Transforming the Insurance Landscape in Tanzania: UNDP IRFF, ILO Impact Insurance, and ACISP Collaboration Reinvents Inclusive Insurance Perception and Product Development
May 24, 2023
UNDP’s Insurance and Risk Financing Facility (IRFF) and ILO ‘s Impact Insurance Facility, in collaboration with the Africa College of Insurance and Social Protection (ACISP), have launched a ground-breaking programme to transform Tanzania's insurance market: ‘International Certification in Inclusive Insurance’. With a focus on inclusivity, this initiative aims to cater to the diverse insurance needs of under-insured and underserved communities, revolutionizing the way insurance is delivered in the country.
Designed specifically for Tanzania, a country experiencing steady growth in the insurance sector, this programme seeks to strengthen the capacity of the insurance industry, promote innovation, and expand insurance coverage. By providing affordable and accessible insurance solutions to vulnerable populations, the programme aligns with the United Republic of Tanzania's Financial Sector Development Masterplan 2020-2030 vision of increasing insurance penetration and contributing to the country's GDP.
Tanzania government aims to reach insurance GDP contribution of 3% (Africa coverage) by year 2023/24 and 5% by year 2030 close to global average.
Recognising the importance of imparting knowledge, the ILO's Impact Insurance Facility has great hopes for the potential of Tanzanian insurers to contribute meaningfully to social and economic development. ILO emphasized, "We believe that this programme will be transformative, fostering inclusive and impactful insurance solutions that protect vulnerable populations and contribute to long-term resilience while addressing the Sustainable Development Goals (SDGs)."
Underlining the significance of the partnership, the ACISP Executive Chairperson, Sosthenes Kewe, stated: "ACISP is sure that this partnership and the programme will be part of the insurance industry transformation in Tanzania."
Through strategic capacity building, partnerships with local stakeholders, and the introduction of mass insurance products tailored to specific needs, such as weather risks for small-scale farmers, this programme aims to unlock the full potential of the Tanzanian insurance market. The impact of the initiative will be carefully evaluated to ensure its effectiveness and to measure progress towards achieving the Sustainable Development Goals (SDGs).
The partnership between UNDP, ILO Impact Insurance, ACISP, and their collaborators is poised to be a game-changer, revolutionizing insurance markets and fostering inclusive and impactful solutions. By empowering vulnerable populations and contributing to long-term resilience, this programme aims to protect those most in need.
Acknowledging the transformative power of knowledge, the programme includes comprehensive training modules, equipping insurance suppliers with a customer-centric approach to design and deliver inclusive insurance solutions. It also offers opportunities for organizations and individuals to acquire internationally recognized certification as qualified inclusive insurance experts, ensuring a skilled workforce capable of driving positive change.
To learn more about this transformative initiative and its impact, visit the programme webpage. Together, let's empower Tanzania and build a more inclusive and resilient future through innovative insurance solutions.