Insurance firm targets SMEs, small farmers after rebranding
The Executive Director of Newtan Insurance, Mr Nelson Rwihula (centre) receives a dummy key from the CEO of Oldmutual East Africa, Mr Arthur Oginga (left), as a sign of changing the name of UAP Insurance to Newtan Insurance in Dar es Salaam yesterday, Right is the company’s Board Chairman, Mr Moses Obonyo. PHOTO | SUNDAY GEORGE
What you need to know:
- UAP Insurance officially changed name to Newtan Insurance, as part of a broader strategy to deliver tailored solutions that empower and protect the country’s vital smallholder community, who are most affected by challenges relating to agriculture.
Dar es Salaam. A local insurance firm has promised to focus on smallholder farmers and SMEs in a move aimed at strengthening its commitment to the local market.
UAP Insurance officially changed name to Newtan Insurance, as part of a broader strategy to deliver tailored solutions that empower and protect the country’s vital smallholder community, who are most affected by challenges relating to agriculture.
Speaking to journalists yesterday, the company’s managing director, Mr Nelson Rwihule, explained that last year, the minority shareholder sold their shares to the majority, who then formed Newtan Insurance which was almost 90 percent owned by Tanzanian shareholders.
He assured clients that all existing policies, contracts and partnerships remain valid and uninterrupted.
“The change is a symbol of our commitment to our stakeholders. We will remain your trusted partner, continuing to offer reliable services and introducing more innovative solutions to meet your needs,” said Mr Rwihule.
He further emphasised the company’s ongoing dedication to agricultural insurance.
“We are among the pioneers of agricultural insurance in the region, and as we change our name, one of our key strategies is to continue supporting smallholder farmers who are often hit hardest by disasters,” he said. Mr Rwihule highlighted that last year alone, the company insured over 4,000 smallholder farmers involved in various agricultural practices and paid compensation to more than 120 individuals for various crops including paddy and maize. However, he said, over Sh1 billion was disbursed in compensation to tobacco farmers affected by agricultural challenges, with the company pledging to continue its support in the future.
“We will expand our network now that the company is locally owned, with shareholders who understand the challenges facing our country’s farmers and are better equipped to address their needs,” he said.
To ensure smallholder farmers can benefit from agricultural insurance, Mr Rwihule advised that they should join groups to facilitate easier access and engagement with the company’s services.
For his part, the company’s board chairman, Mr Michael Obonyo, reassured customers that the quality of services will not only remain the same but will also improve.
“The name change will not impact any contracts already signed. This transformation reflects our commitment to meeting the ever-changing needs of our customers and intermediaries, while maintaining the trusted foundation we have built over the years,” he said.
