STRATEGIS UNVEILS MTETEZI AGRICULTURE INSURANCE

Commissioner of Tanzania Insurance Regulatory Authority (TIRA), Dr. Baghayo Saqware (right) presses the button to officially launch Strategis Insurance new product known as Mtetezi Agriculture Insurance in Dar es Salaam. Centre is the Strategis Insurance Group CEO, Dr. Flora Minja and the CEO for Non-Medical, Jabir Kigoda.

Commissioner of Tanzania Insurance Regulatory Authority (TIRA), Dr. Baghayo Saqware (right), Strategis Insurance Group CEO, Flora Minja (centre) and the CEO Non-Medical, Jabir Kigoda clapping after the official launch of Mtetezi Agriculture Insurance in Dar es Salaam.

A leading private insurance company in Tanzania, Strategis Insurance, has launched Mtetezi agricultural insurance, a product that comes as a savior to farmers against perils that affect crops production in the country.

Speaking during the launch in Dar es Salaam, the Guest of Honor, Commissioner of Insurance in Tanzania Dr. Baghayo Saqware praised Strategis Insurance for coming up with Mtetezi Agriculture Insurance which he believes will protect farmers across the Country.

"Strategis insurance has been largely investing in new products lately, this is what we need in our market. I also urge Strategis to design other agriculture insurance products that are required in the market," Dr. Saqware added.

On the other hand, the group CEO, Dr. Flora Minja said the contribution of agriculture insurance in the overall gross written premium in 2021 was about 1% which she believes it is a high time now all key stakeholders to come together to grow this line of business. "There is a lot of potential, and I believe Strategis Insurance, as one of the key stakeholders has a role to play in making sure that farmers are guaranteed to get what they are expecting to produce", She added.

Dr. Flora also emphasized the advantages of the new insurance as among others, financial protection, risk management, improved access to credit, business sustainability, encouraging investment in agriculture and ensuring peace of mind.

Giving a brief description of Mtetezi agriculture insurance during the launch, the Chief Executive Officer (Non-Medical) for Strategis - Mr. Jabir Kigoda said, the product was designed to ensure farmers receive comprehensive insurance that provides cover against all major perils which include drought, hails, floods, frost, windstorms, pests and diseases with the optional add-on of the Weather Index Insurance which basically cover floods and drought.

"We have currently seen several initiatives taken by the Government towards improving Agricultural sector in the Country. The investments and the plans that have been made have given stakeholders hope that the potential for the sector in Tanzania will continue to grow. However, it is essential to exercise some caution, particularly concerning protecting investments directed to the sector by farmers and other key stakeholders including the Government. Strategis Insurance believes, while there is potential to enhance production in agriculture, the risk of losses is also rising due to various factors that can be covered by insurance’’, Mr. Kigoda added during the interview.

Mtetezi agricultural insurance typically covers a wide range of crops, including major crops such as Cereals, Oilseeds, Legumes, Roots (or tubers), Sugar crops, and non-edible crops.

Strategis Insurance is a general insurance company that has been in the market for more than 20 years. The company has 5 branches in the country which include Mwanza, Zanzibar, Arusha, Dodoma and Kisutu – Dar es Salaam. Other than Container Insurance, Strategis Insurance also offers other insurance products such as Motor Insurance, Travel Insurance, Property Insurance, Marine Insurance, Medical Insurance and many more.