Millions of fishermen in Tanzania to be insured in Sh3.45 trillion plan

Dar es Salaam. At least 4.6 million fishermen in Tanzania mainland are set to receive life and health insurance in a three-year Sh3.45-trillion arrangement brokered by Acclavia in partnership with two insurance firms.

Insurance products remain far from the reach of the 4.6 million fishermen in Tanzania, exposing them to serious losses in case of natural disasters, damage of fishing assets, crew injury and death.

But, through the arrangement by Acclavia Insurance Brokers, Strategis Insurance Tanzania Limited, Sanlam Life Insurance Limited and Tanzania Fisheries Trust Fund (TFTF), the group will now be able to receive health and life insurance products in a deal that would yield up to Sh3.45 trillion in premiums for a period of three years.

Announcing the partnership in Dar es Salaam yesterday, the general manager for Acclavia Insurance Broker, Ms Nindiu Mpangile, said each fisherman will be required to pay Sh250,000 per year as insurance premium.

“With the same amount, when the insured fisherman dies, his family will receive a total of Sh4 million in condolences,” she said.

Similarly, if the insured fisherman loses a spouse, the insurance firms will avail Sh2 million in condolences.

The initiative, said Ms Mpangile, will support the government’s efforts in promoting the blue economy.

“With this insurance cover, fishermen will also access health services in 370 hospitals across the country and in the Isles,” she said.

Code-named Safe Insurance for Sustainable Fishing (SISF), the programme seeks to help fishermen and avoid challenges they might face in case of a disaster, loss of vessel and other related issues.

According to her, a number of fishermen own expensive fishing vessels but their property remain uninsured, exposing them to extreme poverty when disasters strike.

Ms Mpangile said the team was determined to foster its awareness campaigns in an effort to reach a big number of fishermen.

TFTF chairman Alphonce Mkwami said the deal with the insurance firms was meant to hedge their members against unforeseen circumstances that they usually contend with in the conduct of their daily income-generating activities.

“Fishing is one of the fastest growing sectors in the country and fishermen like us generate enough income. Unfortunately, when one gets sick or encounters a disaster, it becomes difficult to recover immediately. We need to be insured so that when we face any challenges we are assured of recovering and swiftly get back to our tasks,” he said.

According to him, through the representatives of TFTF, they will continue to mobilise fishermen to join their group so that more could be registered with the fund and insured.

Gracing the event, the eastern zone manager for Tanzania Insurance Regulatory Authority (Tira), Mr Frank Fred, commended the initiative, saying it would ensure fishermen get access to health and life insurance products.

“As the regulator, we are optimistic that the partnership you have entered into with Strategis and Sanlam Insurance will be a catalyst for bringing good results and increase motivation to the fishing sector,” he said.

He called upon brokers to become more and more innovative, noting that with over 80 of them [brokers] countrywide, their role in extending insurance services would be huge if they up they come up with innovative products.

This comes at a time when the government is directing much of its focus on boosting the fisheries sector, with the Ministry of Livestock and Fisheries directing the lion’s share of its Sh168.25 billion for the fiscal year 2022/23 towards development of the fisheries sector.

Livestock and Fisheries minister Mashimba Ndaki told Parliament in May this year that the government would spend Sh92.851 billion of the Sh168.25 billion on the development docket for the fisheries sector during the 2022/23 fiscal year.

He said at least Sh50 billion of the money will be spent on a project that seeks to ensure that Tanzania builds a fishing port. The port will specifically be attracting fishing ships from various countries to dock in Tanzania and in the process, creating jobs for locals through fish processing factories that will be established.

Among the many issues that will be conducted during the year, Mr Ndaki said the government – through the Deep Sea Fishing Authority (DSFA) - will collect a total of Sh2.1 billion through issuance of a total of 29 licences for foreign and local ships to conduct deep-sea fishing activities.