Dar RC pushes for more insurance penetration

DAR ES SALAAM: INSURANCE stakeholders have been encouraged to put more weight on innovation and bring in new products to attract more insurance penetration in the country.

The remark was made by Dar es Salaam Regional Commissioner (RC) Mr Albert Chalamila during a seminar for Dar es Salaam Insurance Agents held on Friday in Dar es Salaam.

Mr Chalamila told insurance stakeholders to ensure that by 2030 at least 20 per cent of adults in the country would have joined various insurance products and agricultural insurance contribute at least 10 per cent.

Similarly, he called on the insurance sector to encourage investors who are coming to the country following efforts being made by President Samia Suluhu Hassan to use various insurance products.

“Our President Dr Samia has made efforts to attract more investors in the country, these will need insurance services… insurance stakeholders should take advantage of this opportunity by increasing the insurance products that will be needed by investors in the country,” Mr Chalamila said.

However, he noted that the government recognises the contribution of insurance agents in providing insurance services to citizens in response to various life disasters.

He also commended NIC for the transformation they made to the point of making a profit and giving dividends to the government.

For his part, Tanzania Insurance Regulatory Authority (TIRA) Inspection Manager, Mr Frank Shangali who was representing TIRA Commissioner of Insurance, Dr Baghayo Saqware, said the authority supervises more than 1,300 insurance agents in the country to ensure that they pay timely and fair claims and compensation to the customers.

Mr Shangali said the aauthority is proceeding with its strategy of providing education to the public by involving all stakeholders in the insurance sector and ensuring that the services reach all citizens even those on the outskirts of cities.

He also said the authority has been advising the government on various issues related to insurance including the compulsory insurance, the insurance for government assets and Health Insurance for all.

Speaking earlier on behalf of NIC Insurance Managing Director, Dr Elirehema Doriye, NIC Life Assurance Director, Mr Herdbet Polepole said that through agents, it has been able to deliver insurance products to more customers in the country.

Mr Polepople said that NIC has been communicating with agents through meeting and discussing various insurance issues and providing them with education on insurance products.

He also said that NIC has provided employment to more than 1200 agents out of the 1300 existing agents in the country, making it the insurance company with the largest number of agents in the country.

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