Insurance sector jumps into development bandwagon

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INSURERS have been directed to extend their service coverage to informal sector in order to boost the industrialisation agenda of the country.

The insurers, however, have been tasked to expand their products and be innovated to support the country attain its 2025 economic vision.

The directives were issued by the Commissioner of Insurance from Tanzania Insurance Regulatory Authority (TIRA), Dr Baghayo Saqware, while addressing the Board of Directors of the Association of Tanzania Insurers (ATI).

According to a statement issued by TIRA, the insurance sector has a vital role to play in supporting the fifth phase government’s various development agendas. “I wish to insist that the government understands and is ready to work with the members of ATI to improve the business environment.

Do justice to the industry by serving the larger uncovered population. Expand your products to accommodate people in the informal sector, and most importantly, you must carry innovation with you to serve the general public,” said Dr Saqware.

Expounding further, the commissioner reminded ATI members to increase underwriting capacity which will enhance increase in insurance sector contribution to the national income.

“You can bring income to the nation. In a nutshell, we want to see greater economic impact of insurance business in various economic avenues that affect people’s life,” he noted.

To make sure insurance services are accepted in the society, ATI members were challenged to come up with innovative strategies and improve insurance business’s public image.

Dr Saqware, however, applauded ATI’s board of director’s cooperation and urged them to continue with the same spirit to bring about expected development and changes in the society.

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