DAR ES SALAAM: THE Deputy Commissioner of Insurance at the Tanzania Insurance Regulatory Authority (TIRA), Khadija Said, has expressed concern over the low awareness of agricultural insurance in the country.
Speaking at a workshop organised by Financial Sector Development Programme (FSD) Africa and local insurance stakeholders in Dar es Salaam, Ms Khadija underscored the urgent need to boost education and awareness in society to encourage greater adoption of agricultural insurance.
“Currently, agricultural insurance remains underdeveloped. As the institution responsible for insurance regulation, we are committed to providing more education to the public to ensure people embrace agricultural insurance,” she stated.
The event, which brought together key players from the insurance sector, focused on addressing challenges within the industry and discussed strategies for its growth.
The theme of the workshop was ‘Advancing Sustainable Insurance for Tanzania’s Resilience and Growth.’
Ms Khadija said that the sector has experienced positive growth, noting that the number of insurance registrants has increased from approximately 1,000 to 1,605, with the penetration rate steadily rising.
She also said that the workshop was an important opportunity for fostering collaboration among stakeholders, aimed at expanding and developing Tanzania’s insurance industry.
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“This gathering of insurance stakeholders is vital for enhancing and promoting the growth of the insurance sector in the country,” she added.
On his part, Principal of Innovation for Resilience at FSD Africa from Kenya, Elias Omondi, urged Tanzania’s insurance sector to take on a broader role.
He said that insurers should not only protect people from risk but also help drive economic transformation and build resilience across African societies.
“The financial system in Africa must evolve to be more inclusive, adaptive and capable of supporting equitable, green growth,” Omondi stated.
He further insisted on the need for innovation within the financial systems across the continent, urging the scaling up of business models that can attract private capital, particularly in the green economy and stressed the importance of empowering small and growing businesses (SGBs) as key drivers of job creation and financial innovation.
“These businesses are the backbone of our economies and they hold the potential to stimulate long-term, inclusive growth,” Omondi explained.
According to Omondi, FSD Africa’s mission is to build a financial system that is fit for purpose, capable of addressing systemic risks, fostering sustainable growth and empowering communities throughout Africa.
