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Who
is an Insurance Broker ?
An Insurance Broker in Tanzania is a corporate
body consisting of professionals, providing
insurance advice, consultancy and/or placement
of insurances on behalf of clients. Insurance
brokers bring together insurance companies and
those who want insurance. They are most useful
to those needing several types of insurance
protection and to those whose large risks must
be divided among many companies.
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Why
we use an Insurance Broker ?
An Insurance Broker by virtue of being a
professional is better qualified to provide
you with solutions and/or advice on technical
insurance matters. An Insurance Broker is
also liable to you, the client by virtue of
an appointment. As such, they would place
your interest first instead of that of an
insurance company.
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What is the difference
between an Insurance Broker and an Insurance Agent?
Both are intermediaries. However an Insurance Broker
by virtue of appointment represents their clients whilst
an insurance agent represents their principals which
are Insurance Companies. An Insurance Broker would thus
be able to deal with any insurer/reinsurer locally or
globally to ensure that you get the coverage as per
your requirements.
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Is there any costs or
fees in appointing an Insurance Broker?
All appointments do not incur any consultation fees.
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Who governs the practise
of an Insurance Broker
All Insurance Brokers in Tanzania are licensed and are Authorised by the Tanzania Insurance Regulatory Authority-TIRA.
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