Country Dashboards

2 mn
US$18 bn
Inflation rate

Non life premium title

Premium Description
Insurance market data
Life premium volume (USD) 280 mn
Non-life premium volume (USD) 133 mn
Total premium volume 413 mn
Total premium volume (BWP) 3 bn
Insurance penetration: Premiums in % of GDP 3.27%
Insurance density: Premium / capita USD 207
Local currency BWP
Market Composition
Domestic life insurers 9
Domestic non-life insurers 12
Domestic composite insurers 0
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 5
Foreign reinsurers 9
State-owned insurers 0
State-owned reinsurers 0
Insurance intermediaries 53
Reinsurance intermediaries 3
Insurance Regulatory Authority
The Non-Bank Financial Institutions Regulatory Authority NBFIRA, Private Bag 00314, 3rd floor Exponential Building Plot 54351 New CBD, Off PG Matante Road, Gaborone

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Material supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed No
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement P10 000 000 for Life and Reinsurers, P5 000 000 for non life insurers
Minimum paid-up share capital P10 000 000 for Life and Reinsurers, P5 000 000 for non life insurers
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines WC
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes