Tanzania: NMB Pays 438.4m/ - Insurance Claims to Kariakoo

NMB BANK through Reliance Insurance Company, has paid 438.4m/- as insurance claims to 12 traders, including those whose business premises were gutted by fire in Kariakoo Market, July 10 this year.

Handing over the cheque in Dar es Salaam yesterday, NMB Bank's Head of Insurance Unit, Martin Massawe, called on Tanzanians to create a culture of protecting their property by insuring them, adding that disasters are unpredictable.

"We are here to wipe away the tears of the traders who insured their property through their loans or who had property insurance without loans, who were part of the July 10 fire victims at the Kariakoo market.

"The existence of insurance does not restore you as quickly as if there was no disaster. This call is not only for mortgage insurance, but all property as the cost of these insurance is very low," said Massawe in front of the 12 victims, who were among the fire victims.

Elaborating on the importance and affordability of such insurance, Massawe noted that fire insurance only get 0.25 percent as deduction of the value of the property, and a 100m/- gets 225,000/- without V.A.T amount which is cheaper than car insurance.

"A house worth 100m/- faces only 150,000/- as insurance deduction that is equivalent to 177,000 plus V.A.T, here you will see how cheap these insurance are, but they carry the most power when disasters strike," he added.

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