BIC opened its doors for business on the August 12, 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 now 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 two 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. BIC says it 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.
