{"id":36452,"date":"2023-10-15T06:50:39","date_gmt":"2023-10-15T06:50:39","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap"},"modified":"2023-10-15T07:27:54","modified_gmt":"2023-10-15T07:27:54","slug":"mind-the-gap","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap","title":{"rendered":"Mind the gap"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Although classed as an \u2018upper middle income\u2019 economy, the insurance gap in Botswana remains wide, deep and dangerous.<\/b><\/p>\n

This was the overriding feedback from the inaugural Botswana Life Insurance Symposium held in Gaborone last month, aimed at \u2018Understanding and Addressing the Insurance Protection Gap (IPG)\u2019.<\/p>\n

The insurance protection gap, the disparity between the coverage provided by existing insurance policies and the actual financial needs of individuals and families when faced with life\u2019s hard-hitting dramas (illness, accidents, or death) remains a concern in the local market.<\/p>\n

Speaking at the event, Non-Bank Financial Institutions Regulatory Authority (NBFIRA) CEO, Oduetse Motshidisi said their soon-to-be-released Annual Report confirms the low level of insurance penetration in Botswana, which stands at just three percent.<\/p>\n

Low Insurance Penetration in Botswana remains a concern<\/p>\n

Although classed as an \u2018upper middle income\u2019 economy, the insurance gap in Botswana remains wide, deep and dangerous.<\/p>\n

This was the overriding feedback from the inaugural Botswana Life Insurance Symposium held in Gaborone last month, aimed at \u2018Understanding and Addressing the Insurance Protection Gap (IPG)\u2019.<\/p>\n

The insurance protection gap, the disparity between the coverage provided by existing insurance policies and the actual financial needs of individuals and families when faced with life\u2019s hard-hitting dramas (illness, accidents, or death) remains a concern in the local market.<\/p>\n

Speaking at the event, Non-Bank Financial Institutions Regulatory Authority (NBFIRA) CEO, Oduetse Motshidisi said their soon-to-be-released Annual Report confirms the low level of insurance penetration in Botswana, which stands at just three percent.<\/p>\n

\u201cThe remedies to insurance protection gap result from concerted efforts and interventions by the insurers, the public, governments and the broader private sector and civil societies. Insurers in frontier, emerging and mature economies can narrow the gap by leveraging on technology. In mature and emerging markets, insurers invest in product innovation to narrow the gap while micro insurance can help to remedy the gap in frontier markets, especially,\u201d said Motshidisi.<\/p>\n

Botswana\u2019s penetration rate remains below that of its neighbours, with the likes of Namibia, Lesotho, Zimbabwe and Mauritius averaging between 4 \u2013 11 percent. South Africa boasts the highest penetration ratio at 12.6 percent whilst Nigeria records 0.3 percent.For countries beyond the continent, rated at a similar economic level to Botswana, penetration rates are between 4.8 percent and 11.4 percent in Malaysia and Singapore.<\/p>\n

Africa\u2019s average is 2.6 while the global rate is 7.4 percent, as of 2021.<\/p>\n

\u201cThe import of the statistics is that Botswana is below par in comparison to its peers, just above the continent but below the global penetration ratios. Thus, the local insurance market and other stakeholders need to find ways to close the gaps,\u201d added Motshidisi.<\/p>\n

According to the 2023 World Statistics Bank data, the insurance protection gap in Botswana stands at a staggering 47 percent.It is a gap, Botswana Life CEO, Ronald Samuels, is determined to bridge.<\/p>\n

\u201cThe insurance protection gap represents a critical issue within the insurance industry, highlighting the disparity between the optimal insurance coverage needed and the actual coverage that individuals and businesses procure. Too often, we witness a lack of awareness leading to individuals and companies underestimating the risks they face. This gap is not merely a numerical representation; it is a stark reminder of the vulnerabilities that individuals and entities face when unforeseen adversities strike. However, let us remember that this issue transcends borders, globally, the insurance protection gap persists as a challenge, affecting financial inclusion and stability worldwide.\u201dIn Botswana, it is thought the gap is primarily caused by issues of insurance affordability and awareness.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Although classed as an \u2018upper middle income\u2019 economy, the insurance gap in Botswana remains wide, deep and dangerous. This was the overriding feedback from the inaugural Botswana Life Insurance Symposium held in Gaborone last month, aimed at \u2018Understanding and Addressing the Insurance Protection Gap (IPG)\u2019. The insurance protection gap, the disparity between […]<\/p>\n","protected":false},"author":84,"featured_media":36451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,237,234],"class_list":["post-36452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nMind the gap - Botswana<\/title>\n<meta name=\"description\" content=\"Although classed as an \u2018upper middle income\u2019 economy, the insurance gap in Botswana remains wide, deep and dangerous. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mind the gap\" \/>\n<meta property=\"og:description\" content=\"Although classed as an \u2018upper middle income\u2019 economy, the insurance gap in Botswana remains wide, deep and dangerous. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-15T06:50:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-15T07:27:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/10\/sm_1697342095.880403.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1110\" \/>\n\t<meta property=\"og:image:height\" content=\"411\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mind the gap\",\"datePublished\":\"2023-10-15T06:50:39+00:00\",\"dateModified\":\"2023-10-15T07:27:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap\"},\"wordCount\":591,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/10\/sm_1697342095.880403.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/mind-the-gap\",\"name\":\"Mind the gap - 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