Petroleum Africa
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Tuesday, July 29, 2014
Tanzania will underwrite at least $20 million in insurance premiums annually from the hydrocarbon sector over the next few years. The Commissioner of Insurance Israel Kamuzora highlighted that other hydrocarbon-rich countries like Nigeria have provisions ensuring insurance services to be provided locally.
Kamuzora said that in 2010, 30 companies in Nigeria had underwritten over $200 million in premiums from companies involved in the industry. However, the country needs the right legislation to help local insurers such as implementing a clause that directs all firms operating in the oil and gas sector to use local insurers. He added that local insurance companies through the Association of Tanzania Insurers (ATI) are aware of the impending challenge and have initiated the process of forming the Oil and Gas Pool (OGP) so that they can handle such lucrative covers collectively.
Peter Ilomo, chairman of the Tanzania Insurance Board, said the country had 29 insurance companies including one re-insurer, 89 brokers, 304 agents, and 45 loss adjusters. He said that the sector’s performance was satisfactory in 2013 as the industry grew by 17%.
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