3. • A promise to compensate incase of an accident or
misfortune in exchange for consideration/premium.
• Risks Transfer Mechanism
• It is a legal Contract
4. INSURANCE HISTORY
• Just like everything Insurance has a
history,
• Let’s go through the brief scrumptious
history of Insurance.
5. The Great Plague -from 1665 to 1666
London was inflicted with a plague
that killed an estimated 100,000 people
—almost a quarter of London's
Population.
So many people fled the City and even
King Charles II of England, fled to Oxford.
The authority were totally defeated by
This epidemic then in 1666 the city was
almost destroyed by the great fire of
London!
London – City of Rats
6. Destroyed much of the City of London however the fire
put an end to the epidemic – Burned All rats in Town.
After the fire disaster, Londoners rebuilt their city and of
course without any rats !
Also, they took measure about better fire safety by
establishing a Fire building society and the Idea of
Insurance came out on how to pay for repairs.
And so, in 1680 the first insurance company, the ‘Fire
Office’ was set up by Nicholas Barbon
The Great Fire London 1666
7.
8. The Marine Policy
• 1688 Lloyd’s Coffee House opened in Tower Street, London.
• Merchant set and share ship and cargo risk due to Peril of the sea
and pirates.
• 1799 The loss of the splendid HMS Lutine
9. • 1858 The Lutine bell was salvaged and hung from
the rostrum of Lloyd’s Underwriting Room till now
• The Lutine Bell rang Once when bad news came from the sea so
underwriters to come and pay their risks shares. It rang twice means
a relief to merchants
• The bell is no longer rung as the result of a vessel becoming
“overdue”.
• Today, the ringing of the Lutine bell is generally limited to ceremonial
occasions, although in rare instances exceptions are made. For
example, the bell was rung following the terrorist attacks on
September 11 2001
10. LIFE INSURANCE
• The first life insurance policy was sold in London in 1583 William
Gybbons
• Women were not allowed to take Life insurance till 1920s
11. Tanzania Insurance Market
Now that we’ve talked about the origin of Insurance world wide, lets discuss the history of
Insurance in Tanzania
1. The National Insurance Corporation of Tanzania (NIC) (T)- 16th October 1963 with Government
ownership (51%) , while (49%) was shared by
• Munich-Re,
• Swiss-Re and
• Colin Hood Insurance Brokers Limited.
In 1967 Nationalized and till now is 100% owned by Government
2. Zanzibar Insurance Corporation-100% by SMZ established in 1967
In 1996 The Insurance Market was Liberalized and as of today, we have 31 Insurance
companies
3. In 1996 Brokers were allowed for First time
12. Pan Oceanic Insurance Brokers ltd started operation on January 2002
OUR MISSION
To be trusted advisors in providing protection and insurance
solutions to our customers.
OUR VISION
To offer independent quality advice on insurance solutions with " clients first"
approach.
To be the preferred partner of our principals.
To maintain a healthy working environment that offers fulfilling and enriching
experience for our staff and partners.
To excel in all areas of business with honesty, integrity and innovation.
13. About Us & Services
• 17 years with Tanzania Market
• Qualified Staff
• We represent the buyer of insurance
• We work with ALL Insurance Companies with
strong relations
• Claims settlement turn around period
• Understand your risks
• We specialize in custom designed policies (if
you have a unique problem, we probably have
the solution)
14. Aviation
Transport and Logistic
Shipping industries
Construction
Tourism and Hospitality
Agriculture
Education
Entertainment and Media
Financial Institutions
Mining, Energy and Gas
Sports
Real estate
Individuals & Retail
INDUSTRIES WE SERVE
15. Aviation Insurance
Health insurance
Business insurance- Fire
, Burglary etc.
Motor insurance
Marine hull and cargo
Terrorism and Political Risks
Personal insurance-
Accident /Property
Engineering and
Construction insurance
Travel Insurance
Life Insurance
INSURANCE
SOLUTIONS
16. We have MOU with some of the leading Insurance Company
that Guarantee speedy claim settlement depending on type
and extent of the claim.
In some cases, claim can be settled within 7 Days from the
date of intimation.
17. OUR PARTNERS/PROVIDERS
ALLIANCE INSURANCE
MAYFAIR INSURANCE
HERITAGE INSURANCE
SANLAM
GA INSURANCE
IMG GLOBAL
RELIANCE
THE JUBILEE
STRATEGIES
18. We are part of the wonderful associations -
TIBA(Tanzania Insurance Brokers Associations)
and IIT(Insurance Institute of Tanzania)
We are also fully automated by Imatic Solutions