INSURANCE companies have been urged to be innovative as part of promoting the government’s plan aimed at enhancing inclusive insurance among Tanzanians.

Speaking in Dar es Salaam yesterday during the official launching of CRDB Bank Insurance Company, the commissioner of financial development, ministry of finance Dr Charles Mwamwaja said the government is targeting to increase inclusive insurance to Tanzanians aged from 18 years to 50 percent by 2030.

He called for the launched company to enhance its services to many Tanzanians in order to protect them from risks and uncertainty.

Dr Mwamwaja who represented the minister of finance Dr Mwingulu Nchemba said insurance sector is still in its infant stage and insurance companies need to increase public awareness in order to reach the government’s inclusive insurance by 2030.

He congratulated the company for collaborating with ACRE Africa in launching agriculture insurance because it is an important sector for the economy as it employs many Tanzanians.

“If you reach at the villages levels, you will help farmers to protect against crops and livestock risks and uncertainty, which will enable them to maintain calm. We need to know that excellent insurance services is the foundation of economic prosperity and it help to attract investments,” he said.

The Tanzania Insurance Regulatory Authority (TIRA) commissioner general Dr Baghayo Saqware has congratulated the bank for being the first in establishing the insurance subsidiary, urging the company to extend insurance services to more Tanzanians, which will promote inclusive insurance.

Dr Saqware said until the end of 2023, Tanzania has 12 million insurance users from six million recorded in 2022.

“Through the government’s efforts, including the establishment of compulsory insurance, inclusive insurance is expected to double, making it easier to reach out the targets,” he said.

“The government has introduced the oil and gas insurance consortium as well as agriculture and livestock insurance. I am sure that the existence of this company will enable retaining insurance premiums,” he said.

The company’s board chairman Omary Mwaimu told Dr Mwamwaja that the main objective of the company is to become the number one choice among Tanzanians through innovative services which will create opportunities to different groups of the society.