The Tanzania Private
Sector Foundation (TPSF) Executive Director Mr Godfrey Simbeye (right) shows a gift given to him by the
Chairman of a new Insurance firm called Clarkson Insurance Brokers Tanzania, Mr
Justin Lambert during a brief ceremony to mark the official launch of the firm
during a brief ceremony held in Dar es Salaam over the weekend.
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By Staff Writer,
Tanzania Private Sector
Foundation (TPSF) has called for more investment in the insurance sector in
order to bring about competition which will act as a catalyst in increasing
innovation for the benefit of the industry stakeholders.
The call was made in Dar
es Salaam over the weekend by The Tanzania Private Sector Foundation (TPSF)
Executive Director Mr Godfrey Simbeye during a brief ceremony to mark the
official launch of a new Insurance firm, Clarkson Insurance Brokers which launched
its operations in Tanzania after its long time existence in Kenya and Uganda.
According to Mr Simbeye
currently the contribution of insurance sector to Gross Domestic Product (GDP)
is less than one percent with very low penetration, thus developing local
talent could bring multiplying effect in reaching the underserved population.
“Tanzania is currently
executing mega infrastructure development projects that need greatly insurance
cover ranging from airports and ports expansion, oil pipeline, standard gauge
railways to roads and bridges projects that is why it greatly needs insurance services for its smooth growth,’’ he
said.
With a long experience
since when it started its operations in Kenya 58 years ago and well developed
expertise, he said Tanzania stands to reap and benefit from the new insurance
firm to increase its contributions to the economy.
He said the firm’s entrance
into the Tanzania market would increase competitions in the insurance industry
prompting the players to innovate, improve and expand services to the rural
areas.
According to figures from
the Tanzania Insurance Regulatory Authority (TIRA), Tanzania has over 100
insurance brokers and more than 400 agents.
Mr Simbeye pledged them
full support to make their business operations successful by pleading the
government to continue creating and improving conducive investment climate in
the country.
The Chairman of Clarkson
Insurance Brokers Tanzania Group Mr Justin Lambert said his company would
effectively embark on rigorous public education on insurance products and
services in order to reach more underserved population.
“Clarkson Insurance
Brokers has not entered the country to add numbers of insurance firms operating
in the country but add value to the insurance market,” he said.
On his part, Clarkson
Tanzania Managing Director Mr Patrick Marimo said the company was set to bring
difference in the insurance industry by bringing about innovative products and
services that suit the indigenous population.
“We want to educate the
public and bridge the huge insurance gap in the country by bringing unique
products and services,” he said adding that the use of technology will be
highly prioritized.
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