23 July 2018

Tanzania: Govt Contemplates Elevating Public Education On Insurance

THE government is considering incorporating public insurance education aspect as it revisits the Housing and Human Settlement Policy.

Speaking to the 'Daily News' here over the weekend, Deputy Minister for Lands, Housing and Human Settlements Development Angelina Mabula said massive insurance for real estate developers and house owners will be highly considered in the envisaged policy.

She said an emphasis on property insurance comes as evidence shows very few Tanzanians have insurance covers on their residential and business houses, the situation which calls for massive national strategy on the issue.

She was speaking shortly after addressing insurance stakeholders during the celebration of the Insurance Day marked for the first time here.

She companies to intensify education on insurance instead of just waiting for people to come on their own seeking for their services.

"Insurance coverage in general remains poor in our country which pushes for the government to include it in the future national agenda particularly in the real estate development.

Special education is needed for developers and house owners to ensure their units are insured," said the Deputy Minister.

She challenged insurance companies operating in the Lake Zone and elsewhere across the country to be creative and proactive in ensuring the public is well informed on matters related to insurance covers.

Apart from the Housing and Human Settlement Policy incorporating the matter, Insurance might also book the room in the envisaged Real Estate Regulatory Authority which is scheduled to be operational before end of this financial year.

Among others, the authority will be tasked to oversee issues pertaining to rental services, regulating rental charges, quality of houses and security of tenants.

The Deputy Minister was of the view that the aspect of insurance will be critical for the housing industry to be safe and secure for both the tenants and the country's economy.

Giving his remarks on behalf of the Regional Commissioner Mr John Mongella the Mwanza Regional Administrative Secretary (RAS) Eng Warioba Sanya said time is ripe for insurance companies and brokers to focus on industries as the industrialisation campaign gains momentum.

He said the area is potential and worth exploring to the maximum but only when companies are innovative and able to render timely and efficient services to their clients.

The National Insurance Company regional Manager Mr Lugano Stratton said about 18 insurance companies participated at the event whose idea was hatched by the Deputy Minister and were ready for more public awareness campaigns on insurance and related products.

"We have hosted this event here for the first time in history but we have been inspired by the messages communicated, asking us to do more in ensuring that we get out of offices and go to people.

We will do that," he said. According to the Tanzania Insurance Regulatory Authority (TIRA), the operating insurance companies in the Lake Zone have trade volume amounting to over 30bn/- a year.

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