 BACKGROUND |
The National Insurance Corporation of Tanzania Limited was established on 16th October, 1963, under CAP 212, Companies Ordinance by a capital of TShs. Five million owned by the Government of the Republic of Tanganyika, Munie Re, Swiss Re and Collin Hood companies. Due to 1967 Arusha Declaration; all the shares owned by foreign private companies were nationalised and placed under the Treasurer Registrar under the powers of Insurance (Vesting of Interests and Regulations) Act, 1967.
NIC has grown over the years into one of the most financially sound and reliable insurance companies in the African Continent.
It has its head office along Samora Avenue / Pamba Road in the city of Dar es Salaam, but its geographical spread is nation wide. With well-established Branch offices in each of the 20 regions in Tanzania and six branches within the city, NIC is really within easy reach of its customers.
Apart from its branch network NIC has an agency network comprising of almost 600 agents who service NIC customer throughout the country.
| GENERAL INSURANCE BUSINESS |
Fire
Miscellaneous
Motor
For the first time in decade, motor insurance registered underwriting surplus of Tanzania Shillings.
Marine
Before trade liberalisation most of the imports were made by government institutions, which ensured that their goods were adequately insured. In a liberalised trade many importers tended to assume risk by not insuring their imported goods. This had affected Marine by falling in imports during 1999, as a result of these there was a drop in direct premium.
Aviation
Aviation business showed some improvement from the previous year's performance.
| LIFE INSURANCE BUSINESS |
Life Insurance portfolio is categorised into two main classes of insurance;
Individual Ordinary Life Insurance
Group Life and Pensions.
Two more products were Medical insurance and Pensave. Medical insurance was launched so as to supplement medical costs and Pensave, as the name implies, was introduced to provide flexible savings arrangements.
| REINSURANCE |
The management is urged to strive hard to get more of the inward reinsurance business from other local insurance companies.
| INVESTMENTS |
During 1998, the Investment was made in properties, in equities and there was an increase in the bank deposits. |
By year-end most of the corporations long-term investments were held in properties, government stock and in equities.
Short-term investments were mainly held in bank deposits.
The investment income during 1998 compared to income received in the previous year; there was a decrease of 19%. Yield on investment was 9.0% whereas yield in the previous year was 11.4%. A drop of interest on short-term investments caused this all.
| CLAIMS |
Insurance business is about underwriting, investing the proceeds with the ultimate goal of paying claims. In recent times claims were on the increase both in terms of frequency and amount.
| STRATEGIC ALLIANCES |
At the international scene, NIC has over the years forged invaluable strategic alliances with some of the most reputable reinsures and reinsurance brokers in the world.
Chiefs amongst them are Munich Re, Swiss Re, Africa RE and PTA Re.
The first two have for many years been leaders in the NIC reinsurance treaties. NIC is a founder member of African Reinsurance Corporation and PTA Reinsurance Company. Our reinsurers are reliable and dependable security for any business underwritten by NIC beyond its own retention capacity.
| OPERATIONAL PHILOSOPHY |
The operational philosophy of NIC is that the interests of the shareholders, the customers and employees have to be equitably balanced. The profit motive is a driving force but it is not the only or the most vital factor for the continued success of NIC. The search for excellence in customer service coupled with a burning urge for continuous improvements in whatever we do distinguish us from others.
NIC exists for its customers. It survives and grows through its customers. We do not compromise the quality of service to our customers with anything. Our ultimate goal is to achieve a level of zero-complaint service by the year 2000.
The results? A truly high performance insurance company run by a motivated management team and employees who do not only smile at their customers but also make their customers smile. However, we realised our journey to the peak of excellence is long and taxing but we are confident of getting there.
We are on the right track. Just give us the opportunity to serve you.
| PRODUCT RANGE |
NIC is a composite insurance company. It transacts life assurance and pensions business as well as non-life business. Practically all the traditional insurance policies available in the London insurance market can be bought from NIC and at highly competitive premium rates. In addition, special covers for out-of-the-ordinary insurable risks can also be arranged on request.
We can also tailor -make your insurance policy to suit the individual and peculiar circumstances attendant to your business risks. The choice as to whether to insure in convertible currency or in Tanzania Shillings is yours but advice and guidance in this regard is freely available.
Our approach is that every business has its unique features, which call for individual treatment.
Our underwriters have the professional knowledge, skill and experience to identify the uniqueness of the risk you introduce to us. They prescribe the appropriate type and scope of insurance cover to ensure you enjoy sound sleep, free from worry.
Insured with NIC, you are well protected. |
