Dar es Salaam. The CRDB Bank Plc yesterday came up with a new drive aimed at raising the uptake of insurance services in the country.
Dubbed ‘Furahia Maisha, Bima Unachokithamini’ - roughly Swahili for ‘Enjoy Life; Insure What You Value’ - the promotion seeks to take insurance education across the country, so as to net new clients for its bancassurance services.
“The goal is to bolster insurance awareness and mobilise more people to use insurance services. As a bank, we believe in working with the government towards serving the people, particularly pushing insurance penetration by at least 50 percent as set out through the 10-year Finance Sector Development Plan covering 2020/2021 to 2029/2030,” said CRDB Bank’s managing director Abdulmajid Nsekela.
Gracing the event, the Tanzania Insurance Regulatory Authority’s (Tira) Market Development director, Zakaria Muyengi, said the lender’s initiative would aiding the attainment of the government’s 10-year target under the Finance Sector Development Plan. Launched in September last year, the plan seeks to up citizens’ uptake of financial services, including insurance.
“Available data show that it is only about 15 percent of Tanzanians that have access to insurance services. The goal is to bring this up to 50 percent by the year 2030,” said Mr Muyengi, noting that ultimately, the initiative should boost the contribution of the insurance sub sector to gross domestic product (GDP) from the current less than one percent to at least three percent by the target date.
He said bancassurance was one of those initiatives that Tira was pushing strongly in efforts to raise insurance uptake in the second largest economy in East Africa.
He asked CRDB Bank to use its experience accumulated since the establishment of its insurance brokerage firm to foster public awareness of the subject matter.
In response, Mr Nsekela said the bank was determined to take the campaign to every corner of the country as it has a wide network that covers the entire country.