Tanzania’s insurance sector sees robust growth  

04Apr 2019
The Guardian
Tanzania’s insurance sector sees robust growth  

An Act of 2009 which established the Tanzania Insurance Regulatory Authority   provided for the functions and powers of the Authority in regulating and supervising insurance business and for related matters.

This Act  applies  to insurance business in   Tanzania mainland  as well as in  Zanzibar.   It applies  to every insurer, broker or agent or every class of insurance business other than an insurer, broker or agent or class of insurance business that is exempted from application of the provisions of the Act.

In the same vein, the  National Insurance Corporation (NIC) has unveiled priorities and outlined strategies to scale up insurance services in the country. The move is also meant to complement the government’s effort of transforming Tanzania as a middle income nation through industrialization by 2025.

In an interview recently , NIC managing director, Sam Kamanga said: As a long serving company in the country’s insurance industry, we should be focusing more on our strengths in corporate, commercial and select retail markets, where we are very well positioned to capture business opportunities. 

 Our strategy should  seek  to better capitalize on our ability as a national and composite insurer to meet customers’ needs.                               Kamanga says NIC wants to explore every opportunity at its disposal, so that at the end of the day the state-owned insurer do the best and give annual dividend to the government on time.

The insurance firm is also determined to improve claims processing system and pay claimants within shortest period of time of reporting a claim.

According to Kamanga, NIC is determined to provide competitive services across the country, though the priority will be in the newly established regions, which have many economic activities such as Njombe, Simiyu and Katavi regions.

  NIC is heading to the industrial economy   to ensure that insurance services are available in every industry. He also says NIC management is working around the clock to transform lives of farmers in the country by ensuring that they are covered with insurance package.

 service and remove their negative perception that insurance are for the well-to-do people.

For the last 56 years, NIC managed to come up with different insurance products to customers. 

On industrialization agenda, the NIC boss said that his firm has been offering insurance services to all giant projects such as Standard Gauge Railway (SGR), Stiegler's Gorge hydroelectric project, expansion of the Dar es Salaam port and construction of roads and bridges across the country. Others include revamping of Air Tanzania Company Limited (ATCL) and gas projects.

On the use of ICT, Kamanga said that NIC has managed to put customers’ information on its database, so that it can be easily accessed through different electronic platforms such as mobile phones.