New Year Message 2016

18 Jan New Year Message 2016

Dear Members,

I hope you all had a wonderful Christmas and I do wish you all a very safe and prosperous New Year.

As we close 2015, it is time for us to reflect upon our achievements and shortcomings of the year so that in the coming year we can all strive to do better not only for our own Businesses but also our Association and the entire Industry.

The support I have received throughout this year has been overwhelming and to the extent that I feel humbled to be President of TIBA – I would like to express my special gratitude to the Council Members who have guided and supported me throughout the year to ensure we made a mark in the Industry not only in Tanzania but throughout East Africa. A special note of appreciation to our Commissioner too who always assisted whenever we wrote to him and especially to his support on the short notice for involving TIBA in the license renewal process and lastly to the EAIBA and the Regional Presidents who supported TIBA with their experience and wisdom throughout the year.

Whilst TIBA made a number of achievements throughout the year, our most notable achievements were as follows;

a) We now have a full time running office at The Maktaba Complex which is manned by a full time Executive Secretary.
b) We held our 1st Annual Golf Tournament in February in which we raised an excellent number of funds to secure our office space and I thank all our supporters most sincerely.

c) We held various KPMG Training sessions for the members which I am sure every member found very informative.

d) We held our 1st Annual Brokers Day in October which was without doubt a highlight of the year.

e) We sponsored the IFM career day in May and have also signed the MOU with them to continue supporting them so that we can get a good crop of future industry leaders. The MOU will also assist us to analyze the curriculum of IFM and give our views and additions on the same, we also will now be on their panel for outside lecturers and any Broker with good material to share can speak at IFM to advise these young minds on the future of the Insurance Industry and how they can help to shape it. Industry attachments will also be formalized so that students get adequate experience before they come into the market so that they are well prepared for it.

f) We established our own website, and created generic brokers Adverts which appear in selected publications.

g) We held several meetings with TIRA on a number issues, including subscription collections where we were struggling, structured meetings with other Associations and the most challenging item of VAT on Insurance.

We have also been subject to Challenges throughout the year and the few that we are still fighting on and worthy of note are;

a) VAT on Insurance. I await members to give their contributions on this subject so that I can write to the Permanent Secretary on the subject and as an Association we need to make a stand as to whether we support VAT or not, if we support it then we only need to systemize it and if not then we need to give hard evidence on its negative effect, we only have till the 20th of January to send this letter so kindly do send your views and notes.

b) Premium Payments to Insurers and Rates: As much as I would like to comment on this subject, I still stand by my words at the beginning of the year, Rating structures and premium payment arrangements are prerogatives of The Underwriters, if an Underwriter agrees to undercut or give extensive credit then even in my position as President of the Association there is very little I can do or say for or against it, however, I leave you only with some food for thought, our existence as Brokers is 100% dependent on the existence of Underwriters, without their presence we cannot exist!

Thus, I only request that let us work for the betterment of the Industry and charge the correct premiums and forward payments as soon as received, their cashflow is important to them to pay claims – both ours and our fellow members and other intermediaries.

c) Broker Penetration Levels: The 2014 market report, Page 33, shows that as Brokers we control only approximately 58% of the market – the question I ask is, what is happening with the balance 40%+?? Our Association has over 130 members! Spread all throughout the Country and yet we are unable to control atleast 75% of the market? We need to work on this and as TIBA we would like to hear your views on how we can ensure further control of the market. Yes, Underwriters do go directly into the market but does that mean as Brokers we have now stopped going into the market? Do we now just sit in our offices and expect business to come in? Share your views on how you feel we can further our control on the market and I assure you TIBA will support the initiatives as long as they are in the betterment of the Industry and in benefit of every member of the Association.

I will be, in the coming weeks, circulating our calendar for 2016 so that you can all mark the dates and ensure your presence and support our activities.

The Future of TIBA looks very bright – I sit at council meetings and we all look at each other and ask ourselves, if we managed to achieve all this in 1 year alone, imagine where we will be in the next 5!

Plans are already afoot to adopt our own TIBA Magazine, a 2nd Annual Golf Tournament and 2nd Annual Brokers Day in Zanzibar, KPMG Training sessions and much more in 2016.

Let us support one another and the growth of the entire Industry and I am very certain that TIBA will become one of the strongest Associations in the Country.

I thank you all once again and wish you a very happy and prosperous New Year.

Thanking you as always for your support.

Yours Sincerely,

Mohammed Jaffer
President – TIBA

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