TIRA, stakeholders donate 321m/- to support Zanzibar

ZANZIBAR: TANZANIA Insurance Regulatory Authority (TIRA) and its stakeholders handed over 321m/- to Zanzibar’s Second Vice-President, Mr Hemed Suleiman Abdulla, as a contribution from the insurance sector in support of the 61st anniversary of the Zanzibar Revolution.

Receiving the dummy cheque recently at his office in Zanzibar, Mr Abdulla expressed sincere gratitude to the insurance sector for the significant contribution, saying that the funds will be used as intended.

Mr Abdullah encouraged the insurance sector to continue working diligently. He also highlighted that the government, through TIRA will continue creating a favourable environment for insurance service providers.

“I urge insurance companies in the country to seize the business opportunities arising from ongoing projects in Zanzibar and my office is ready to provide support whenever needed,” he said.

On her part, Deputy Insurance Commissioner of TIRA, Ms Khadija Said, who led the delegation, said that the contribution was part of the insurance sector’s commitment to being a part of the celebrations and fostering a productive collaboration with the government, particularly in large-scale development projects to recognise the role of insurance companies in disaster risk management.

The representative of the Association of Tanzania Insurers (ATI), Mr Wilson Mnzava, who is also the CEO of CRDB Insurance Company (CIC), expressed gratitude to the Zanzibar Revolutionary Government for involving Tanzanian insurance companies in the important event.

“This is just the beginning and we promise to continue participating annually to ensure that the insurance sector becomes a key player in the success of these celebrations,” he said.

Mr Wilson also urged the Zanzibar government to continue providing opportunities for local insurance companies to participate in major development projects being implemented by the government and private investors in the country.

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Recently, Minister for Industry and Trade, Dr Selemani Jafo stressed the importance of ensuring the ongoing strategic projects in the country are insured by local insurance companies to boost the insurance sector in Tanzania.

Dr Jafo made the call during his visit to TIRA booth at the 11th Zanzibar International Trade Fair, which is taking place at the Dimani Fumba grounds from January 1 to 15, this year.

“TIRA, as the regulatory body, should ensure that all government strategic projects are insured by local insurance companies to keep the funds within the country. This will help expand the scope of the insurance sector,” Dr Jafo said.

The manager at the TIRA Zanzibar Regional Office, Ms Awanje Matenda who represented the Deputy Insurance Commissioner Ms Khadija Said explained that TIRA’s responsibilities include registering, regulating and developing the insurance market in the country.

She also outlined the ongoing strategies within the insurance sector and briefed the minister about the role of the Insurance Dispute Resolution Office in Tanzania.

TIRA is participating in the trade fair as part of its continued efforts to provide education and raise awareness about the importance of insurance.