Tanzanian insurance firms urged to help poorer citizens

Nov 22, 2011

Insurance firms in Tanzania need to do more to ensure poorer citizens are protected from the risk of natural disasters or man-made occurrences, the country's Deputy Permanent Secretary in the Ministry of Finance and Economic Affairs has argued.

Insurance firms in Tanzania need to do more to ensure poorer citizens are protected from the risk of natural disasters or man-made occurrences, the country's Deputy Permanent Secretary in the Ministry of Finance and Economic Affairs has argued.

Speaking at the 14th Annual Insurance Day in Dar es Salaam on behalf of the Finance Minister, Elizabeth Nyambibo called on insurance providers to make a greater contribution towards Tanzania's economy, the Daily News reports.

"The government will do everything possible to support varied insurance initiatives so that the sub-sector can take its rightful place in the financial sector," she remarked.

Chairman of the Tanzania National Insurance Board Professor Mgongo Fimbo also said education needs to be improved to ensure the public are aware of the importance of insurance, adding the need for this "cannot be over-emphasised".

One area where awareness is growing in the country is mobile banking and the Citizen recently reported MNB has introduced a new payment system that enables customers to pay various bills and taxes using their mobile handsets.ADNFCR-2976-ID-801217957-ADNFCR