Rural people targeted in new insurance campaign
What you need to know:
- Data shows that Tanzania’s insurance industry has been growing at a rate of over 20 per cent annually for over a decade but its penetration level is just about one per cent of the country’s gross domestic product (GDP). This is far below the world average of 2.3 per cent.
Mwanza. The Financial Sector Deepening Trust (FSDT) and the Tanzania Insurance Regulatory Authority (Tira) have launched a programme that seeks to increase the insurance penetration in a country.
Data shows that Tanzania’s insurance industry has been growing at a rate of over 20 per cent annually for over a decade but its penetration level is just about one per cent of the country’s gross domestic product (GDP). This is far below the world average of 2.3 per cent.
Against this background, FSDT and Tira have initiated what they term as “Regional Business Case Sessions” in the endeavour to bridge the gap between the insurance industry and the rural informal segment of the country’s economy.
The official launch of the Regional Business Case Sessions was held in Mwanza yesterday under the theme of ‘Insurance for everyone’.
The event attracted various players in insurance.
“The launch of the Regional Business Case sessions is part of the continued efforts to develop the inclusive insurance market in Tanzania. They have been conceptualised to extend the sensitisation of the micro-insurance business case beyond Dar es Salaam and to stimulate micro-insurance demand as well as distribution partnerships in the regions,” FSDT executive director Sosthenes Kewe said.
The sessions are designed to bring together different market players, especially insurance companies and distribution channels, with a view to elaborate the micro insurance business case.
