Botswana Insurance Holdings Limited: Navigating Slow GDP Growth in Botswana

Published On: August 30, 2023Company: Botswana Insurance Holdings Limited (
What was the key driver behind Botswana's GDP growth in Q1 2023?
The main driver behind Botswana's GDP growth in Q1 2023 was the increases in real value added by copper and diamonds, mining and quarrying, which contributed 19.6% to the GDP over the quarter.

Economic Environment in Botswana

  • Botswana’s Gross Domestic Product (GDP) grew by 5.4% year-on-year in Q1 2023, a decrease compared to 6.8% in Q1 2022.
  • Mining sectors such as copper and diamonds contributed 19.6% to GDP in Q1 2023.
  • Non-mining GDP also grew positively by 4.0% year-on-year.
  • The International Monetary Fund projects a GDP growth rate of 3.8% for 2023, signalling slow growth in subsequent quarters.
  • Botswana’s headline inflation reduced from 9.3% in January 2023 to 4.6% by mid-year, remaining within the Bank of Botswana’s target range of 3-6%.
  • The Bank of Botswana expects inflation to continue to decline into Q3 2023 and remain within the target range throughout the year.
  • The Bank of Botswana’s Monetary Policy Rate remains unchanged at 2.65%.

Overview of Operations – Botswana Insurance Holdings Limited (

  • The company operates in two main business areas: life insurance services and asset management services.
  • Life insurance services are provided through Botswana Life Insurance Limited, a full subsidiary of the group.
  • Asset management services are offered through Botswana Insurance Fund Management Limited and Bifm Unit Trusts, both subsidiaries of the group.
  • There are other ‘associate businesses’ that offer a range of other products and services, these include Letshego Holdings Limited, National Insurance Company Limited, Botswana Insurance Company Limited, and more.
  • Inter-segment transactions between business segments are made on an arm’s length basis and are similar to transactions with third parties.

Useful links

About Botswana Insurance Holdings Limited (

Botswana Insurance Holdings Limited (BIHL) is an insurance provider and non-bank financial services company listed on the Botswana Stock Exchange. Established in 1975, BIHL provides a range of innovative products and services such as life and non-life insurance, pension fund management, asset management and healthcare services. Operating through a network of prominent agents and brokers, it serves over 500,000 clients in the country. BIHL is committed to purposeful growth and working towards a more prosperous and financially inclusive Botswana.

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