Africa-Press – Tanzania. THE National Insurance Corporation (NIC) said it was focusing on wooing more Tanzanians to acquire insurance covers to enable the country’s insurance sector grow by increasing its coverage.
Currently, the NIC has 14 per cent market share in the insurance industry, according to the corporation’s Managing Director Elirehema Doriye.
He made the statement yesterday in Dar es Salaam during the launch of a new promotion for offering customers free fuel of up to 100 litres after purchasing new or renewing their insurance with the corporation to cover their motor vehicles and motorcycles.
“With nearly 60 years of existence, NIC has continued to motivate Tanzanians to purchase flexible and competent insurance service as part of insuring their properties and lives, and hence grow the insurance sector in the country,” he said.
Adding: “this is why today NIC has cooperated with Puma Energy Tanzania to announce to our customers the new offer of getting between 5 to 100 liters of fuel for those purchasing or renewing their insurance cover for their automobiles,” He clarified that the offer intends to benefit 5,000 customers who opt for comprehensive insurance coverage with NIC.
Dr Doriye added that the offer is available at over 50 Puma petrol stations scattered in different parts of Tanzania mainland and the Isles.
“After purchasing insurance cover, the customer will receive a short text message in their mobile phones directing them where to collect their offer, and the amount of fuel depends on the premiums purchased,”
He persuaded members of the public to develop a culture of insuring their properties, saying that NIC, which has over 57 years in the business, is an experienced institution and competent enough to assure that every person gets best service while growing the economy.
NIC also has diversified motor vehicle insurance covers through a product dubbed BimaFlex, a product which provides customers more flexibility and lower price when paying premiums.
The country’s insurance subsector is expected to grow from the current penetration of 0.6 percent to about 3 percent of the GDP by the year 2030, while population coverage is expected to reach 50 per cent of the adult population from the current about 4 per cent, according to the Tanzania Insurance Regulatory Authority (TIRA).
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