COMMISSIONER of Insurance Dr Baghayo Saqware was elected Vice President of the Association of African Insurance Supervisory Authorities (AAISA) at a meeting held in Johannesburg, South Africa on Monday.
According to a statement issued yesterday, Dr Saqware was elected to the post at the second general assembly and Annual Meeting of the umbrella body for insurance supervisory authorities in Africa.
AAISA members re-elected Boubacar Bah, the Director of Insurance Supervision from Guinea as the President for the next two-year non-renewable period, the statement said.
The association currently made up of over 24 insurance supervisors, has been formed to promote cooperation among supervisory authorities and assist countries in human resources development.
It is also aimed at creating a forum for the standardization of insurance laws and supervisory structures in the continent.
Dr Saqware told the `Daily News’ that the new post would significantly improve and enhance the local content and insurance industry growth within Tanzania and Africa at large.
He said Africa’s insurance had much in common, which calls for collective efforts to overcome challenges which include underwriting capacity, both financial and human capacity and insurance penetration levels for many African countries which is below one per cent.
Dr Saqware said he had already set key areas that will benefit Tanzania in his capacity and position as the Vice president of AAISA. He said he would seek to intensify the promotion of insurance accessibility, trust, reliability and connectivity.
He said he would stimulate the market through new regulations as a best practice and create more opportunities for Tanzania and promote local human resources development in the insurance sector.
He would also encourage innovation to local content in developing various insurance products for low-income earners in Tanzania, he said.
On a special congratulatory remark, Dr Emmanuel Lupilya, the principal Researcher from TIRA who accompanied Dr Bagahayo Saqware said: “On behalf of TIRA’s staff, we give our best wishes for his continued strength and success during his term as a Vice President of AAISA to work for a prosperous future for the best interest of our nation.”
Dr Lupilya said Tanzania would be looking forward to getting positive innovation on developments, leadership courage and strategic initiatives that will bring change to the insurance sector.