Govt assures insurance investors conducive environment

Prof Kitila Mkumbo, Minister of State in the President’s Office (Planning and Investment), made the statement in Dar es Salaam on Wednesday during the 25th anniversary celebration since the founding of ICEA LION General Insurance company in Tanzania. The celebration was attended by a wide range of insurance firms, brokers, agents and clients.

“I want to assure you that this country at the moment provides the best environment for investment. We tick in almost every factor that is important in terms of attracting investors. If you speak of political stability and security which is the first factor which investors look at, we are okay,” he said.

Prof Mkumbo said that Tanzania has a population of over 60 million people which serves as a potential internal market, adding that the country also serves as a link to other countries such as the DRC, Burundi, Uganda, Kenya and Rwanda owing to the good bilateral ties Tanzania has with its neighbours and its political stability, peace and security.

He said that the government is continuing to improve the legal framework, citing the Tanzania Insurance Regulatory Authority (TIRA) as a notable example.

“This is why we have made serious reforms in the past 25 years both legally and policy-wise with respect to the insurance industry here in Tanzania. We will also keep on improving our education system to ensure we produce people who are skilled, who will be able to match with the requirements of the investors. I therefore call upon ICEA LION to continue investing and expanding its business,” he said.

“We are opening up a lot of opportunities because we want to attract serious investors in the insurance industry, transport, logistics, climate and LNG projects which are going to be huge. I believe all these developments present opportunities for the insurance sector in the country.”

Dr Baghayo Saqware, Commissioner of Insurance at TIRA, called upon ICEA LION and other investors in the insurance sector to invest in other sectors, pinpointing agriculture sector which stands as a potential sector to conduct business.

“We are in the process of establishing an agriculture insurance scheme which will be supported by the government. We understand that over 70 percent of our people are engaged in agriculture. All along the value chain there is a need for insurance protection. If you can protect strategic crops, strategic farming communities through the insurance cover, there is a big business there,” he said.

Ilala District Commissioner Edward Mpogolo said the government is ready to cooperate with ICEA LION and other insurance service providers to spread awareness and knowledge to the public and eliminate insurance fraud.

“Kariakoo market is an area which has been affected by fire accidents. The government is ready to cooperate with stakeholders to educate people on insurance because many people in the area are not insured. Through joint efforts we can navigate ways to sensitize residents of Dar es Salaam.

Jared Awando, Director of ICEA LION said that the company will continue investing in Tanzania, explaining that it boasts more than 80 brokers and 25 agents it has worked with for 25 years, serving millions of clients across the country in Arusha, Mwanza, Mbeya, Morogoro, Dar es Salaam, Dodoma and its recent entry in Zanzibar.