Insurance flourishes off post-recession demand

Insurance is one of the country's fastest growing sectors, averaging an 18-percent growth in gross premiums written annually since 2005 and increasingly becoming one of the most competitive sectors of the economy. Prior to the onset of the credit crisis, premiums written had risen to P1.4 billion, putting insurance among the few counterweights to the dominant mining sector.

By the end of December 2006, the insurance industry held total assets of P12.3 billion, growing this to P30.8 billion by the end of September 2009. Two new players in the life insurance sub-sector, who are now domiciled in Botswana, contributed to the industry's asset position by end of September 2009.