Insurance Companies and their Functions

1.1. The insurance companies


These are non bank financial institutions which provide social security’s to the people [customers] against various risks e.g. insurance against road accidents, insurance against fire and insurance against theft.


There are many insurance companies in Tanzania most of them were established after the reproduction of privatization policy in 1991 the most famous insurance company is the nation insurance company [NI] that was established in the 1960s.


1.1.1. Functions of the insurance companies


To provide compensation against various risks such as fire, car accidents and theft. This service can help the customers to rejuvenate their businesses when they face damage

To invest in productive sectors such as buildings and to enhance social welfare of the people

To provide employment to the people so as helping them to have reliable source of income

To collect contributions from the customers or clients under special agreements

Melkisedeck Leon Shine

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