DAR ES SALAAM: TANZANIA Insurance Regulatory Authority (TIRA) yesterday said that the number of insurance users has doubled in one year, attributing that education awareness and introducing new services.
The TIRA Commissioner of Insurance, Dr Baghayo Saqware, said the number of insurance users doubled to 12 million people last year from six million in 2022.
“The existence of companies such as CRDB Insurance Company (CIC) will yield anticipated outcomes by retaining insurance premiums in the country,” Dr Saqware said during the launching of CIC yesterday.
The Commissioner attributed the surge to adoption of a compulsory insurance provision which doubled the number of users yearly.
“The government has also established an insurance consortium for oil and gas, as well as for agriculture and livestock. We expect companies like CIC to retain more business out of oil and gas premiums,” Dr Saqware said.
CRDB is the first lender to establish an insurance company in the country. The Ministry of Finance, Commissioner of Financial Sector Development, Dr Charlse Mwamaja, said the country’s goal is to bring into the insurance bracket about 50 per cent of the adult population by 20230.
“CRDB, kindly use your national outreach to increase insurance penetration in the country,” Dr Mwamaja said.
CRDB Group’s CEO and Managing Director Mr Abdulmajid Nsekela said the establishment of CIC centred on the lender’s ambition to expand financial inclusion scope including insurance penetration.
“The decision is based on limited access to insurance services in the country, especially in the rural areas,” Mr Nsekela said.
CIC Managing Director Wilson Mzava said the firm offers various premiums including non-life insurance such as car house, contractor and machine.
CIC is the fourth CRDB subsidiary after CRDB Burundi, CDRB DR Congo, and CRDB Bank Foundation.
