Market Update: Growing economy requires powerful insurance protection – Full Analysis

DAR ES SALAAM: THE insurance sector, together with the broader financial sector, has been recognised as playing a significant role in promoting national economic growth by protecting property, businesses and the lives of citizens against various risks.

The remarks were made yesterday in Dar es Salaam by the Minister of State in the President’s Office – Public Service and Good Governance, Mr Ridhiwani Kikwete, while speaking at an Iftar event organised by Zanzibar Insurance Corporation (ZIC) for various stakeholders.

Mr Kikwete noted that in today’s business and investment environment, no economy can grow without a robust insurance system capable of protecting investments and managing risks.

“Investors need a safe environment in which to conduct business. Therefore, insurance institutions play a crucial role in ensuring economic growth by safeguarding assets and development projects,” he said.

He commended President Samia Suluhu Hassan for her leadership in strengthening the nation’s environment for development and investment.

On a related note, Mr Kikwete praised Zanzibar Insurance Corporation for its contribution to providing insurance services that protect citizens’ assets, businesses and development projects.

He emphasised that such efforts have strengthened the insurance sector while also improving the welfare of citizens and the national economy as a whole.

He further stressed that national economic development cannot be achieved by a single institution alone, but requires cooperation between the government, private sector and other development stakeholders.

He called on citizens to continue safeguarding peace and to use the holy month of Ramadan to pray for the country’s continued stability, unity and development.

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Meanwhile, the Acting Director of General Insurance at Zanzibar Insurance Corporation, Mr Sabri Omar Ali, said the insurance sector is a vital component of the financial system, contributing to national economic growth by protecting citizens’ property and investments as well as those of institutions.

He noted that the success of any institution depends on collaboration with various stakeholders, highlighting that ZIC continues to work closely with its business partners, including banks, agents, brokers and public and private institutions.

“Through this cooperation, we can expand the scope of our services and ensure that insurance reaches more citizens,” he said.

Mr Ali added that the corporation has also collaborated with financial institutions to promote bancassurance services, enabling citizens to access insurance through the banks they use.

According to him, such partnerships have significantly strengthened the insurance sector and increased public awareness of the importance of insurance in protecting lives and property