The government is conducting feasibility studies focused on legal procedures, operations and the cost of establishing a national agriculture insurance scheme.
The proposed scheme, on which the government has been working for more than a year, would be managed under the agriculture insurance framework which was launched on 1 July 2023, reported The Guardian.
Deputy Minister for Finance Hamad Chande, speaking at an event on food systems held as part of the World Food Day celebrations, said, “The government through Tanzania Insurance Regulatory Authority (TIRA), the Ministry of Agriculture, and various stakeholders, is coordinating efforts to establish the National Agricultural Insurance Scheme via a consortium of agriculture insurance companies.”
The Agriculture Insurance Consortium was formed on 1 July 2023 to provide comprehensive insurance coverage for agricultural activities. The consortium is a collaboration between the government and the Association of Tanzania Insurers (ATI).
Dr Baghayo Saqware, Commissioner of Insurance at TIRA, stressed at that time the consortium’s role as a valuable platform for advising the government on establishing the proposed National Agricultural Insurance Scheme.