EXCLUSIVE INTERVIEW WITH STEPHEN OKUNDI CEO OF REAL INSURANCE TANZANIA

FRIDAY, 30 MAY 2014

TanzaniaInvest conducted a Q&A session with Stephen Okundi, CEO of Real Insurance Tanzania, to discuss the Tanzania insurance sector and Real’s positioning and ambitions in the Tanzanian insurance market. TanzaniaInvest: Real Insurance is a Kenyan insurance company that expanded in Tanzania. How would you describe Tanzania’s insurance sector current situation? Stephen Okundi: There has been a lot of improvements compared to 1998 when the Tanzanian insurance market was liberalized. The number of players has increased and there has been increased trust from the general public on the ability of insurance companies to honour their promise. The sector is still in the growth stage as the market was liberalized just 15 years ago. There is still a lot of potential as the vast majority of the Tanzanian population have not taken up insurance services. There is still a lot of potential as the vast majority of the Tanzanian population have not taken up insurance services TI: What is driving the growth of the market? SO: The GDP growth rate of around 7% and the rate of inflation which has come down to 6%. The general awareness has also improved especially in the urban areas. Click here to read the full interview, courtesy of TanzaniaInvest.