TANZANIA Insurance Regulatory Authority (TIRA) is planning to develop a strategy to ensure 80 per cent of citizens are imparted with insurance knowledge.
TIRA said over the weekend that the strategy is developed by the government in collaboration with other stakeholders and is envisaged to increase insurance penetration which is still below 1.0 per cent.
TIRA Acting Manager Planning and Research, Mr Said Mpombo said the plan was part of an ambitious project to woo some 50 per cent of citizens to use insurance in the next ten years while 90 per cent to use health insurance regardless of their income status.
“This move will encourage Tanzanians to participate in investing in the insurance sector in the country, thus increasing local investors and penetration,” Mr Mpombo said.
He made the remarks during the official launch of Assemble Insurance Tanzania, formerly known as AAR Insurance in an Iftar hosted for the company’s stakeholders in Dar es Salaam over the weekend.
Assemble Insurance is now 100 per cent owned by Tanzanians.
The Assemble Insurance, Managing Director, Ms Violet Mordichai, said that the name change was part of the process of restructuring and rebranding the company after taking over the AAR Insurance.
She said, after local shareholders whole owned AAR, they made major changes including separating the entity from its previous owner.
“AAR was previously known for health insurance, however, now with the new structure, we will be providing a variety of non-life insurance services under one roof. “The new name itself reflects the collection of services, both for general and medical insurance,” Ms Mordichai said.
The company has presence in Dar es Salaam, Arusha, Mwanza, Dodoma, and Zanzibar, with more than 50,000 members covered.
They command more than 40.36% of the medical insurance market share in the country according to TIRA Annual Market performance report 2016.