Country Dashboards

Population
2 mn
2016
GDP (USD)
$11 bn
2016
gdp/capita
$5,083
2016
Inflation rate
3.2%
2016

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 3.00%
Insurance density: Premium / capita USD 206
Local currency BWP
Market Composition
Domestic life insurers
Domestic non-life insurers
Domestic composite insurers
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers
State-owned insurers
State-owned reinsurers
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
Institution
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA), 3rd Floor Exponential Bldg, Plot 54351 New CBD, Off PG Matante Road, Private Bag 00314, 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
Licensing
Bancassurance is allowed No
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement USD 100k -USD 500k
Minimum paid-up share capital Yes (Case by Case Ministry Decision)
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 Motor TPL, WC
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes