Africa-Press – Tanzania. ZANZIBAR President Dr Hussein Mwinyi has pointed out that in order for African countries to successfully implement economic reforms and promote the well-being of the people, it must have strong insurance institutions.
He said the strong insurance institutions will provide better services that are in line with the advancement of science and technology in the 21st century.
Dr Mwinyi made the remarks on Wednesday, at the opening of the ‘African Insurance Corporation Conference here, where more than 300 participants from around the world have gathered to discuss various topics in connection to the development of insurance business.
He said in building and developing a modern econ
omy, the existence of systems, rules and effective procedures for conducting insurance operations, remains essential to give investors the confidence and security of the capital they want to invest.
He said despite the development of the sector, Africa should continue to strengthen insurance, so that it can reach all groups of citizens engaged in various economic activities, especially in rural areas.
Dr Mwinyi said “We still have many citizens running their business without insurance coverage, so this is an opportunity for African countries to educate their citizens on the importance of having insurance…it is important to demand that insurance be affordable and timely, especially when they experience economic problems.”
President Mwinyi expressed his happiness with the topic on the need to increase efforts in delivering insurance services to more people to promote the industry, including health insurance, life insurance, as well as capacity building for executives.
“Zanzibar is also taking necessary steps, as the government aims to introduce health insurance, as a step towards strengthening the provision of health services to cover all people,” Mwinyi said, adding that the government faces challenges as health care in the country relies on government budget at 100 per cent.
It was also an opportunity for Dr Mwinyi to invite various insurance companies in Africa to come and invest in Zanzibar, noting the existence of many economic opportunities especially in the area of blue economy development.
“As we invite investors, we would like to have improved insurance services here because if there are huge investments in ports, fishing, oil and gas, and other businesses, it is better to ensure insurance services the investors need are available in Zanzibar,” Dr Mwinyi said.
Dr Mwinyi assured the participants that the Revolutionary Government of Zanzibar will continue cooperating and working with various insurance companies in Africa, to ensure that the goals of delivering quality insurance services to all citizens in both urban and rural areas are met.
Meanwhile, the Minister of State- Office of the President, Finance and Planning Jamal Kassim Ali said it is high time for the conference participants to discuss the importance of health insurance in the continent, in line with the Abuja Declaration.
Briefing the attendees about the blue economy concept, the Permanent Secretary Ministry of State- Office of the President, Finance and Planning Dr Malik Akil said the government believes that more efforts need to be taken to protect the marine and related resources to enable Zanzibar to achieve its goal of strengthening the blue economy.
The Deputy Commissioner of the Tanzania Insurance Regulatory Authority (TIRA) Ms Khadija Issa Said explained that despite the significant progress made in the insurance sector in Africa and especially in Tanzania, there are various challenges facing the industry, including low awareness of citizens, especially those in the rural areas.
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