Strategis Insurance has launched an insurance cover designed to mitigate the risks of loss or damage to containers, which aims at protecting the interests of owners.
Strategis (General) Insurance, Chief Executive Officer Mr Jabir Kigoda said also extends to address the challenge of cash deposits which is something that has been a trade barrier in the importation and exportation of goods.
“Strategis believes the removal of cash deposit through insurance will also free container users’ money and reduce cash flow problems which in turn facilitate smooth flow of business and investment,” Mr Kigoda said.
The CEO said container insurance is a unique insurance product in the market and that it will give relief to container users.
The Tanzania Insurance Regulatory Authority (TIRA), Director for Supervision Mr Abubakar Ndwata said, “I am calling on other players in the industry to emulate the same creativity but come up with different solutions to the market and not necessarily copying what Strategis Insurance have done.”
On another hand, KMJ Managing Director, Karim Jamal said container users have been waiting for this product for a long time and finally Strategis has come up with what to them is now a lasting solution to the problems they have been experiencing.
“We have been depositing a lot of money when renting containers as there was no insurance cover for them but with this product, most of us will now breathe a sigh of relief as containers will be covered by this new insurance product,” Mr Jamal who heads an insurance agent said.
Afrika WakaWaka Managing Director, Sung Tao, said he is not going to think twice about the new product considering the expenses that they have had to incur when leasing containers.
“This product has come at the right time. We will be able to save a lot of money and invest in other projects,” he said.
Strategis Insurance Group CEO Dr Flora Minja said the container deposit has been flagged as a trade barrier by the both private and public sectors at the national and regional levels.
“We believe with this new product; you can now save a lot of money which can be invested in other areas,” Ms Minja said.
