TIRA offers awards to boost insurance penetration

THE Tanzania Insurance Regulatory Authority (TIRA) has launched the first ever Excellence in Insurance Awards.

The awards, according to TIRA, are part of a move to widen the coverage of the sector across the country due to its importance in economic growth.

Speaking during the launching of the awards in Dar es Salaam, yesterday, the Commissioner of TIRA, Dr Baghayo Saqware said the awards are anticipated to strengthen public perception and increase people’s demand of insurance services in the market.

“The goal is to ensure that insurance services are accessible 50 per cent by every adult in the next ten years as opposed to the current situation whereby its only 15 per cent of all adults in Dar es Salaam have been covered with certain insurance,” said the Commissioner.

As such, the authority and its stakeholders decided to come up with the awards in recognition of companies, individuals or products which have performed outstandingly in the insurance sector.

He further pointed out that the goal is to strengthen quality services, creativity and the importance of the insurance market in the coverage of disasters as well as support government initiative in protecting people and its properties.

Dr Saqware noted that 60 per cent of the selection process of the awards will involve the public as key beneficiaries of services offered by insurance companies.

The Commissioner also observed that the coordination of the awards will be handled by several organs including the steering committee, judges committee, audit and operation committee and a secretariat.

Among the six categories which have been lined up include insurance campaign of the year (three winners), corporate social responsibility (three winners), most innovative insurance product (three winners), Insurance young achievers award (two winners) and insurance registrant of the year award.

He called upon companies and individuals to submit their application through www.insurance awars.or.tz from yesterday.

The closing date for the application will be on June 28, this year whereas other process continues and the awards will be issued on September 27, this year at the commemorations of the Insurance Week in Mwanza.

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