The Tanzania Insurance Regulatory Authority (TIRA) in association with Insurance Institute of Tanzania (IIT) held its 21st annual insurance day to discuss pertinent issue concerning development of the insurance industry in Tanzania.
Presiding over that meeting, Dr. Philip I. Mpango, Minister for Finance and Planning indicated that insurance sector is a critical catalyst to the industrialization agenda considering the fact that there are many types of risks throughout the industrial value chain which can best be mitigated by insurance covers.
“Therefore, the theme of this meeting which is focused on building sustainable financial stability in insurance through partnerships resonates very well with the direction of the Fifth Phase Government to industrialize Tanzania” stated Dr. Mpango.
Expertise and experience are needed to revitalize the insurance industry in Tanzania and facilitate the leapfrog toward the goal of ensuring at least 50% of the adult population has access to a least one insurance product by 2028.
When addressing the insurance market status for the past one year, Dr. Baghayo Saqware, Commissioner of Insurance indicated that the total volume of business, in terms of gross premium written for both general and life assurance businesses increased by 5.2 percent in June 2018.
“This implies that during this period, the market recorded favorable results attributed to new systems in place e.g. TIIP, TIRA MIS, aggressive marketing and public awareness programs conducted by the Authority and insurance market” said Dr. Saqware.
The conference deliberated on different topics ranging from Bancassurance, Distribution, Innovation & Technology, Legal and Regulatory Framework, Leadership & Performance in Insurance and Partnership between NHIF and Private Insurance providers towards Development of Insurance sector in Tanzania.