NBFIRA at the Botswana Life Insurance Limited Symposium Limited 2023

Botswana Life Insurance Limited (“BLIL”) held its inaugural insurance symposium on September 20, 2023, themed ‘Understanding and Addressing the Insurance Protection Gap’ (“IPG”). The objective of the symposium was to raise awareness about identified gaps in access to insurance protection and inclusion, the disparity between optimal insurance cover and the actual cover that the individuals and businesses procure, insurance education levels, as well as innovation as it pertains to insurance products and services.

In his opening remarks, Mr. Ronald Samuels, Chief Executive Officer of Botswana Life Insurance Limited, stated that the symposium presented a beacon of hope with regard to innovation, collaboration and progress for the insurance industry. He noted that factors that contribute to the IPG include lack of awareness, poor understanding of insurance products and the underestimation of risks that require insurance coverage by both individuals and companies. Mr. Samuels further mentioned that when unforeseen events happen, individuals and companies find themselves exposed to risk and loss, due to not having insurance cover and or being under-insured, giving impetus for the need to close the gap.

When delivering the keynote address, Mr. Oduetse A. Motshidisi, Chief Executive Officer of NBFIRA (‘the Regulator”), commended Botswana Life for initiating such a timely engagement and raising awareness on such pertinent insurance issue. In his deliberations, Mr. Motshidisi noted that insurance policies may not always cover the policyholders’ risks fully and, therefore, leave a protection gap that exposes the policyholders to some risk. He further highlighted the need to address the magnitude and nature of the insurance protection gap, and impact. He emphasised the importance of public education, the impact of insufficient information disclosure as some of the necessary interventions measures to narrow the gap and lessen the resultant negative socio-economic impacts on households, communities, and the economy.

The symposium consisted of panel discussions on the following topics:

(a) Understanding and Addressing the Insurance Protection Gap (IPG)

(b) Protecting Your Inheritance through Estate Management

(c) Navigating Shifting Demographics with Comprehensive Wellness, Health Insurance and Life Insurance Strategies.

(d) Digital Agendas in the Insurance Industry.

It was established that there were various opportunities for greater collaboration between the Insurance industry, the Regulator and Government in partnering to address the root causes of the IGP.