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INSURANCE COMPANIES URGED TO DRAFT CONTRACTS IN SWAHILI - FINANCIAL-24

COMMISSIONER of Insurance of the Tanzania Insurance Regulatory Authority (TIRA), Dr Bhagayo Saqware, has urged companies in the industry to draft their contracts in Kiswahili for easy comprehension by their clients.

“It is high time insurers changed their contracts from English to Kiswahili language, this will not only make customers to understand the agreements easily but will as well promote the local language,” the TIRA boss remarked.

Dr Saqware made the call in Dar es Salaam during the launch of the first insurance contract in Kiswahili being championed by Mayfair Insurance Company Tanzania Limited. He was highly optimistic that through the contract in the local language consumers of insurance services will be in a better position to understand their rights and obligations when entering into agreement with insurance firms.

“Many people in Tanzania hardly understand English and thus make it hard for them to understand contracts drafted in that language, making it hard for them to understand their right,” he said.

Adding; “There are about 50 million Kiswahili speakers in Tanzania and about 200 million people in the East African region and beyond, the launch of Kiswahili contract gives a mileage to Mayfair Insurance.”

A Board Member of Mayfair Insurance Tanzania, Mr William Erio, was optimistic that the new arrangement would enable more Tanzanians to access insurance services. “It is apparent that many people would now be in a position to understand and make use of our services because of the Kiswahili contract,” Mr Erio, who is as well the Director General of PPF Pension Fund, remarked.

Mayfair Insurance Tanzania is among new general insurers to be licensed by TIRA. It has been operating in Kenya for over the past ten years and five years in Zambia. Just recently, it was licensed to operate in Rwanda.

Mayfair Insurance Kenya, which enjoys A rating from Global Credit Rating Agency of South Africa, holds 40 per cent stake in Mayfair Insurance Tanzania while the remaining 60 per cent is held by Tanzanians.

DailyNews

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