Tanzania government assures insurance sector of support

Dar es Salaam. The government has assured insurance players of its support to attract more investment into the industry.

The minister of State in the President's Office [Investment and Planning], Prof Kitila Mkumbo, made the assurance during a ceremony to mark the 25th anniversary of ICEA Lion General Insurance Company over the weekend.

Prof Mkumbo said the Tanzanian population of over 60 million presents a promising internal market, with the added advantage of connectivity to neighbouring countries across East, Central, and Southern Africa.

He said the prevailing peace and political stability are other key factors that assure business growth in the country.

“Given the conducive business environment fostered by the government, I envision insurance firms maintaining their commitment to investing in Tanzania for years to come," said Prof Mkumbo.

He provided assurance to the sector, affirming the government's unwavering support to facilitate ongoing business operations and ensuring the provision of top-notch insurance services throughout the country.

“Keep investing as we continue making the best legal and investment reforms for business sustainability," he said.

Tanzania serves to connect countries such as the DR Congo, Burundi, Uganda, Kenya, and Rwanda through the port of Dar es Salaam.

The weekend celebration was attended by several government officials and a range of other insurance firms, brokers, agents, and other stakeholders.

Speaking at the occasion, the commissioner for insurance at the Tanzania Insurance Regulatory Authority (Tira), Dr Baghayo Saqware, called upon the insurance investors to invest in other sectors, pinpointing the agricultural sector as a potential sector to conduct business.

"There are potential strategic areas of investment that remain untapped," he said, citing an example of agriculture in which the government is in the process of establishing the agricultural insurance scheme.

"We understand that 70 percent of our people are engaged in the agricultural value chain. There is a need for insurance protection. If you can protect strategic crops and strategic farming communities through the insurance consortium, there is a business there,” said Dr Saqware.

The chief executive officer of ICEA Lion General Insurance, Mr Jared Awando, said the company will continue investing in Tanzania, citing its successful service to more than 80 brokers and more than 25 agents.

He said the company has expanded its footprints to Arusha, Mwanza, Mbeya, Morogoro, Dar es Salaam, and Dodoma and recently entered Zanzibar to explore the potential of the blue economy.

Ilala District Commissioner, Mr Edward Mpogolo, said the government is ready to cooperate with ICEA Lion and other insurance service providers to spread awareness and knowledge to the public to protect their properties.