STRATEGIS Insurance has launched ‘Mtetezi Agricultural Insurance’, a product to cover farmers against perils that affect crop production in the country.
Commissioner of Insurance in Tanzania, Dr Baghayo Saqware commended Strategis Insurance for coming up with an agricultural insurance product that will protect farmers across the country.
“Strategis Insurance has been largely investing in new products lately, and this is what we need in our market, but I also urge them to design other products that are required in the market,” Dr Saqware.
The group CEO of Strategis, Dr Flora Minja said the contribution of agriculture insurance in the overall gross written premium in 2021 was about 1 per cent only, believing that it is high time all key stakeholders come together to grow this line of business.
“There is a lot of potential, and I believe Strategis Insurance, as one of the key stakeholders has a role to play in making sure that farmers are guaranteed of getting what they expect to produce,” she said.
Dr Minja also emphasised the advantages of the new insurance as among others, financial protection, risk management, improved access to credit, business sustainability, and encouraging investment in agriculture and ensuring peace of mind.
Chief Executive Officer (Non-Medical) for Strategis, Mr Jabir Kigoda said the product was designed to ensure farmers receive comprehensive insurance that provides cover against all major perils, including drought, hails, flood, frost, windstorms, pests and diseases with the optional add-on of the Weather Index Insurance which cover floods and drought.
“We have currently seen several initiatives taken by the government towards improving the agricultural sector in the country.
The investments and plans that have been made have given stakeholders hope that the potential for the sector in Tanzania will continue to grow,” he said.
Source: Daily News