Zimbabwe. Botswana has transformed from its position of being the poorest countries in the universe to a middle-income country having per capita GD_P $10000 in the year 2005 owing to its sound management and fiscal discipline.

Diamond mining has resulted in this expansion and export earnings contribute 70 to 80%. However, financial services, tourism, cattle rising and subsistence farming are also some of the key sectors. The downside of Botswana is high unemployment, poverty and AIDS/HIV infection rates threaten the economic gains of Botswana.

Insurance status

Insurance in Botswana included Life insurance as the significant business with gross premiums amounting to 66.3% of total premiums written in 2008. Botswana insurance included the motor insurance showing gross premiums totaling to P314.8 million equalizing 15% of gross premiums of 2008.

However, the non-bank financial institutions regulatory authority in 2008 revealed gross premiums in the sector of insurance in Botswana as P1.

4billion showing a hike of 18.7% than the premiums of previous year P1.2 billion. Recently, in the last five years, there is an average increase of 18% in the gross premiums of the life insurance industry says NBFRA 2009.

The annual report of NBFRA states the life insurance in Botswana in 2008 was P12.2 billion and this was concentrated only with two Botswana insurance companies for 92%. In 2008 year end, investment assets were P12.0 billion and accounted for total assets 98.3% of life insurance industry.

The unit trusts and equities reported P6.3 billion as predominant investment assets that is over investment assets to more than one half. The life insurance industry liabilities totaled P11.0 billion at 2008 end and the provisions benefits for policy holders are P10.6 billion or more than 96% total liabilities.

The life insurance industry capital is reported as P1.2 billion in Botswana as on fiscal end 2008.

Insurance Providers

Some of the insurance providers in Botswana include General Insurance that offers tailor-made insurance covers for accident, fire, motor, and also special covers.

There is insurance in Botswana namely Botswana life Insurance, the largest in the country and well-established having market share over 70%. Botswana travel insurance offers top quality cover at unbeatable rates.