Four traders at Kariakoo Main Market, whose businesses were ravaged by fire, will soon be back in business, thanks to the payment of their insurance claims.
Juma Khamis Masanja, Anna Mzena, Given Sanga and Kidogo Investments have received a total of 18m/- from Britam, just one week after the incident occurred.
The four had covered their businesses against fire and burglary through a bancassurance product offered in partnership between Britam and Stanbic Bank.
“As we are talking, the money is already in their bank accounts. Though the law requires us to pay the claims within 45 days, we have found no reason for delaying it further. We have paid them within six days since the incident occurred,” said Mr Vincent Tivai, the Britam chief operations officer.
Fire razed the Kariakoo Main Market early this month, adversely affecting businesses of a total of 220 traders.
Stanbic Bank, Head of Consumer and Net Worth Clients at, Mr Omari Mtiga said since the incident occurred, the lender which is also a tenant at the Kariakoo Market had been working with relevant government institutions to bring the situation back to normalcy.
“We have also issued a three-month repayment relief to our clients who had been affected by the incident,” he said.
Representing the beneficiaries, Juma Khamis Masanja and Anna Mzena were all smiles that their businesses have managed to come out of the fire incident unscathed.
“I now have a better understanding of what insurance is all about….The payments have been prompt…I see myself as a hero,” said Masanja who sells horticultural products at Kariakoo.
For Ms Mzena, the incident was enticing her to venture into the insurance business as an agent. “We need insurance. Having received these claims on time, I now wish I could have insured up to 50m/-. I am determined to start selling insurance products in the capacity of an agent,” she said.
Tanzania Insurance Regulatory Authority (TIRA), Acting Director of Planning, Research and Marketing, Mr Zakaria Muyengi, said the fire incident at the Kariakoo Main Market should serve as a wakeup for traders to see the importance of insuring their businesses against risks.
He commended Britam for its prompt payment of claims so that those affected by the fire can go back to business.
He said TIRA will work with all insurance companies to foster public awareness campaigns that will raise the population of Tanzanians who go for insurance products.
“Currently, 36 per cent of Tanzanians are aware of what insurance entails yet it is about 15 per cent of the total population that have insurance covers,” he said.
The goal, he said, was to raise the number of Tanzanians who are aware of the insurance subject to 80 per cent by the year 2030. The population, covered by insurance products, must also rise to 50 per cent by 2030, said Mr Muyengi