Consortium formed to de-risk agriculture sector

DODOMA: THE Tanzania Insurance Regulatory Authority (TIRA), in collaboration with 15 key stakeholders, has established a consortium fund to enable faster and more effective responses to agricultural disasters.

The move is aimed at strengthening the resilience of Tanzania’s agriculture sector. Speaking during the recently concluded Nane Nane Farmers’ Exhibition in Dodoma, TIRA Commissioner General, Dr Baghayo Saqware said the initiative was prompted by the high costs incurred in compensating farmers affected by climate-related and other natural disasters.

He cited the example of tobacco farmers in Tabora Region, who received 3bn/- in compensation in 2023 following a major disaster.

“This demonstrates the need for a strong, coordinated mechanism to de-risk agriculture, a sector that employs over 60 per cent of Tanzanians,” he said.

The newly formed consortium comprises 15 institutions, including insurance and reinsurance companies, banks and cooperative unions.

“A farmer and the agriculture sector as a whole, must be insured,” he said.

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“That’s why we took part in the Nane Nane exhibition, to engage directly with those in agriculture, livestock, fisheries and forestry,” he said.

Dr Saqware also stressed the importance of aligning insurance services with government-led initiatives such as the Building a Better Tomorrow (BBT) programme, which aims to transform agriculture among youth and other groups.

To support this, TIRA has launched a nationwide awareness campaign to educate stakeholders on the importance of agricultural insurance.

Meanwhile, the Registrar of the Tanzania Insurance Ombudsman (TIO), Mr Jamal Mwasha, encouraged Tanzanians with insurance-related grievances to file complaints through the Ombudsman’s office. He assured the public that the TIO handles all complaints with impartiality and confidentiality.

“Complaints can be submitted directly to the TIO or through forms available at TIRA offices,” he said.

Established under Section 122 of the Insurance Act No 10 of 2009, the Tanzania Insurance Ombudsman is mandated to resolve disputes between insurance consumers and providers.

The office aspires to be a model centre for insurance dispute resolution in Africa, committed to settling cases fairly, promptly and through alternative dispute resolution methods.