Botswana Insurance Company Limited (BIC), the country’s longest serving short term insurance provider is marking its 40 years of existence this year and its managing director has admitted it has been a roller coaster journey.
The insurer, which is the first insurance company in Botswana to be awarded an AA‐ credit rating, has head office in Gaborone and 2 branches; one based in Francistown catering for the Northern region and another in Maun, targeting sector specific industries for specialised insurance, particularly for Aviation and Tourism.
In a statement, BIC Managing Director, Johann Claasen said the road to 40 years has been a roller coaster ride and the company has achieved tremendous growth over the years.
“Today we want to say a big thanks to you all for your dedication and immense value add to the company”, Claasen told the company employees.
B IC opened its doors for business on the 12th August 1975, to provide insurance solutions for both general insurance and life assurance business. It was originally divided between two parties, with Botswana Development Corporation holding 51% of the shares and J.H. Minet & Company Limited of London the remaining 49%.
However, in 1985, J.H. Minet sold its 49% holding to St Paul (UK) Ltd, a subsidiary company of the St Paul Incorporation of Minnesota USA. In 1991, Botswana Insurance Company, to comply with the Botswana Insurance act of 1987, was subsequently restructured to provide only short term market solutions.
BIC is a subsidiary of Masawara Plc, which has interests across Africa in insurance, the hospitality industry and agrochemicals sector.
“BIC has maintained its leadership status by continuously being product oriented, in terms of customising clients ever changing needs, innovative by embracing technology and including it as a fundamental component of the business growth strategy, being customer centric and forming key strategic affiliations, specifically in reinsurance,” added the company in a statement.
“A robust service delivery model of exceptional short‐term insurance products and services aimed at specific markets, as well as optimising our Broker & Agency network as the main delivery channel is the key drive of the business,” stated the company.
It added that it has the capabilities and expertise to provide insurance covers for personal, commercial and specialised lines of business.
The BIC team commemorated their 40th anniversary on the 12 August, simultaneously at the head office and its Francistown and Maun branches and it has a number of initiatives planned in celebrating this milestone through a ‘40 years of making it happen’ campaign which will run through to the end of November 2015.
BIC‘s AA‐ credit rating
BIC prides itself as the first insurance company in Botswana to be awarded an AA‐ credit rating, which is the highest national rating a short term insurer in Botswana can currently attain as accorded by Credit Global Ratings.
The AA‐ credit rating was achieved through BIC’s firm capital accumulation, through sound earnings generation, underwriting profits and stable investment income.
“Further, BIC’s balanced investment strategy, which is supportive of adequate liquidity metrics, underpinning its claims paying ability was an important added factor.”