DAR ES SALAAM: THE growth of the insurance sector depends largely on the citizens’ understanding of the entire concept of insurance.
This was said by the Commissioner of Insurance, Dr Baghayo Saqware during the launch of the Insurance Village activities as part of the 50th Anniversary of the Dar es Salaam International Trade Fair (Sabasaba exhibitions) celebrations by the Tanzania Insurance Regulatory Authority (TIRA).
The launching was attended by participants from insurance companies, insurance brokers, insurance related service providers and various stakeholders who are involved in the insurance sector in the country.
The Insurance Village is an annual platform organised by TIRA in collaboration with insurance sector stakeholders with the aim of providing insurance education, professional advice and various insurance services to the public on a one stop centre basis.
Through the platform, citizens get the opportunity to learn the importance of various types of insurance which are meant to protect their lives, health status, properties, business and investments in general.
Dr Saqware said that the growth of the insurance sector depends largely on the citizens’ understanding of the entire concept of insurance, saying that the idea of educating members of the public required great cooperation from all insurance stakeholders in ensuring that insurance education and services reach more Tanzanians.
He urged citizens to visit the launched Insurance Village to obtain accurate education related to insurance sector in general a move which he said will give them the opportunity to choose the type of insurance they need.
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On its part, the TIRA management has stated that its participation in the Sabasaba Exhibition is in line with the institution’s mission aimed at increasing the public understanding of insurance, promoting the inclusion of financial services and strengthening the contribution of the insurance sector in the development of the national economy.
According to the statement provided by the institution, throughout this year’s Sabasaba exhibition, visitors will receive advisory services, insurance education, explanations of various insurance products as well as the opportunity to meet face to face with companies engaged in insurance services as well as other stakeholders in the sector.
The statement continued to say that the TIRA management is continuing to provide education related to the insurance sector with the intention of encouraging the use insurance services as an important tool to manage risks and build financial resilience for individuals, businesses and other institutions.
The Tanzania Insurance Regulatory Authority (TIRA) is a government institution responsible for managing, developing and ensuring that the insurance sector becomes strong, competitive in activities related to insurance services in general, as well as protecting the interests of insurance service clients.