Dar es Salaam. Tanzania Insurance Regulatory Authority (Tira) Tuesday May 21, 2019 inaugurated the first Annual Excellent Insurance Awards to spur the perception of insurance and the uptake of the service.
Tira commissioner for insurance Baghayo Saqware said the afoot plans were to increase insurance uptake from the current 15 per cent to 50 per cent in the next ten years.
He said the winners, who would be recognised on September 28 this year, would go home with trophies and certificate and letter of recognition.
“Eleven winners would be recogised in five categories in the ceremonies to be held during insurance week to be held in Mwanza city,” noted Dr Saqware.
He mentioned categories of prizes as insurance awareness campaign of the year, corporate social responsibility awards, insurance young achievers awards, most innovative insurance product awards and insurance registrant of the year award.
“The awards are meant to foster best corporate management, leadership, governance as well as innovative and sustainable growth in the insurance sector in Tanzania,” noted Dr Saqware.
The deadline for application for participation, which kicked off today (Tuesday) would be on June 28, 2019.
The awards target insurance companies, insurance brokers and individual person.
President of the Insurance Institute of Tanzania (IIT), Bosco Bugali admitted that for a long time there has been no recognition of the efforts taken by the insurance companies.
He said Tira in collaboration with IIT and other insurance stakeholders found that there was a need of recognising them by way of identifying what they were performing in the industry.
“The key objective is to promote the development of insurance sector by honoring distinguished companies and leaders of insurance companies that have raised exceptional standards of competence and achievement and demonstrated an unprecedented level of insurance industry leadership,” noted Mr Bugali.