Old Mutual aims to shake local insurance industry

Speaking at the launch in Gaborone recently, Old Mutual Botswana Life managing director, Thebe Modikwa said he believes there is a gap in the current life insurance market in Botswana, which should be catered for.

“We believe that life insurance should be more than just funeral expenses and the elaborate sending off of a loved one but that it should also be a tool for preserving wealth and ensuring that the needs of dependents left behind are provided for,” he said. While there are currently eight Life insurance companies in Botswana serving a population of approximately two million people, Modikwa said the market is essentially an oligopoly. He points to Botswana’s regulator NBFIRA’s Annual Report, which shows that of these eight life insurers, the top two dominate 87.5% of the market.