DAR ES SALAAM: FINANCE Minister Dr Mwigulu Nchemba has called upon citizens, especially those engaged in agriculture to insure their crops, so as to reduce financial losses that may occur due to various factors.
He said that people should pay close attention to the value of insurance, particularly in agriculture, because it is frequently hampered by unpredictable weather brought on by climate change, pests attacks and even malicious damages caused by humans or animals.
“Many people have the mentality that calamities won’t strike them or that they won’t be affected by them; they believe it’s a fate for someone else to suffer when things don’t go as planned, while insurance companies are modern way for them to run their economic activities without being worried,” explained Dr Nchemba.
He added that the ministry will continue to create favourable conditions for the insurance industry, just as other economic sectors which have been developed and expanded.
The minister made the call while speaking to journalists during the 25th Anniversary of Alliance Insurance Corporation held on Thursday evening in Dar es Salaam. He noted that his ministry will continue educating the public on benefits of insurance so that they could protect themselves from any catastrophes.
He said insurance is a global agenda, where the operation of the modern economy goes hand in hand with effective insurance.
“Insurance is crucial for managing any development initiatives and for effective engagement in big projects. To succeed in wealth creation, even at the family level, you will require health insurance,” he elaborated.
Tanzania Insurance Regulatory Authority (TIRA) Commissioner of Insurance Dr Baghayo Saqware, made a call to insurance companies to adhere to all rules, regulations, and guidelines governing the industry so as to operate in fair competition by sticking to professionalism for the development of the industry.
“We, as authorities, wish to see the insurance industry perform efficiently, fairly, safely and steadily in the insurance market for the benefit and protection of policyholders,” he said.
He further commended Alliance Insurance Corporation for providing best services since its establishment on September 1, 1998 and encouraged them to continue providing the best services.