Rédaction Africa Links 24 with The Citizen Reporter
Published on 2024-03-04 02:00:00
The government of Tanzania has pledged its support to insurance players in order to attract more investment into the industry. This assurance was made by the minister of State in the President’s Office [Investment and Planning], Prof Kitila Mkumbo, during a ceremony marking the 25th anniversary of ICEA Lion General Insurance Company.
Prof Mkumbo highlighted that with a population of over 60 million, Tanzania offers a promising internal market for insurance companies, along with the advantage of connectivity to neighbouring countries in East, Central, and Southern Africa. He emphasized that the prevailing peace and political stability in the country are key factors that ensure the growth of businesses.
He expressed confidence in the commitment of insurance firms to invest in Tanzania for years to come, given the conducive business environment created by the government. Prof Mkumbo assured the sector of the government’s unwavering support to facilitate ongoing business operations and ensure the provision of top-notch insurance services nationwide. He encouraged insurance companies to continue investing while the government works on legal and investment reforms to enhance business sustainability.
Tanzania’s strategic location allows it to connect with countries such as the DR Congo, Burundi, Uganda, Kenya, and Rwanda through the port of Dar es Salaam. The anniversary celebration of ICEA Lion General Insurance Company was attended by government officials, insurance firms, brokers, agents, and other stakeholders.
The commissioner for insurance at the Tanzania Insurance Regulatory Authority (Tira), Dr Baghayo Saqware, urged insurance investors to explore opportunities in other sectors, particularly highlighting the agricultural sector. He mentioned the government’s efforts to establish an agricultural insurance scheme to protect farmers and crops in the country.
Mr. Jared Awando, the chief executive officer of ICEA Lion General Insurance, reaffirmed the company’s commitment to investing in Tanzania. He cited the successful service provided to over 80 brokers and 25 agents, as well as the expansion of their operations to various regions in Tanzania and even entering Zanzibar to explore opportunities in the blue economy.
Ilala District Commissioner, Mr. Edward Mpogolo, expressed the government’s readiness to collaborate with ICEA Lion and other insurance providers to raise awareness among the public about the importance of insurance in protecting their assets and properties.
In conclusion, the Tanzanian government’s support for the insurance industry and its commitment to creating a conducive business environment are expected to attract more investment and foster growth in the sector. Insurance companies are encouraged to seize the opportunities presented in Tanzania and contribute to the country’s economic development.
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