NMB, Reliance Insurance cover Iringa Market victims

IRINGA: NMB Bank and Reliance Insurance Company handed over a cheque worth 120m/- to traders impacted by the devastating July fire at Mashine Tatu market in Iringa Region, demonstrating swift post-disaster relief and showcasing the critical role of insurance in rebuilding livelihoods.

The handover, held at Mlandege Market on Thursday where displaced traders are currently operating, was witnessed by Dr Baghayo Saqware, Commissioner of the Tanzania Insurance Regulatory Authority (TIRA), regional officials and local market leaders.

The payout benefited 40 traders who had outstanding loans with NMB that were covered through the bank’s bancassurance arrangement with Reliance Insurance.

The funds will enable the small-scale businesses to restock, repair stalls and resume trade after the devastating blaze. Dr Saqware acknowledged both NMB Bank and Reliance Insurance for the prompt fund payments and decision to visit the victims immediately after the incident to gather the required information for refund processing.

“This timely intervention demonstrates how bancassurance can turn a potentially ruinous event into a manageable setback,” Dr Saqware said during the ceremony.

He added: “I congratulate NMB Bank and Reliance Insurance for the prompt action after the incident, ensuring victims are paid early and able to return to business. Although evaluation and claims processes can be demanding, both institutions worked tirelessly to meet the needs of the affected traders.” He said TIRA will continue to promote awareness and regulatory frameworks that encourage greater penetration of insurance products, especially among small businesses that are most vulnerable to shocks.

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The insurance commissioner also urged traders who are currently uninsured to explore affordable options, including the bancassurance packages that have now benefited the Mashine Tatu group.

The symbolic handover of the large cheque to the market chairperson was met with relief and optimism from the beneficiaries. Speaking at the event, Raphael Ngulo, chairperson of Iringa Municipality markets, thanked both institutions for their swift response since the incident and for their continued support throughout the evaluation process until the payout was received.

“On behalf of the victims, we sincerely thank the bank and the insurance company for their prompt response in compensating our losses. We will proudly serve as ambassadors of insurance to our fellow market traders,” he said.

Speaking on behalf of Reliance Insurance, Managing Director Ravi Shankar emphasised their customer-centric approach and commitment to TIRA’s directive for rapid response, ensuring insurance clients quickly get back on their feet after incidents. He also thanked NMB Bank, market administrators and Iringa regional government officials for expediting assessments and disbursements.

“We appreciate the victims’ good cooperation during the evaluation process following the incident. Now they are receiving their paybacks,” Mr Shankar said.

“Reliance Insurance’s commitment is to always support our clients and pay them in time whenever they encounter incidents like the Mashine Tatu market fire,” he added.

“For the affected traders, this refund is a vital lifeline. Beneficiaries will use the funds to rebuild stalls at Mlandege Market and to purchase essential stock and materials needed to reopen,” Ravi said.

Speaking on behalf of NMB Bank, NMB Bank’s Head of Bancassurance, Martine Massawe, highlighted the advantages of integrating insurance with credit products to protect entrepreneurs. He also urged other small business owners to consider similar cover as a practical risk-management tool.

“Insurance is the simplest way to recover from incidents like fire, accidents or theft,” Massawe said. “NMB’s presence in nearly every district across the country empowers us to help everyone access insurance, even in areas without insurance company offices,” he added.

Massawe also said that the settlement followed thorough claims verification, inspections and documentation required under insurance protocols.

The speed of the payouts they noted was made possible by cooperation between the bank, insurer, regional authorities and market leaders who facilitated access to evidence and coordinated evaluations on the ground.