Local insurers have been urged to create innovative products that are suited to the local market.
Speaking at the Canada Africa business conference recently, Bryte Insurance CEO Dziki Nganunu said even though the local insurance market is competitive, most of the policies were designed for the formally employed population.
“Most policies are designed for people with monthly or annual salary, leaving out the majority of the ones who are not formally employed but do need insurance,” Nganunu said.
“It is not easy for these people to get an insurance policy.”
According to the insurance veteran, consumers should drive what the products should be, urging local insurance providers to be innovative and cater for every individual.
However, Nganunu appreciated that most consumers have knowledge about the policies they get unlike in the past.
Bryte Insurance Business Development Manager, Chris Burton shared the same sentiments highlighting that most of the policies were based on the South African model.
“The short term market is well
According to the Non-Bank Financial Institutions Regulatory Authority’s (NBFIRA) latest annual report, there are 2,716 regulated active insurance players as of December 31, 2017.
Out of the figure, there are 2, 470 representatives, 161 insurance corporate agents, 51 insurance brokers, 12 short term insurance companies, nine long term insurance companies and three reinsurance companies.
The two-day conference, which was be held in Gaborone at the Gaborone International Convention Centre, was aimed at helping local businesses on ways to tap into the North American market.
It was organised by their local partner Soapbox Communications and had sessions, which explored new export opportunities, financing, possible trade deals and even incentives of setting up an office in Canada.