Tanzania: Farmers Insurance Scheme in Pipeline

(file photo).

IN a bid to boost industrialisation in the country, insurance stakeholders are set to introduce special insurance for farmers that will help to encourage farmers and enable them participate in agricultural activities conveniently.

The Deputy Rector of the Institute of Finance Management (IFM), Dr Imanueli Mnzava, said yesterday during the insurance awareness walk in Dar es Salaam that it was high time people in rural areas, comprising at least 70 per cent, benefitted from insurance companies.

According to Mr Mnzava, many farmers were reluctant to engage in large scale farming over fears of losing their money in the event of floods or drought.

"Our farmers fail to perform effectively because they are not ready to court risks. This is a problem that insurance companies have noted and will soon engage farmers in the business," he said.

To make that possible, he explained, the institute, in collaboration with other stakeholders, particularly the Tanzania Insurance Brokers Association (TIBA) and Tanzania Insurance Regulatory Authority (TIRA) were set to embark on public awareness campaigns, countrywide.

The campaigns, he explained, seemed to be the best approaches towards encouraging Tanzanian to go for insurance covers, recalling the 2016 insurance report which showed an increase of premium (insurance) by seven per cent.

TIRA Commissioner of Insurance, Dr Baghayo Saqware, commended the move, saying there was a need for stakeholders to consistently come up with new ideas for empowering wananchi and the nation at large.

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