Tanzania has launched TIIP, the country’s official Imports/Exports Insurance marketplace that enables Tanzanian importers and exporters, their brokers and trading partners overseas, to purchase marine cargo insurance in minutes, 24/7.
The portal was established by the Tanzania Insurance Regulatory Authority (TIRA) together with the Insurance Institute of Tanzania (IIT), following a requirement by the amendment of article 133 of the Insurance Act of 2009.
According to the amendment that was made in 2017 and that came into force in 2018, all imports by Tanzania citizens and Tanzanian legal persons/companies, whether by road, rail, sea or air, must be insured by insurance companies registered in Tanzania.
TIIP automates the process of underwriting the marine risk for goods from the foreign warehouse or port all the way to the inland destinations.
All goods and commodities allowed into Tanzania, over 5,500 specific types of goods are insurable.
The portal’s interface allows all forms of traditional, mobile and funds transfer modes of payment, including Mobile Money (MPesa, Airtel Money, Tigo, MTN), Bank Transfers on TT, EFT, and RTGS, as well as credit cards including Visa and MasterCard.
For Mobile Money payments as well as credit card payments, receipt of payment is acknowledged instantaneously and the certificate can be obtained as soon as payment confirmation is received and entered into the payment solution interface.
For RTGS, turnaround time is usually within half an hour while for Telegraphic Transfers and Electronic Funds Transfers, payment confirmation and certificate availability should take no longer than 48 hours.