DAR ES SALAAM: THE Tanzania Insurance Regulatory Authority (TIRA) has commended NMB Bank for its steadfast efforts in enhancing awareness and understanding of insurance within the community.
TIRA’s Deputy Commissioner Ms Khadija Said underscored the pivotal role of the media in supporting governmental initiatives aimed at bolstering public understanding of insurance.
“Your initiatives are crucial for achieving the government’s target of ensuring 80 per cent of citizens are knowledgeable about insurance, with 50 per cent actively using insurance services,” she said during the inauguration of a one-day media training on Bancassurance in Dar es Salaam recently.
She affirmed that Bancassurance is a rapidly growing sector in the country, involving the financial and insurance sectors.
This growth is attributed not only to the collaboration between these institutions but also to the significant contributions of the media in fostering and enhancing community awareness.
“Support the government in promoting the importance and market of insurance to Tanzanians. Insurance is fundamental and crucial it protects our assets against disasters, safeguards our health against illnesses, assists in educating children even if parents or guardians pass away and overall increases the income of individuals and the nation,” she emphasized.
The session, attended by senior editors and journalists, covered diverse topics including the basics of insurance, the role of banks as insurance agents, and insights into media-friendly banking and insurance services presented by the Bank’s Head of Bancassurance Mr Martine Massawe.
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The field of Bancassurance, a burgeoning sector combining financial and insurance services, has witnessed substantial growth in the country.
The growth is attributed to collaborative efforts between financial institutions, insurance providers, and the media in disseminating vital information to the public.
Additionally, the Bank’s Chief Retail Banking Officer Filbert Mponzi said the bank’s commitment to supporting the Tanzanian government’s efforts in developing the insurance sector.
“As a key stakeholder in our country’s economy, we understand our responsibility to educate the public about insurance. We are proud to lead in this endeavor, having been granted the top license by the insurance authority to act as an insurance agent,” he said.
The Bancassurance Law introduced in 2019 aims to benefit the insurance sector through extensive branch networks, and played a crucial role in bringing insurance education to every corner of the country, including underserved areas.
NMB Bank’s initiatives exemplify their dedication to enhancing insurance literacy, ensuring all Tanzanians benefit from comprehensive insurance knowledge and access.
