NBFIRA at the Inaugural Botswana Life Annual Broker Convention

The Authority participated in the Inaugural Botswana Life Annual Broker Convention, themed "The Role of the Broker in Driving Sustainable Insurance Growth,".

The event brought together industry players to deliberate on the evolving unsustainable risk evaluation practices in the insurance landscape as well as aiming to deepen the understanding of brokers as vital players in maintaining the integrity, stability, and confidence of the financial system in Botswana.  The convention emphasized the crucial role of brokers in bridging clients and insurance companies.

In his keynote address, Mr. Oduetse Motshidisi, Chief Executive Officer of NBFIRA, noted that despite the positive financial trends in the brokerage industry, concerns about low insurance penetration in the local market, trust issues and complaints, especially regarding claims repudiation and delays, have been raised by the Regulatory Authority. Mr. Motshidisi also highlighted the need for self-regulation and professionalism within the industry. He further stated that the Authority introduced frameworks for systemically important insurers and emphasized the importance of responsible conduct to avoid systemic risks in concentrated markets. Mr. Motshidisi concluded by urging brokers to embrace innovation and adaptability in the face of changing market dynamics, emphasizing the role of digitalization for enhanced service delivery and inclusivity.