TIRA directed to diversify, increase public awareness

DAR ES SALAAM, Feb. 14 -- DEPUTY Minister for Finance and Planning, Dr Ashatu Kaijakiahas directed Tanzania Insurance Regulatory Authority (TIRA) to diversify its products and increase public awareness if is to increase the insurance sector's contribution to the national GDP.

TIRA had announced its target to improve its pen0etration by 3 per cent, further increasing revenue collection by fivefold from the 2018's 691.9bn/-, but the minister said the target was "too shortsighted" considering the country's population.

According to the minister, the contribution of insurance to the GDP is 0.53 per cent and it covers only 15 per cent (4million people) of the targeted 27 million population.

"The contribution of the insurance sector for the pas...