The Botswana guide in full
Who regulates insurance in Botswana
NBFIRA licenses and supervises insurers, reinsurers, insurance agents and brokers and medical aid funds, as well as retirement funds, capital markets and lenders. The Insurance Industry Act provides "for the licensing, governance and regulation of all insurers, insurance brokers, insurance agents and representatives operating in Botswana".
Only licensed sellers may sell: "Only licensed insurance agents are allowed to sell and service insurance policies" (NBFIRA). More: NBFIRA, the regulator.
The Botswana insurance market in figures
From the NBFIRA Annual Report 2023, Appendix 4 (financial year 2022, millions of pula):
| Indicator | Figure |
|---|---|
| Gross premium written, all insurers | P6,239 million |
| Life insurers: gross premium / claims | P4,507 million / P2,702 million |
| General insurers: gross premium / claims | P1,732 million / P482 million |
| Medical aid funds: contributions / claims | P2,266 million / P2,161 million |
| Licensed non-bank financial institutions, 2023 (of which insurance) | 823 (242) |
Amounts are in pula (P, BWP). The Bank of Botswana launched the pula on 23 August 1976 to replace the rand (Bank of Botswana).
Where to start
| You want to… | Read |
|---|---|
| Choose or understand medical aid | Medical aid compared · BOMAID · Pula · BPOMAS · Botsogo |
| Claim after a road crash | The MVA Fund · MVA claim deadline calculator |
| Insure a car | Motor insurance · Third-party vs comprehensive |
| Protect a family | Life insurance · Funeral cover |
| Insure a home, a business or staff | Home insurance · Business insurance · Workers' compensation |
| Check an insurer or complain | Licensed insurers · Check an insurer, agent or broker · Complaints to NBFIRA |
Frequently asked questions
Who regulates insurance companies in Botswana?
NBFIRA, the Non-Bank Financial Institutions Regulatory Authority, under the Insurance Industry Act (Cap. 46:01), the NBFIRA Act and the International Insurance Act.
How many insurance companies are there in Botswana?
NBFIRA's Annual Report 2023 lists 9 life insurers, 11 general insurers, 6 reinsurers and 5 medical aid funds. See the full list.
Is car insurance compulsory in Botswana?
Injuries and deaths on the road are covered by the MVA Fund through a levy on petrol and diesel. We found no Act obliging owners of Botswana-registered cars to buy a motor policy; damage to vehicles needs private cover. See the MVA Fund.
Where do I complain about an insurer in Botswana?
To the insurer in writing, then its Principal Officer, then NBFIRA (info@nbfira.org.bw, +267 310 2595 / 368 6100), then the Non-Bank Financial Institutions Tribunal. See how to complain.
Sources
- Insurance Industry Act (Cap. 46:01), Act 10 of 2015, in force 17 May 2019 — arrangement of sections, Botswana Laws (full text behind a paywall: sections cited by their heading)
- NBFIRA — Insurance Agents: "Only licensed insurance agents are allowed to sell and service insurance policies" (Web Archive copy of 21 January 2025)
- NBFIRA — Annual Report 2023: Table 15, Appendix 4 (indicators for insurers), Appendices 6–7 and 9B–9C (lists of insurers and medical aid funds) (Web Archive copy)
- NBFIRA — List of regulated entities: insurers, reinsurers, medical aid schemes, brokers and agents (Web Archive copy of 21 January 2025; nbfira.org.bw did not open on 31 October 2026)
- MVA Fund Botswana — Who is covered (P1,000,000 cap, P300,000 for a negligent party, visitors, foreign vehicles)
- Botswana Laws — Act 13 of 2021, Motor Vehicle Accident Fund (Amendment) Act: date of commencement 1 December 2022
- Workers' Compensation Act (Cap. 47:03) — arrangement of sections, Botswana Laws (section 31: employer to insure against liability; full text behind a paywall)
- NBFIRA — Complaints: procedure to follow before lodging a complaint with NBFIRA (Web Archive copy of 22 October 2026)
- Bank of Botswana — History of the Bank: the pula launched on 23 August 1976 to replace the rand