TIRA EYES TO EXTEND INSURANCE COVER TO FARMERS IN RURAL AREAS - FINANCIAL-24 - about Business news, FINANCIAL-24, we has prepared this article well for you to read and retrieve information in it. Okay, happy reading.

TIRA EYES TO EXTEND INSURANCE COVER TO FARMERS IN RURAL AREAS - FINANCIAL-24

IN an effort to ensure sustainable development of industrial economy in the country, Tanzania Insurance Regulatory Authority (TIRA) plans to open more access to insurance to cover all farmers in the country.

The plan will go in line with opening of micro insurance for ordinary citizens towards ensuring all the citizens are protected. The Director of Market Development and Research with TIRA, Ms Adelaida Muganyizi, made the revelation in Dar es Salaam yesterday during a training programme for supervisors and regulators for insurance products in Sub-Saharan African Countries.

“We are (TIRA) set to open and drive on the promotion and penetration of various insurance especially for farmers and ordinary people to protect them against calamities that may occur,” she said adding that the move also supports in the sustainability of industrial development.

She also said that the authority has set up a national insurance education strategy to create public awareness on the insurance being offered, how to access insurance and its policies.

Speaking during the five day training programme, the programme Coordinator from the Global Leadership in financial supervision, Toronto Centre, Mr Salvador Chang, said that the penetration of insurance to ordinary citizens in Africa is still very low.

“The majority of citizens in Africa are low income earners, with most of them being employed in informal sector and thus have been excluded from the insurance that is currently offered,” he said adding that the training aims at training supervisors and regulators of insurance to increase insurance products to the ordinary citizens.

Mr Chang said the supervisors and regulators will help change the way insurances are being operated to promote the micro insurances market to cover the low income earners, traders, artisans and the rest.

He said the current insurances are commercial insurances that are designed for the people that earn salaries and operate in bank accounts, excluding low income earners who are the majority in African Countries.

The training scheduled to end today involved participants from eleven countries including Ethiopia, Malawi, Angola, Mozambique, Kenya, Lesotho, Rwanda, Gambia and Tanzania.

DailyNews

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