Dar es Salaam, Tanzania:
The Association of Tanzania Insurers (ATI) has complained of a shortage of local actuarial experts, a situation caused by high cost of obtaining international certification.
Actuarial experts are responsible for analysing the industry trend to calculate risks, premiums and design new products for insurers.
Insurance firms mostly use foreign experts, but new regulations require them to use local independent actuaries.
“We don’t have a local certified independent actuarial specialist in Tanzania…The few experts are already employed by various companies,” said ATI chairman, Mr Khamis Suleiman.
He said many insurance companies in the country that have relationships with international insurance companies did not see the importance of having a local actuarial department, but the new rules force them to use the local independent experts.
“The new rules for the management of the insurance sector force all companies to have an actuarial department and use independent experts who will have the task of giving opinions on the conduct of the company and how the customers can be served,” said Mr Suleiman.
As a solution to the challenge, The Muhanna Foundation has now introduced an examination centre in Tanzania in an attempt to reduce the cost of seeking international accreditation.
The organisation’s executive director Ibrahim Muhanna who is also a member of the actuaries, said certification takes up to seven years and the easiest part for a Tanzanian to sit for the exams was in South Africa or England.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
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Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
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At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
