Botswana Insurance Company Limited (BIC) is proud to announce that this year, 2015, is its 40th year
in business. BIC opened its doors for business on the 12th August 1975, aiming at providing insurance
solutions for both general insurance and life assurance business. The Company 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%. 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. The Insurance company is the longest serving short term insurance
provider in Botswana, with a 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. With a sound reputation, BIC is still the leading insurer
in the short term industry since its inception in 1975. 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.
A robust service delivery model of exceptional short‐term insurance products and services aimed at specific markets, as well as optimizing our Broker & Agency network as the main delivery channel is the key drive of the business. BIC has the capabilities and expertise to provide insurance covers for personal, commercial and specialised lines of business. BIC was 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.BIC has contributed tremendously to socio‐economic development and employment creation. Corporate Social Responsibility(CSR) is a crucial component of the business , and in 2014 BIC won a Vision 2016 award for its contribution to social development, based on its sustainable partnership approach strategy for CSR.
BIC’s talent pool is also vital to growth; BIC has invested heavily in training its team, and is one of the
only short term insurance companies to have a fully functional local operational team, looking at various
core functions as well as support services.
The BIC team commemorated their 40th anniversary on the 12 August, simultaneously at the head
office and its Francistown and Maun branches. BIC Managing Director, Johann Claasen highlighted that
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 emphasised to employees.
BIC 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.
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