Tanzania: Livestock Insurance Slated to Become New Product in Market
Introduction of livestock insurance is expected to feature as Tanzania Insurance Brokers Association (TIBA) holds its annual conference in Bagamoyo from tomorrow.
The introduction of the livestock insurance expected to promote local leather industries, given the fact that Tanzania ranks the third in livestock population behind Ethiopia and Sudan.
The Association's president, Mr Amir Kiwanda said in Dar es Salaam yesterday TIBA would convince members to introduce livestock insurance, in the name of not only promoting small-scale livestock keepers but also the national economic growth through leather sector.
He further said that, just as it has been advised for smallscale farmers to be in groups so that they can be easily reached for insurance services, the same approach should be applied to serve the livestock keepers.
Themed: "An inclusive Insurance Market in Economic Growth and Poverty Reduction" the meeting is also expected to answer the key challenges that the industry has been addressing, including an increase in coverage to majority of the Tanzanian population.
According to the president, the National Financial Inclusion Framework II (NFIFII) envisages insurance coverage of 50 per cent of the adult population by the year 2028.
He said that, the framework was derived from the Five Years Development Plan which in section 6.2.4 provides for innovation in research mobilization, increase competition and efficiency and enhancing of quality and choices in the financial space among others.
Exploring opportunities in Micro insurance: Overcoming challenges in modern insurance intermediation, Leadership: Challenges and productivity to business as well as the Future shape of the Tanzania Insurance market: Regulatory and industry perceptive, are also part of the topics to be discussed in the meeting, whose participants are expected to be about 300, from across the east Africa.