Traders at Kariakoo market urged to insure their businesses against risks
Kaimu Abdi Mkeyenge, Managing Director of the National Insurance Corporation (NIC) (right), during the signing of an agreement for the provision of insurance services at Kariakoo Market. On the left is CPA Ashraph Abdulkarim, General Manager of the Kariakoo Market Corporation.
Dar es Salaam. Traders operating at the revamped Kariakoo International Market have been urged to insure their businesses to guard against unexpected losses caused by disasters such as fires.
The call was made by the General Manager of the Kariakoo Market Corporation, Mr Ashraph Abdulkarim, during a signing ceremony of a Memorandum of Understanding (MoU) between the Corporation and the National Insurance Corporation (NIC) held in Dar es Salaam.
Mr Abdulkarim noted that the Kariakoo Market has previously experienced a devastating fire that resulted in heavy financial losses for both traders and the government.
He said it was now vital to protect the recent infrastructure improvements made at the market by ensuring that businesses are adequately insured.
“The government invested significantly in rebuilding the Kariakoo Market. It is therefore essential that traders take precautions by insuring their businesses to avoid further economic setbacks should disasters strike again,” he said.
According to the Corporation’s Planning and Business Manager, Mr Mwinga Luhoyo, the upgraded market accommodates over 1,900 business stalls and is expected to create more than 4,000 jobs for Tanzanians.
He underscored the importance of safeguarding this investment to ensure long-term benefits for both entrepreneurs and the broader economy.
NIC Managing Director Mr Kaimu Abdi Mkeyenge said his institution is committed to raising awareness among traders and the general public about the importance of insurance. He said NIC is offering affordable packages designed to protect assets belonging to individuals, businesses, and government institutions alike.
“Insurance is a vital tool that can prevent losses from escalating into crises. We want more Tanzanians to understand its value—not just after incidents occur, but as a proactive step toward resilience,” Mr Mkeyenge said.
The renewed focus on insurance comes as Kariakoo Market re-establishes itself as a central hub for wholesale and retail trade in Dar es Salaam and the entire East African region.
