By Azania Post Reporter
HUNDREDS of life insurance practitioners across the African continent and globe will convene in Arusha city in northern Tanzania, next month to discuss development of the industry.
The African Insurance Organisation (AIO) seminar will be held from 1st November to 3rd this year, it would be officiated by the Commissioner of Insurance in Tanzania, Dr. Baghayo A. Saqware.
According to organizers, the Seminar will cover areas such as the key emerging issues for the life assurance development, product innovation.
Others are risk management, information technology, mobile insurance, banc assurance, professional excellence as well as macro issues that look beyond the life assurance profession.
The theme for this year seminar which is held for first time in Tanzania is towards industrialization: The role of life assurance in driving sustainable economic development.
Experts say, there are only 5 companies in Tanzania offering life insurance with a population of 50m, while in a country like Ghana, there are 21 with a population of 25m.
This tells that there are very few buyers and that the insurance industry has to work together to develop the market. Another challenge in Tanzania is that banks as well as some financial institutions are doing self-insurance.
More players are expected to enter the industry, mainly offering individual life insurance. These will be big players with large capital bases and high skills.
Experts add that despite all the efforts made towards raising awareness of the insurance concept, the level of understanding in Tanzania is still very low.
Therefore, there is a need to educate people about insurance on a very basic level, currently insurance is an offer-driven product in Tanzania, i.e. we have to push the products to the people to increase the market penetration.
There are vast opportunities in the life and general insurance industry in Tanzania Nonetheless, there are vast opportunities in the life and general insurance industry in Tanzania.