Dr. Baghayo A. Saqware, currently working as an Executive Chairperson and Founder of ‘Africa College of Insurance and Social Protection’ (ACISP)
1.How is the state of the insurance sector in Tanzania during the COVID-19 pandemic?
The financial and business impact resulting from COVID-19 to the Insurance sector will take time to assess. However, I can safely argue that the industry is generally well prepared for major loss events, including pandemics based on capital base and reinsurance frameworks in place.
2.Are you optimistic about the future of the sector post pandemic?
Yes, you need to recall that the effect of COVID 19 specifically for insurers will includes a surge in health, travel and business interruption claims, pressure on sales from reduced business activity, and less use of face-to- face channels. These alone, have managed to increase insurance awareness to the general public. The willingness and capacity to purchase insurance services will remain to be tested and will depend on the effective marketing and introduction of innovative insurance products.
For example, it is estimated that the purchase of health insurance will increase with the deployment of telemedicine and remote assistance systems. The more teleworking, the more cyber attacks. Looking at the current teleworking landscape, it is expected that there will be an increase in the hiring of cyber security and cyber insurance tools to maintain the confidentiality of business and employee data. So generally, we expect new types of insurable risks with traditional risks fallout.
3.What needs to happen to support more growth both from a regulation and talent perspective?
The long term support for sustainable growth of the sector will be to undertake the establishment for Insurance Development Fund within the countries or at global level. The fund which will support the talent development within the sector and provide a platform for data and information exchange that will enhance regulatory capacity to develop appropriate regulation for inclusive insurance.
4.What is your top tip for the next generation African talent who want to be successful in insurance like you?
My tips for future generations in Africa is that we expect a change in the way of taking out insurance is expected, young people will be increasingly interested in taking out insurance, especially life and travel insurance with specialized coverage in Covid-19 situations. This will require young generation undertake capacity building training with regards to new emerging issues.
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