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.
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