Botswana Insurance Industry – Key Trends and Opportunities to 2028

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Botswana Insurance Market Report Overview

The gross written premium of the Botswana insurance market was BAM6.8 billion ($632.2 million) in 2023. The market will achieve a CAGR of more than 7% during 2024-2028. The Botswana insurance market research report provides in-depth market analysis, information, and insights into the Botswana insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.

Botswana Insurance Market Outlook, 2023-2028 (BAM Million)

Botswana Insurance Market Outlook, 2023-2028 (BAM Million)

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The Botswana insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Botswana economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) BAM6.8 billion ($632.2 million)
CAGR (2024-2028) >7%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Segments ·        General Insurance

·        Life Insurance

Key Companies ·        Botswana Life

·        Metropolitan

·        Hollard Life

·        Liberty

·        Absa Life

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Botswana Insurance Market Trends

The key trends impacting the Botswana insurance market are the launch of funeral plans and bancassurance. For instance, in September 2023, in June 2022, BBS Bank diversified its product offering by launching an insurance agency. The agency which currently offers mortgage insurance will operate all of the group’s bancassurance business.

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Botswana Insurance Market by Segments

The key segments in the Botswana insurance market are life insurance and general insurance. The life insurance segment dominated the Botswana insurance market in 2023 and will register significant growth during 2024-2028. The annual growth rate of life insurance premiums was more than 8% in 2023.

Botswana Insurance Market Analysis by Segments, 2023 (%)

Botswana Insurance Market Analysis by Segments, 2023 (%)

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Botswana Insurance Market – Competitive Landscape

In 2022, Botswana Life accounted for the highest market share in the Botswana life insurance market

A few of the key companies in the Botswana insurance market are:

  • Botswana Life
  • Metropolitan
  • Hollard Life
  • Liberty
  • Absa Life

Botswana Life Insurance Market Analysis by Companies, 2022(%)

Botswana Life Insurance Market Analysis by Companies, 2022(%)

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Botswana Insurance Market – Latest Developments

  • In September 2023, Botswana Telecommunications Corporation (BTC) partnered with Hollard to launch the Karabo Funeral Plan. The policy is designed for individuals with little or no access to bank accounts. It will allow consumers to pay and access the policy via their BTC Smega mobile money wallet.
  • In October 2023, the Botswana government and De Beers agreed on a 10-year sales deal for Debswana’s rough diamond production through to 2033. The deal will boost Botswana’s revenues, which the government aims to use to expand the country’s social services.

Botswana Insurance Market Segments Outlook (Value, BAM Million, 2019-2028)

  • Life Insurance
  • General Insurance

Scope

This report provides a comprehensive analysis of the Botswana insurance industry. It also offers:

  • Historical values for the Botswana insurance industry for the review period, 2019-2023, and projected figures for the forecast period, 2024-2028.
  • A detailed analysis of the key categories in the Botswana insurance industry and market forecasts up to 2028.
  • Insights on key regulations affecting the market.
  • Analysis of distribution channels operating in the segment, an overview of the Botswana economy and demographics, and detailed information on the competitive landscape in the country.
  • Profiles of the top life insurance companies in Botswana and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the Botswana insurance industry.
  • A comprehensive overview of the Botswana economy, government initiatives, and investment opportunities.
  • The Botswana insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • The Botswana insurance industry’s market structure giving details of lines of business.
  • Botswana reinsurance business’s market structure giving details of premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to the Botswana insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Botswana insurance industry.
  • Assess the competitive dynamics in the Botswana insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Botswana Life
Metropolitan Life
Botswana Insurance Company
Hollard Insurance
The Hollard Life Assurance Company
Old Mutual Short-Term Insurance
Absa Life
Sesiro Insurance Company

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

Life Insurance: LOB

General Insurance: Trends and KPIs

General Insurance: LOB

Competitive Landscape

Reinsurance

Appendix

Frequently asked questions

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