FIRST ASSURANCE COMPANY LIMITED LAUNCHES OPERATIONS IN TANZANIA

Finance and Economic Affairs Minister Hon. Mustafa Mkullo launching First Assurance over the weekend at the Movenpick hotel in Dar es salaam
Former President Alhaj Ali Hassan Mwinyi being introduced by Finance Minister Hon. Mustafa Mkullo during the First Assurance launching ceremony
traditional dances coloured the event Former President Alhaj Ali Hassan Mwinyi and other
dignitaries during the launching ceremony of First Asurance

Former Prime Minister and OAU Secretary General
Dr. Salim Ahmed Salim being introduced during the occasion

The Managing Director of First Assurance
Mr. Stephen Githiga delivers his welcome speech

First Assurance Director Mr. Ali Kassim pulls a vote of thanks

First Assurance Company Limited, a leading insurance company in the East Africa Region has expanded operations in the region as part of its five years strategic plan and launched operations in Tanzania.

The Tanzania branch was launched with a bang at a celebratory cocktail party on Friday night April 19 by the Minister For Finance and Economic Affairs Hon. Mustafa Mkullo (MP).

The event was attended by various dignitaries included Retired President Ally Hassan Mwinyi, the Commissioner of Insurance Israel Kamuzora, senior official of First Assurance Company Limited as well as various brokers and stake holders in the insurance industry.

‘’I am grateful for the invitation extended to me by First Assurance Company Limited to witness and preside over the launch of First Assurance Company in the United Republic of Tanzania. This is yet another important milestone on Tanzanian’s Insurance sector. The solutions offered by First Assurance Company compliment well the governments continued efforts geared towards the current Insurance services in the country,’’ Mkullo said in his address.

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’Tanzania’s Insurance Sector reform seeks to contribute to the improvement of our people’s wealth through better financial planning and management, which in turn will consequently contribute to a reduction in the Governments budgeting pressures. It is therefore true to say that First Assurance’s decision to invest in General Insurance is welcomed by the custodians of the country’s resources such as my ministry.

"I therefore wish to congratulate First Assurance for their decision to open an Insurance Company in Tanzania on their first regional expansion operations within the East African Community,’’ Hon Mkullo said.

Tanzania’s Insurance sector in the country is only a decade old and contributes 1 per cent to the country’s Gross Domestic Product and the growth of the sector must be cultivated and encouraged, Hon Mkullo added.

On his part the Chairman of First Assurance Company, Mr. Said Amin Shamo said First Assurance Company Limited will be sharing 80 years of experience in the market with customers, create employment and more freedom of choice for product service and price to customers in the region.

‘’We have two branches in Kenya and have the intention to open more in future, We have decided to open offices in Tanzania as part of our five year strategic plan and also take advantage of the growing regional market,’’ he said.

The company’s premium production last year was approximately Tshs 33 billion , he added.