Britam opens Arusha outlet

@steveumidha

Financial services company Britam Holdings has opened its eight outlet in Tanzania as it seeks to increase market share in the country.

Britam has expanded operations in Arusha, bringing to eight the number of branches in the country, with offices in Dar es Salaam, Mwanza, Dodoma, Mbeya, and Mtwara, with more branches expected to be opened in the near future.

The branch will serve as an outlet for the company to reach the untapped markets in the Northern zone of the country, where insurance penetration is still low and will offer an array of services and products in insurance, asset management, banking and property.

“Britam plans to roll out more offices in the rest of the country, and offer our customers a bouquet of financial services with ease and convenience, all  under one roof,”  said Mr Stephen Wandera, Principal Executive Director, Britam Holdings Ltd.

Wandera said the move was part of the group’s overall strategy of expanding its general insurance business and widening its foot print in Tanzania, while tapping into the un-insured segments of population.

Insurance business in Tanzania has continued to operate under a liberalized environment. In the wider national economy, insurance serves as a financial intermediary worth over TZS 500 billion.

“In the last five years, the insurance industry in Tanzania has recorded an average of 19 percent growth. And in the intermediation sector, insurance has posted the highest rate of growth higher than the national GDP, with the potential to become one of the largest sectors of our economy,” said Mr Stephen Lokonyo, Chief Executive Officer Britam Insurance Tanzania.

Available figures indicate that, insurance industry in Africa and Tanzania in particular has witnessed an upsurge in recent years, with Tanzania becoming a key regional emerging insurance market.

The company said it was betting on Tanzania’s policy framework  to help further develop the insurance sector in the country