Commissioner of Tanzania Insurance Regulatory Authority (Tira), Dr. Baghayo Saqware (right) presses the button to officially launch Strategis Insurance's Mtetezi Agriculture Insurance in Dar es Salaam. Centre is the Strategis Insurance Group CEO, Dr. Flora Minja and the CEO for Non-Medical, Jabir Kigoda.
Dar es Salaam. Strategis Insurance has on Tuesday, June 27, launched Mtetezi agricultural insurance, a product they say will protect farmers against perils that affect crops production.
Speaking during the launch in Dar es Salaam, the Commissioner of the Tanzania Insurance Regulatory Authority (Tira), Dr Baghayo Saqware praised Strategis Insurance for coming up with Mtetezi Agriculture Insurance which he believes will protect farmers across the Country.
"Strategis insurance has been largely investing in new products lately, this is what we need in our market. I also urge Strategis to design other agriculture insurance products that are required in the market," he said.
On the other hand, the group CEO of Strategis Insurance, Dr Flora Minja said the contribution of agriculture insurance in the overall gross written premium in 2021 was about 1 per cent which she believes it is a high time now all key stakeholders came together to grow the line of business.
“There is a lot of potential, and I believe Strategis Insurance, as one of the key stakeholders has a role to play in making sure that farmers are guaranteed to get what they are expecting to produce,” she said.
Dr Flora also emphasized the advantages of the new insurance as among others, financial protection, risk management, improved access to credit, business sustainability and encouraging investment in agriculture and ensuring peace of mind.
On his part, the Chief Executive Officer (Non-Medical) for Strategis, Mr. Jabir Kigoda said, the product was designed to ensure farmers receive comprehensive insurance that provides cover against all major perils which include drought, hailstorms, flood, frost, windstorm, pests and diseases with the optional add-on of the Weather Index Insurance which basically cover floods and drought.
“We have currently seen several initiatives taken by the government towards improving the agricultural sector. The investments and the plans that have been made have given stakeholders hope that the potential for the sector in Tanzania will continue to grow,” he said.
He added: Strategis Insurance believes, while there is potential to enhance production in agriculture, the risk of losses is also rising due to various factors that can be covered by insurance.
Mtetezi agricultural insurance typically covers a wide range of crops, including major crops such as Cereals, Oilseeds, Legumes, Roots (or tubers), Sugar crops, and non-edible crops.
