Insurance: Zanzibar Insurance Corporation

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The field report aims at giving description of skills, tasks performed, experience and knowledge obtained in the field through elaboration of activities performed in the organization such as underwriting insurance risks like motor insurance, property insurance and fire insurance with adjacent claim settlement procedures when a claimant has a claim with the company. This all aims to reflect the academic competency of the scholar. The field work was conducted for a period of eight weeks at Zanzibar Insurance Corporation.

This field report includes The over view and background of the Zanzibar insurance corporation also gives insight on the primary functions structure and business of Zanzibar Insurance corporation and a review of the industry all found in the beginning of the report. It further includes description of work done at Zanzibar Insurance corporation tasks undertaken and the lessons learnt from each of the tasks undertaken. It reviews the key academic theories learnt at the Institute of finance management with their relation to the Insurance market.

The report gives elaborative insight of the skills learned and enhanced while in the field and a review of how the experience has affected career plans and ambitions. Also various literature are reviewed and cited in the report that are related to the key tasks performed which contain key academic theories and a demonstration that the knowledge is relevant and up to date .lastly it provides a conclusion and essential recommendations with final references that have been used for the preparation of the field report.

The insurance companies play a significant role in the insurance market as they ensure the transaction of insurance business by providing covers for risks that may lead to losses thus a need for insurance .These companies are professionally and legally recognized entities .it is expectant for them to provide good services according to their profession, follow and adhere to rules and regulations that are set by the TANZANIA INSURANCE REGULATORY AUTHORITY in order to operate under maximum efficiency.

During underwriting the companies should apply risk management techniques of risk identification, and evaluation so as to properly treat the risk by suggestion of the proper covers .A high level of utmost good faith should be observed in order to remove all chances of fraud and misleading of one party to another The insurance companies must assist the clients during the claim settlement and observe proper claim management to ensure that the clients get their loss indemnified according to the type of cover they have.

During the time in the field, I observed some few weaknesses which should be rectified in order for proper development of the insurance industry. Low access to insurance services: Most of the rural areas of the country have not been reached by insurance services. This is due to the absence of Policy framework to require insurance players to extend their business to the masses especially those in the rural areas. Low Underwriting Capacity of the Insurance Industry to Participate in Key Emerging Economic Sub-Sectors: Low technical and financial capacity of the local insurance industry to participate effectively in insurance of risks emanating from new emerging economic sectors such as Oil and Gas will lead to fronting of significant insurance placements to offshore insurance companies, thus reducing financial resources to be retained locally for economic development. Low use of insurance by Government and its MDAs as a risk management tool: Most of the Government assets go un-insured against such risks as fire, burglary, theft, etc. This exposes the Government and its MDAs to irrecoverable losses which would otherwise be met by insurance companies had they been insured.

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