UK-based insurance and reinsurance broker Afro-Asian Insurance Services has officially opened its 5th international office in Botswana.
The office specialises in life and health reinsurance broker services.
Botswana was identified as a perfect low-risk market with a strong potential for exponential growth in the insurance sector, especially given the politically and financially stable environment of the country.
Speaking at the launch, Afro-Asian Group Chairperson Udai Patel said their UK-based company has seen gross revenue grow on average by 15% year on year.
He said during the Covid-19 outbreak, their revenue grew by nearly 13.5% and net profit by 63%.
“In Botswana it is very easy to transact business and we feel our proposition will be valued here. We are a reinsurance broker based in the UK that only focuses on African business. We offer our clients innovative products structured at a sensible price which will suite their budget. As a member of Lloyd’s of London, the centre of global insurance, we have access to very strong reinsurers with very strong balance sheets and a good security rating. We will not be a stereotypical multinational reinsurance broker that sends revenues back to its home country, rather the income generated in Botswana will be reinvested into Botswana,” said Patel.
Patel said they also have the London School of Insurance which provides comprehensive and affordable online classes to accelerate the accessibility of financial literacy globally.
He said employees will have the chance to be internationally transferred across Africa to both impart their knowledge and receive a critical understanding of the nature of the international insurance market.
Patel said they are here to develop local capacity in preparation for when they encounter trade barriers and competition comes from other parts of Africa.