Tanzania insurance companies have been urged to bring services closer to rural areas, a move that will boost economy and social welfare of the majority in the country.
“Tanzania has a considerable population of about fifty million people, this is a great opportunity to stretch insurance products penetration. Thus, it is high time now for companies to invest, and it is a debt to insurance companies to make customized innovations and localize solutions to help Tanzanians overcome risks,” the Deputy Minister for Finance and Planing Dr. Ashatu Kijaji said when she was officiating the opening of the African Insurance Organization (AIO) life seminar held in Arusha.
The insurance sector in Tanzania like in other African Countries, is attributed to many challenges which includes low level of insurance policy uptake, big number of uncovered citizens as well as low level of literacy on insurance products.
The government is committed in sustaining the insurance sector by putting concrete measures that would help insurance market be trustworthy and credible amongst the Tanzanians.
"This will assist in creating more opportunities for jobs to our Tanzanian youth as the law leading the operations of insurance in Tanzania requires employment opportunities to give priority to local citizens unless for very few sofcicated insurance skills. Thus, am very sure that the manpower we have in the country can suffice the market" said Dr. Kijaji.
Also, Dr. Kijaji has directed the Tanzania Insurance Regulatory Authority (TIRA), Commissioner of Insurance Dr. Baghayo Saqware to work closely with the insurance companies registered in Tanzania to make sure that the money they earn from citizens are well invested and are of value to the country.
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