The role of insurance brokers in the development of insurance sector in Tanzania: a case of Britam Insurance Tanzania Limited.

The study examined the role of insurance brokers in the development of insurance sector in Tanzania. The specific objectives were to determine how the market coverage, brokers’ accessibility and awareness of insurance services created by brokers contribute in the development of insurance sector in Tanzania.The population from which the sample was drawn included insurance brokers dealing with Britam Insurance Tanzania Limited in Dar es Salaam. The data collected were coded, cleaned and processed using Stata version 12. The cross tabulation and the use of Person chi-square test statistics was used to check the significance relationship between the development of insurance sector and its determinant factors.The study found that market coverage through availability of several insurance products indicator, broker’s accessibility through the convenience of office allocation indicator and awareness of insurance service through broker’s involvement in providing insurance knowledge indicator are all proved to have a significant influence to the development of insurance sector in Tanzania. The researcher recommended that TIRA should create more awareness about insurance to the public. Rules and regulations of insurance should be well known to the insurance companies and insurance brokers. The insurance companies and insurance brokers should spread in all regions of the country a way in which the public will get to know more about insurance and purchase it. Claims processing time should be shortened but well done to avoid discouraging the clients.