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Tuesday, 17 April 2018

TIRA, FSDT PARTNER TO PROMOTE MICROINSURANCE

TANZANIA Insurance Regulatory Authority (TIRA) and the Financial Sector Deepening Trust (FSDT) have signed funding agreement for promoting microinsurance. 

FSDT will release 180,000 US dollars (over 390m/-) to promote key microinsurance activities particularly addressing the problems of demand and supply and inhibiting environment.

The Commissioner of Insurance Dr Baghayo Saqware said in Dar es Salaam yesterday that the funding from FSDT is dedicated towards the implementation of the National Insurance Education Strategy (NIES) and policy facilitation over 18 months of the agreement. 

“Both TIRA and FSDT are committed to achieve 50 per cent insurance inclusion penetration target by 2028,” he said.
He added, “The partnership provides strong building blocks to achieve the goal and we are committed to develop the market for insurance through the NIES and policy facilitation to eliminate the barriers,” He said the agreement will establish the basis for the interventions in addressing the problems of low demand for insurance and the inhibiting environment. 
Statistics from TIRA show that the average insurance market growth rate has been 7.0 per cent for the past three years.
On the other part, Fin- Scope Tanzania report 2017 show that the awareness is one of the key barriers to uptake of insurance in the country.
The FSDT Operations Director Ms Irene Mlola said with the agreement, FSDT is committed to support TIRA in promoting insurance awareness initiatives at the grass root level.
She said FSDT and TIRA commissioned diagnostic study on insurance market and found among others fundamental problems hindering insurance growth namely low demand due to limited understanding by potential customers as well as negative perceptions and attitudes towards insurance. 
Also limited distribution channels for insurance, skilled insurance personnel, product offerings and limitations to enabling environment.
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