President Dr. Mwinyi Commends TIRA's Efforts
Today, on September 4, 2023, at the Zanzibar State House, His Excellency Dr. Hussein Mwinyi, the President of the Revolutionary Government of Zanzibar, officially introduced the Insurance Ambassadors of Tanzania, where he commended the efforts made by the Tanzania Insurance Regulatory Authority (TIRA) in promoting the insurance market in the country.
President Dr. Mwinyi stated that the Insurance Ambassadors would help raise awareness about insurance matters among various government leaders. Additionally, Dr. Mwinyi praised TIRA for establishing two consortia for agriculture and gas, which will contribute to increased capital availability for insurance compensation and claims in the agriculture and gas sectors. This move will enable Tanzanian companies to have significant capital, thus avoiding citizens seeking such insurance abroad, which drains a substantial amount of money from Tanzania.
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"I commend you for expanding your scope and now venturing into agriculture and gas since many Tanzanians are involved in farming. Continue to educate on these consortia to build trust among citizens so that more money stays in the country," said Dr. Mwinyi.
During the introduction of the Ambassadors, Dr. Baghayo Saqware, the Insurance Commissioner of Tanzania, mentioned them as Engineer Zena Said, Chief Secretary and Secretary of the Revolutionary Council of Zanzibar, Hon. Wanu Ameir, a Member of the Parliament of the United Republic of Tanzania, and Hon. Japhet Hasunga, also a Member of the Parliament of the United Republic of Tanzania.
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Dr. Saqware, while discussing the progress of the insurance sector, stated that, in collaboration with stakeholders, the Authority has established a consortium for Oil and Gas Insurance. This consortium will insure all energy-related risks originating from the United Republic of Tanzania, such as risks from the LNG project, through the consortium of oil and gas energy insurance in Tanzania. Consequently, all gas and oil projects will have the capability to retain more than 45% of the fees derived from gas and oil.
