Interesting facts about insurance in Tanzania

Insurance is usually one of the surest ways to get protected from impending loss. Life is so unpredictable and we never know the moment we walk out of our offices and head home. A lot could happen within a very short span, and without an insurance cover, you may end up incurring a lot of losses that you did not foresee. Among those losses may be your life. While it may not matter to you what happens upon death, it matters to the people around you, especially if you have a family that depends on your providence.

Tanzania has a lot of interesting facts about their insurance. This is one of the countries where the extents of their insurance cover go beyond the bounds of social classes. While it is possible to note all these facts, the following 5 are what you probably didn’t know about insurance in Tanzania:

  I.Over 40 insurance companies and 156 insurance brokers

Tanzania boasts of having well over 40 insurance companies with more than 156 insurance brokers. By 2016, the numbers were at a staggering 30 and 112 respectively, but over the two years that have passed and toward the end of 2018, a lot has changed and the development is quite interesting.

Having such a huge number of insurance companies in a country that are privately owned says a lot about how well the people there know the importance of getting yourself covered, and just how much they embrace it! Often, you will find that with the introduction of technology most people have become ignorant of some of the most critical developments across all industries. Insurance is one thing that the people in Tanzania have not taken for granted!

  II.Importers have to buy insurance online

Most if not some of the countries especially in Africa have not yet implemented import insurance. While this is very important for the cover of the goods you bring in from outside the country, most countries have ignored it. How can you tell a country’s development but from the strategies they set to protect both their citizens and tourists!

It is important to note the criticality of insuring imported goods. Furthermore, we always if not often, look at these goods from a citizen’s perspective, but forget to think of tourists who stay in the country for well over 5 months and may import some goods from outside. It is important to set good standards for both the citizens and tourists in this case, therefore. Tanzania took this a notch higher by introducing this kind of introduction about 2 years ago and establishing an online portal for its acquisition. Interesting? Definitely is!

 III.The hierarchical health system

This is probably by far one of the things you do not often come by. Tanzania’s health system operates in a hierarchical system. This means therefore that the system closely follows the political-administrative system in the country. Thus, for every administrative stage, down to the villages, there is a health system.

It could be common in some countries but think about the extent of this system’s reach. I bet it is not in all countries that you find dispensaries and health centers in villages. Now, with this health plan stretching all the way to reach out to all the people including the ones living in rural areas, insurance companies saw the need to get incorporated into it too.

Therefore, you will find that in most healthcare centers in the country, there is a health insurance cover provided for the patients to get subscribed to. This enables even the poor individuals and the elderly who earn little to nothing at all, to receive quality healthcare at a relatable lower cost, with some costs being covered by insurance companies that they are subscribed to.

  IV.International standards of insurance

Expecting less from an African country? You should not! When it comes to service delivery, it doesn’t really matter from which part of the world you come from. What is more important is the quality of services that you provide. Tanzania’s insurance industry has been noted to be of international standards. Therefore, as you enter your engagement with a particular insurance cover depending on your preference, you are assured of one important thing; quality.

Why quality is necessary for all dealings and especially in the insurance industry is because insurance covers not only property but also life. Life is the most precious of possessions, and being covered by an insurance company with which you can’t trust, is like putting your life in the hands or mercies of someone you do not know. Tanzanian insurance companies offer quality and trustworthy services. It is for a reason that the country has managed international standards in insurance anyway.

 V. Only one state insurance company

This is one of the most interesting facts about insurance in Tanzania. You will often come across countries with at least two or more state insurance companies, but not Tanzania. The country boasts of several privately-owned insurance companies, and only one state insurance; National Insurance Corp.

There definitely is a reason for this, and whatever it is, it has ensured the smooth running of the insurance industry over the years. Tanzania has been able to maintain a good profile especially in terms of insurance, despite the fact that 99% of them are all privately owned. This is a good thing for a country that knows what they need and what will work best for its citizens.

Conclusion

Insurance, as has been noted with high regard, is the best way to feel safe and covered from losses. However, some losses as inevitable as they are, are not easy to recover from, and others are even quite impossible. The good thing in such cases is that there is always a cover for every situation, even when it comes to death or such permanent losses.

Waiting has never been good for anyone, especially when the best services around are just before your eyes. The level of transparency of insurance companies is astounding. Therefore, worry less. If you’re still in doubt about the best insurance cover for you, you can always find out more from people and even the web which nowadays provides answers to all life’s questions.

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Financial Services Tanzania , Financial Services Tanzania , Financial Inclusion , Financial Inclusion ,FSDT, FSDT,

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