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Francois van der Merwe

CEO, Strategis Insurance Tanzania

“The economy is quite small, making the affordability of insurance the biggest challenge. Luckily, the cost of healthcare is pretty low in Tanzania, because the level of care is not yet uniformly sophisticated. This makes it still affordable and at a low level, relative to many other countries. As more specialists move into the country or return from abroad, the quality of care will increase and, with that, the cost base will increase over the next few years, as it did very rapidly in Kenya. Graduates who move abroad become specialists, and upon returning bring back technology and expertise. The premiums we charge are much lower than those observed in the developed world. I am sure that this market would not sustain the premiums that would have to be charged for a higher level of care.”

Julius Mugabe

CEO, African Life Assurance Tanzania

“As an economy develops, the standard of living improves and there is a need to protect the wealth that is being created in the country. Without an effective insurance market, any progress achieved could be wasted, since a sustainable wealth creation model requires a strong insurance market. Individuals, too, require the security of insurance coverage, as do businesses. Where an economy is increasingly building up its middle class, this should in turn be reflected in the volume of insurance purchased. The low consumption of life insurance can negatively impact the nascent middle class in the years ahead. You would expect your children to enjoy the fruits of your efforts, and a lack of financial security puts this in jeopardy. Even people at the lower end of the pyramid can benefit from life insurance, as without financial protection they could end up worse off.”

Raju Dave

CEO, Raju Dave

“With the growth of the country, more and more multinationals are coming to Tanzania. These companies require in-depth solutions for their businesses. That is where the broker plays a part, and AON Tanzania can easily add value there. The complexity of the risk involved must be assessed. Until 1990, ours was a closed economy, where industry was under-developed. AON brought in products that were much better suited to the needs of multinationals. When there is a lack of capacity in the market, AON can find this capacity overseas through its global network of insurance companies to ensure that the local industry remains supported. This is where we play our part by arranging adequate cover overseas.”

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