Insurance industry forms professional body

As the insurance market in Botswana has grown significantly with more insurance companies being established, experts have noted that there is lack of skills among the citizens. Currently there are 199 insurance service providers in Botswana including 175 brokers, 12 short-term insurers, nine life insurers and three re-insurers registered under Non Banking Financial Institutions Regulatory Authority (NBFIRA).

Speaking at the consultative meeting on Tuesday, IIB Chairman Dziki Nganunu said the insurance industry had changed with times so there was a need for development of skills and training. “The insurance industry has grown tremendously and has changed with times so we have seen the need to train the insurers to equip them with skills,” he said. He added the institution would assist in the advancement of insurance education and knowledge, and promote schemes, which would raise the standard of the insurance profession in Botswana. The institution would also facilitate and provide platform for interaction between industry structures and the regulatory authority.