Africa-Press – Botswana. Natural disasters, high unemployment rates and cyber crime are some of the major risks that have become a reality for the local insurance industry.
These factors were highlighted by Hollard Insurance Managing Director (MD), Mosimanegape Molefi when addressing journalists in the capital city last week.
“We are seeing unprecedented levels of both drought and flooding, and we are also seeing an increase around cyber risks, which was a distant threat in the past. What we are seeing is that with the interconnectedness of those technologies, those threats are now within our borders,” he warned.
In February, the country was hit by widespread flooding that destroyed houses, ruined household items and saw vehicles swept away by raging rivers. The amount of damage is still to be quantified by the authorities.
Molefi called for collaboration between different sectors of the economy, urging them to work together to confront the risks that come with climate change and rapidly advancing technologies.
In its latest report, the Financial Intelligence Agency (FIA) says it intercepted several transactions, worth tens of millions of Pula, intended to defraud unsuspecting customers during the financial year 2022/23.
The local economy’s contraction due to dwindling diamond sales lead to a recession in 2024, with the insurance industry not spared the wrath of the slow down. However, Molefi is adamant these challenges will not drive the industry into despair, noting stakeholders are working on innovative ways to survive.
Meanwhile, the industry recently hosted the inaugural Hollard Honours Awards to celebrate past achievements, recognise collaborations and partnerships, and share projections on the industry’s future in Botswana. “Winners across various categories were celebrated for their outstanding contributions, setting new benchmarks for excellence. Special acknowledgment was given to sponsors and partners, whose unwavering support played a vital role in bringing the vision of the Awards to life,” revealed the MD.
Hollard Insurance reaffirmed its commitment to nurturing industry best practices, fostering innovation, and raising standards across the insurance landscape.
Strong partnerships with sponsors and brokers continue to drive progress, helping the industry meet today’s challenges and shape a brighter, more resilient future.
Furthermore, Molefi said the Hollard Honours Awards have set a new benchmark; the ambition for 2025 is to reach even greater heights.
“Next year will see the introduction of new categories to recognise a broader range of achievements and excellence across the industry. Partners and players were encouraged to continue pushing boundaries and innovating, with a call for additional sponsors to join in elevating the Awards into an even bigger, more impactful platform for the sector,” revealed Molefi, who believes the future of insurance is ‘digital, inclusive, proactive and above all, human centered’.
“Strategic investments are being made into smarter products, deeper customer insights, and platforms that make protection more accessible to Batswana. Emphasis is placed on leveraging advanced analytics and AI to create optimized service experiences, while a growing focus on sustainability and proactive risk prevention is set to redefine the insurer’s role from simply carrying risk to actively partnering with clients in resilience,” he concluded.
For More News And Analysis About Botswana Follow Africa-Press
