CRDB gets full-fledged insurance firm license

CRDB Bank becomes the first lender and 33 insurers in the country to obtain an operating license for general insurance from the regulator.

The lender, one of the largest in the country, to have a full-fledged insurance subsidiary, CRDB Insurance Company (CIC), and received a license in a short ceremony in Arusha.

The Tanzania Insurance Regulatory Authority (TIRA), Insurance Commissioner, Dr Baghayo Saqware, said the bank grew from being an agency to now a full-fledged insurance firm.

“It’s great to see CRDB grows from one stage to another,” Dr Saqware said, “I believe that within the next five years, you will go to another step greater than this”.

TIRA Chief said CIC was a new child in the insurance market and yet another for CRDB in the financial market in the country.

“There is a great opportunity for you to grow in our market,” said Dr Saqware.

TIRA is confident that CIC will support the implementation of the government’s goal of increasing insurance service penetration by at least 50 per cent by 2030 from the current 18 per cent.

“The government has passed a law to make certain insurances mandatory, including for buildings, contractors, health, and vehicles.

“If you are able to come up with a strong strategy to properly exploit these areas and serve at least 30 per cent, will become a young insurer and become one of the largest in the country,” he said.

CRDB Group CEO and Managing Director Abdulmajid Nsekela said it was a great pleasure to obtain the license for general insurance services shortly after getting another license to provide banking services in the Democratic Republic of the Congo (DRC).

“CRDB has a long history of doing insurance business for the past 15 years from an agency to a full insurance firm,” Mr Nsekela said while receiving an insurance license.

He said CIC will focus on the creation of general insurance products and services based on the best and quality standards while centring to reach the majority.

CRDB’s CIC Managing Director Wilson Mnzava said is fully prepared to come up with innovative insurance services, especially in the agriculture sector.

“I promise you Mr Commissioner that we will work closely with TIRA to improve services and meet the expectations of the insurance industry in general,” Mr Mnzava said.

TIRA data showed that the insurance firms after CRDB reached 33 while there are 1500 insurance agents and 32 banks offering bancassurance where five banks issue insurance through a digital platform.