About eighty Sido Market businessmen in Mbeya, under the patronage of the Tanzania Insurance Regulatory Authority (TIRA) are being compensated with a lamp some amount of Tshs 1,538,653,057.08 by insurance companies after inferno touching their trading properties in August this year leaving them in anguish. 

While addressing the population attending the official ceremony of insurance compliance to the beneficiaries, Commissioner of Insurance Dr. Baghayo Saqware urged business community in SIDO market to take up Insurance product that will help them retain their capitals after unprecedented calamities.

Also, Dr. Saqware asked Tanzanians to shun off the negative beliefs that are/were rumored around insurance business in recent past, the stance is, this sector is well regulated by the Authority and all insurance companies doing business in Tanzania are supposed to delivery services in accordance with rules and regulations of the land.

In addition, Mbeya Regional Commission, Hon. Amos Makalla insisted that since the authority is the leading arm of the government when it comes to policies and regulation of the insurance market it is high time citizens to have confidence in insurance services

 “Properties worth around 14 billion were torched down to ashes within this market, had it been all the businessmen in here were insured, that loss would have not been of the intensity we registered” said Makalla. 

The Regional Commissioner requested the insurance companies registered to work in Mbeya to emulate the Commissioner of Insurance’s speed and standards so that many Tanzanians are benefiting from the existence of the insurance companies.

One of the beneficiaries, Mr. Erasto Sanga requested his fellows business community in Tanzania to go for insurance products that will give them cover in times of calamities. 

 “Fire incident occurred to mine four times, it was very bad in the year 2006 in Mwanjelwa when the market burnt, and I had no business cover at that time. I then got a reason to ensure my business. Thus, afterwards every time the market went on fire and reduced my properties into ashes my insurer was on the helping hand, said Mr. Sanga.