TIRA awards suppliers tenders worth 1.44bn/-

14Feb 2019
The Guardian Reporter
The Guardian
TIRA awards suppliers tenders worth 1.44bn/-

Tanzania Insurance Regulatory Authority (TIRA) awarded contracts worth about 1.44bn/- to 23 companies for supply of various goods and services in fiscal year 2017/18, The Banker has reliably learnt.

Commissioner of Insurance, Dr Bhagayo Saqware. File photo.

According to data published recently on the regulator’s website, the tenders were awarded to both public and private sector entities, including Winglink Travel Ltd, PUMA Energy Ltd and Fein One Investment Ltd.


These together with BM Printers Ltd and the Government Procurement Services Agency (GPSA) pocketed most of the funds TIRA spend for procurement between July 2017 and June 2018. The contracts of these five organisations were worth around 1.03bn/-, which is about 71.4 per cent of the total value of the tenders.


PUMA Energy Ltd took the lion’s share of the business with about 329.82m/- for the supply of fuels to TIRA staff and its generator, followed by GPSA with 245m/- for supply of motor vehicles. The printing of motor insurance stickers that was done by BM Printers cost TIRA about 160m/- while the charge for provision of air ticket services by Winglink Travel Ltd was 194.58m/-.


TIRA’s other major suppliers in financial year 2017/18 were TTCL Ltd (51.05m/-) for provision of internet services, SUMA JKT Ltd (47.94m/-), which won the tender to secure TIRA and Yamasi Company Ltd (45.42m/-) for supply of staff uniforms. The list also includes Nice Catering Services Ltd (39.6m/-), Maisha Supermarket Ltd (21.61m/-), Masumin Printways and Stationers Ltd (29.14m/-) and Shininga Investment Ltd (21.27m/-).


TIRA was established in 2009 and it is run under the directions of the Commissioner of Insurance as stipulated in the Insurance Act No. 10 of 2009. Its mandate also extends to Zanzibar where the functions of the authority are under the supervision of the Deputy Commissioner of Insurance.


Its mission is to develop, promote and maintain an inclusive, efficient, fair, safe and stable insurance market for the benefit and protection of policyholders. Among its objectives is the ambition to transform the local insurance industry into a sound and competitive agent for national savings mobilisation and development investment channelling.


Other goals include promotion of the insurance sector as an effective catalyst for enhanced economic growth, exempting the insurance industry from undue interferences and developing efficient, cost-effective, comprehensive and customer-driven insurance services in Tanzania.


Currently the market comprises of 31 insurers of which 25 are transacting general insurance business, four are life insurance companies, one does both general and life insurance as well as one local reinsurer, TanRe. These are supported by 99 brokers, who accounted for 46.3 per cent of the 528bn/- premiums written between January and September 2018, as well as 611 agents.


In addition, there are 31 foreign reinsurance companies and 41 reinsurance brokers doing business in the country.