Kariakoo Market, NIC to enhance disaster preparedness

DAR ES SALAAM: KARIAKOO Market Corporation has partnered with the National Insurance Corporation to offer affordable insurance services at the renovated market, enhancing disaster preparedness and financial security for traders.

Kariakoo Market Corporation General Manager Ashraph Abdulkarim urged traders to seize the opportunity by insuring their businesses against risks like fire, theft and other unforeseen events.

“The government incurred massive losses during the fire outbreak that razed parts of this market in the past,” said Abdulkarim. “Now that the market has been rebuilt and modernised, it is our duty to protect it.

Insurance is not a luxury, it is a necessity.” Abdulkarim noted that the upgraded market now accommodates over 1,900 business stalls and is expected to create more than 4,000 jobs for Tanzanians, emphasising that safeguarding such economic infrastructure is critical to the country’s development agenda.

The signed MoU outlines a collaborative framework whereby NIC will deploy dedicated insurance officers on-site at Kariakoo Market to offer consultation, registration and claims support. The services will include property insurance, fire coverage, business interruption insurance and other customised packages tailored to the needs of traders.

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NIC’s Managing Director, Abdi Mkeyenge reaffirmed the Corporation’s commitment to promoting insurance awareness and increasing coverage among small and medium enterprises (SMEs).

“Many traders operate without any form of financial protection. Our goal is to change that mindset by providing affordable, easy-to-understand insurance solutions,” he said.

“We are not just signing a document. We are setting the foundation for resilience. Through this partnership, we aim to ensure that neither traders nor the government are caught off guard when disaster strikes.” He also highlighted that NIC will roll out a continuous education campaign within the market to ensure that business owners understand their insurance options and rights.

The partnership between Kariakoo Market Corporation and NIC is part of broader national efforts to integrate risk management practices into everyday business operations and promote sustainable economic growth through insurance penetration.

This initiative also aligns with the government’s broader financial inclusion agenda, which seeks to extend insurance and other financial services to informal sector players who often lack access to such protections.

By targeting traders in Kariakoo Market, the partnership aims to create a replicable model that can be expanded to other markets and business hubs across the country.

Furthermore, experts note that increased insurance coverage in marketplaces like Kariakoo will not only protect individual businesses but also enhance overall market stability, reduce recovery time after disasters and build investor confidence.

This contributes to a more resilient local economy capable of withstanding shocks. Looking ahead, both Kariakoo Market Corporation and NIC plan to leverage digital technologies to streamline insurance services, including mobile platforms for premium payments and claims processing.

This digital push is expected to increase convenience and uptake among traders, many of whom rely heavily on mobile financial services for their daily transactions.