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| Mr Kamuzora |
The National Insurance Corporation’s (NIC) revenues from life insurance
increased to 11.33bn/- last year from 9.37bn/- in 2009 following reforms to
invigorate the public firm.
According to a press statement released in Dar es Salaam over the
weekend, NIC garnered over 15bn/- from non life insurance, an increase from
11.69bn/- in 2009.
“Despite competition in the sector, returns in the insurance company
has increased considerably particularly after the initiation of reforms,”
stated the report, outlining the success recorded in just two years of the
reforms.
An evaluation by Ardhi University put the market value of NIC assets as
of 2008 at 96.9bn/- while tradable non core assets were estimated at 32bn/-.
The corporation collected 37bn/- from the disposal of assets bought by
various government institutions and parastatal organisations. The collectable
amount helped in settling outstanding 28.6bn/- debts to its clients.
By June this year, about 18.71bn/- and 5.96bn/ had been paid to clients
on life and non-life insurance.
“The Insurance firm is continuing to settle new clients’ claims on the
ongoing business, building up the lost public confidence,” stated the report.
Furthermore, the report portrays that part of the money used to settle
debts was also used to install the information technology (IT) based system to
increase the efficiency of service delivery. A consultant has already been
picked for the provision of the IT services.
The insurance firm is also seeking to establish a data clean-up system
that will be incorporated with the IT system to be installed.
The company’s business plan for 2010-12 was yet to be implemented due
to delays in the disposal of its assets.
Source: The Daily News,http://www.dailynews.co.tz, reported by Sebastian Mrindoko
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