A PRESENTATION MADE AT A PANEL DISCUSSION ON “THE ROLE OF INSURANCE IN POVERTY REDUCTION IN TANZANIA” PANELIST: ISRAEL KAMUZORA COMMISSIONER OF INSURANCE Venue: J.K. Nyerere Hall Date: 26 th November 2013

Agenda 1)Insurance contribution to Economic Growth. 2)Current Best Practices in Insurance and their benefits to the poor. 3)Involvement of middle-income people in Insurance. 4)Initiatives for protection of Farmers (crop insurance)?

1)Insurance Contribution to Economic Growth: a)Measured as % to the Gross Domestic Product.(GDP). Source: Insurers’ Audited Annual Returns; BoT Quarterly Economic Bulletins, ; TIRA computations.

b)Measured as a Contribution to financial Intermediation Sector GDP. Source: Insurers’ Audited Annual Returns; BoT Quarterly Economic Bulletins, ; TIRA computations.

2)Current Insurance Best Practices and their Benefits to the Poor:- - see a Map of Micro-insurance coverage in Africa Source: McCord, Michael J. Presentation “Landscape of microinsurance in Africa 2012”

3)Involvement of Middle-Income People in Insurance : (Measured by the National Savings Ratio). i.e. Savings as a Percentage of GDP Source: Tanzania Bureau of Statistics

4)Initiatives for Protection of Farmers With assistance of World Bank, we are currently developing a methodology for delivering Agric- Insurance in Tanzania. Initial findings have shown that it is possible to develop a large scale Agric-Insurance program in Tanzania based on PPP Model. The World Bank has indicated to offer Technical Assistance under its Agriculture Insurance Development Program – AIDP and Global Index Insurance Facility – GIIF.

This will support the design and implementation of a large scale PPP for Agric-Insurance in Tanzania. Envisaged Time Frame for the program to be rolled-out is 2 years from now. Cont…

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