Dar es Salaam. The Tanzania Insurance Regulatory Authority (Tira) and the Bank of Tanzania (BoT) have launched bancassurance regulations to spur growth in the insurance sector.
Tira Commissioner Baghayo Saqware said the new insurance regulations were meant to widen the scope of insurance services in Tanzania.
“We want to expand our reach and make sure that many Tanzanians have access to insurance services. We want to add new insurance covers whereby banks in Tanzania will be responsible for those services,” he said.
Speaking during the launch ceremony in Dar es Salaam, the BoT deputy governor Yamungu Kayandabila urged all financial institutions in Tanzania to comply with new regulations to improve efficiency in their services. He said bancassurance regulations will be a true catalyst in the spread of insurance services in Tanzania, only a small fraction of Tanzania’s population had insurance cover.
“These new regulations have come a bit late, so all stakeholders have every reason to consider them seriously for the benefit of service providers and the insured,” he said
He said if all stakeholders will consider them, revenue in the insurance sector will increase for the benefit of the nation, service providers and the insured (customers).
He also noted that there is a need for new technology which will be friendly in expanding insurance services in Tanzania.
The launch was attended by over 200 guests, including representatives from the government, BoT, insurance companies, agents, banks and other stakeholders.
The event was jointly sponsored by BoT, Reliance Insurance, Heritage Insurance, Zanzibar Insurance, Association of Tanzania Insurers (ATI) NMB, CRDB Insurance, Metropolitan Life Tanzania, Jubilee Insurance, FSDT, Stanbic Bank, Smart Policy, Alliance Insurance, TPB Bank and National Insurance Corporation (NIC).