LNIG Hollard has officially launched a new insurance product, Mphatlalatsane (Morning Star), specifically designed to support Small and Medium Enterprises (SMEs) in Lesotho. The launch event took place today at Avani Maseru, attracting business leaders, policymakers, and key stakeholders who gathered to witness a major step toward improving financial security for local entrepreneurs.
Addressing a Critical Gap in SME Insurance Coverage
Speaking at the launch, LNIG Hollard’s General Manager, Mr. Kefuoe Ramokhele, highlighted a pivotal study conducted in 2016, which exposed a worrying statistic—only 2 percent of SMEs in Lesotho had access to adequate insurance products. He explained that this lack of coverage left the vast majority of small businesses vulnerable to financial shocks, such as theft, property damage, and unexpected disruptions.
“This glaring gap in coverage highlighted the urgent need for tailored solutions that address the unique challenges faced by small businesses in our region,” Mr. Ramokhele stated. He emphasized that SMEs are the backbone of Lesotho’s economy, and providing them with reliable insurance solutions is critical to their sustainability and growth.
What Mphatlalatsane Offers
Mphatlalatsane has been designed to provide SMEs with comprehensive, flexible, and affordable insurance coverage to protect them from various business risks. The product aims to safeguard businesses against losses arising from:
- Property damage – Protecting business premises, equipment, and stock from fire, natural disasters, and accidents.
- Theft and burglary – Covering financial losses caused by theft or vandalism.
- Business interruption – Ensuring financial stability in case of unforeseen disruptions that prevent normal business operations.
- Liability protection – Offering coverage for legal costs and damages in case a business is sued by a customer or third party.
By providing these essential protections, Mphatlalatsane enables entrepreneurs to focus on growing their businesses without the constant fear of financial setbacks caused by unforeseen events.
Commitment to SME Growth and Economic Development
With SMEs playing a crucial role in Lesotho’s economy, the launch of Mphatlalatsane is a major step toward fostering business resilience and sustainability. LNIG Hollard’s initiative aligns with national efforts to strengthen the SME sector, which is a key driver of employment and economic development in the country.
The company reaffirmed its commitment to working closely with SMEs, policymakers, and business support organizations to raise awareness about the importance of insurance and improve access to financial protection for entrepreneurs.
The unveiling of Mphatlalatsane marks a new chapter for Lesotho’s small business community, providing them with much-needed security and stability in an unpredictable business environment. LNIG Hollard expressed confidence that this product will empower SMEs, build economic resilience, and contribute to a more secure and prosperous future for businesses in Lesotho.
