TANZANIA PRIVATE SECTOR FOUNDATION CALLS FOR INNOVATION IN THE INSURANCE SECTOR

The Tanzania Private Sector Foundation (TPSF) Executive Director Mr Godfrey Simbeye (right) shows a gift given to him by the Chairman of a new Insurance firm called Clarkson Insurance Brokers Tanzania, Mr Justin Lambert during a brief ceremony to mark the official launch of the firm during a brief ceremony held in Dar es Salaam over the weekend.

Tanzania Private Sector Foundation (TPSF) has called for more investment in the insurance sector in order to bring about competition which will act as a catalyst in increasing innovation for the benefit of the industry stakeholders.

The call was made in Dar es Salaam over the weekend by The Tanzania Private Sector Foundation (TPSF) Executive Director Mr Godfrey Simbeye during a brief ceremony to mark the official launch of a new Insurance firm, Clarkson Insurance Brokers which launched its operations in Tanzania after its long time existence in Kenya and Uganda.

According to Mr Simbeye currently the contribution of insurance sector to Gross Domestic Product (GDP) is less than one percent with very low penetration, thus developing local talent could bring multiplying effect in reaching the underserved population.

“Tanzania is currently executing mega infrastructure development projects that need greatly insurance cover ranging from airports and ports expansion, oil pipeline, standard gauge railways to roads and bridges projects that is why it greatly needs insurance services for its smooth growth,’’ he said.

With a long experience since when it started its operations in Kenya 58 years ago and well developed expertise, he said Tanzania stands to reap and benefit from the new insurance firm to increase its contributions to the economy.

He said the firm’s entrance into the Tanzania market would increase competitions in the insurance industry prompting the players to innovate, improve and expand services to the rural areas.

According to figures from the Tanzania Insurance Regulatory Authority (TIRA), Tanzania has over 100 insurance brokers and more than 400 agents.

Mr Simbeye pledged them full support to make their business operations successful by pleading the government to continue creating and improving conducive investment climate in the country.

The Chairman of Clarkson Insurance Brokers Tanzania Group Mr Justin Lambert said his company would effectively embark on rigorous public education on insurance products and services in order to reach more under served population.

“Clarkson Insurance Brokers has not entered the country to add numbers of insurance firms operating in the country but add value to the insurance market,” he said.

On his part, Clarkson Tanzania Managing Director Mr Patrick Marimo said the company was set to bring difference in the insurance industry by bringing about innovative products and services that suit the indigenous population.

“We want to educate the public and bridge the huge insurance gap in the country by bringing unique products and services,” he said adding that the use of technology will be highly prioritized.