The Tanzania Insurance Regulatory Authority (TIRA) has used the Fifth Local Content Compliance Forum (LCCF 2026) to educate stakeholders on the importance of insurance in enhancing resilience and sustainability in the country’s mining sector.
Speaking during the forum, TIRA Lake Zone Manager, Mr Oyuke Phostine, said insurance plays a critical role in ensuring that mining operations remain stable despite various risks and unexpected challenges.
He explained that insurance protection helps reduce financial losses arising from unforeseen events, allowing mining companies and other stakeholders to recover quickly and continue operations without prolonged disruptions.
“Insurance is an important risk management tool for the mining sector because it provides protection against different challenges that may affect investments and production activities,” Mr Oyuke said.
He noted that more than 18 types of risks can be covered through insurance policies, including environmental rehabilitation after mining activities, workplace accidents, fire incidents, machinery damage, and third-party liability claims.
Mr Oyuke emphasised that proper use of insurance services is essential for protecting investments and supporting sustainable growth in the mining industry, which remains one of Tanzania’s key economic sectors.
He added that TIRA will continue working with insurance providers to ensure they develop products that respond to the changing needs of the mining sector and address emerging business risks.
The LCCF 2026 forum brought together stakeholders from the mining industry, government institutions, private sector players, and service providers to discuss ways of strengthening Tanzanian participation in mining activities.
Through its participation, TIRA said it will continue increasing public awareness on the value of insurance and promoting wider adoption of insurance services as a tool for safeguarding investments and supporting sustainable development in Tanzania’s mining sector.
