12 Kariakoo traders receive Sh438m in insurance cover

Wednesday July 28 2021
KKOO PIC

The head of bancassurance at the NMB Bank Plc, Mr Martin Massawe speaks in Dar es Salaam yesterday. With him is Claims Manager with Reliance Insurance, Joel Mwakalebela (left) and NMB Bank Plc’s bancassurance manager, Adam Nsenga. PHOTO |THE CITIZEN CORRESPONDENT

By The Citizen Reporter

Dar es Salaam. Twelve Kariakoo Market traders, whose businesses were insured, will soon go back to business despite a recent fire incident.

The twelve yesterday received a total of Sh438.4 million in insurance claims from Reliance Insurance after they insured their businesses through a bancassurance arrangement between the insurance firm and NMB Bank Plc.

This brings the total number of traders who have since received the vital boost to get back to business to about 16 since the devastating incident about three weeks ago. Four others received their insurance claims two weeks ago through a separate arrangement.

Fire ravaged the Kariakoo Main Market July 10, destroying businesses of 220 traders.

The popular market, which also serves traders from landlocked countries of Burundi, Rwanda, DR Congo, Zambia, Malawi and Zimbabwe as well as some parts of Kenya and Mozambique, was destroyed, leaving traders dealing with veterinary medicine, farm equipment, seeds, meat and fish meant for an export market, minerals and several other commodities.

Speaking during an event to present cheques to the 12 traders in Dar es Salaam yesterday, NMB Bank’s bancassurance head Martin Massawe urged traders to insure their businesses against risks.

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The Sh438.4 million, he said, went to traders who had received insured loans from the bank and those that had insured their businesses.

“The Kariakoo fire incident must be a wakeup call to all. With an insurance cover, your business remains secure in times of risks like fire,” he said.

One, he said, needs to pay only 0.25 percent of the value of the property being insured for a fire incident.