Reliance Insurance Company (T) Ltd.

Origin

Reliance Insurance Company (T) Limited was promoted in 1998 In the light of the opportunities offered by the privatization of the insurance industry. Local businessmen of repute joined hands with Pan Africa Insurance Company Limited of Nairobi, Kenya of infuse the envisaged initial paid - up capital of T.Shs.600 million. APA Insurance Limited, acquired the shares consequent to merger of Pan African Insurance and Apollo Insurance.
The company was among the first few companies licensed In 1998 and started operation October 1998. The company has been making steady progress and has built a strong financial base and reputation for strong customer oriented culture. The share holding in the company is as under:
APA Insurance Limited:34.00%
Tanzanians: 33.33%
Others Foreign Investors: 32.67%
One of the leading private non-life insurer in Tanzania offering wide range of products to cover all kinds of property and liability risk exposures like Fire, General Crime and Accident, Motor Vehicles, Cargo etc,. Committed to excellence in customer service and Corporate Good Governance.
Our Vision
To be the most preferred insurer among all insurers In Tanzania through Innovation and Excellence.
Our Mission
To enhance customer confidence and loyalty by offering reliable insurance protection at affordable cost backed by efficient services in an environment of team spirit and high standard of Corporate Governance.

Company Overview

Credit Rating

Global Credit Rating (GCR): 'A'

Our Auditors: PwC

Our Reinsurance

Currently our reinsurance program is led by Africa Re and the other reinsurers are East Africa Re, GIC Of India, Tan Re, PTA Re and Ghana Re.

Reinsurance is a critical factor for success of any insurer. Neither less nor excessive but just adequate is the guiding principle for the structure of our reinsurance programs.

We secure our reinsurances only with reinsurers who enjoy sound reputation in the international markets and rated highly by independent agencies like S&P (Standard & Poor) A. M. Best, Moody’s etc. Our reinsurers have confidence in our technical capabilities and therefore are very eager to participate in our programs. Our present reinsurers are:

Our Associates

A P A Insurance underwrites Health, Marine, Aviation and other General Insurance risks. Its offices in Nairobi, Mombasa, Nakuru, Kisumu and Nyeri employ over 130 well-trained professionals catering for the needs of the insuring public. The company has long established Re-insurance relationships through its professionals catering for the needs of the insuring public. The Company has long established Re-insurance relationships through its parent companies and has the capability of underwriting bigger risks due to larger treaty capacities

A P A Insurance is growing to be the largest underwriter of general insurance in the region with its associate company in Tanzania - Reliance Insurance Company Limited. By the end of 2005, it underwrote, in Kenya, gross premium income of over One Billion, Five Hundred Million.

Born from the merger of general businesses of Apollo Insurance Company Limited, and Pan Africa Insurance Company Limited, A P A Insurance Limited, commenced with a wealth of ninety years combined experience from the parent organisations. A P A Insurance Limited was incorporated in 2003 and commenced its operation on 1st January 2004.

Pan Africa Insurance Company Limited, was incorporated in 1946 in Mombasa as Indo - Africa Insurance Co Limited, it was the first insurance company to be listed on the Nairobi Stock Exchange in 1964. Pan Africa Insurance underwrote both life and general insurances.

Apollo Insurance Company Limited was the first locally incorporated insurance company, incorporated in 1977 in Mombasa. In 1981 the Nairobi office was opened and in 1997 it became its Head Office. Known for its innovativeness and dynamism, Apollo steadily grew and with the advent of the Health division in 1999, became one among the top 10 insurance companies in Kenya, in 2003 underwriting gross premium of over KShs. Eight Hundred and Fifty million in its general division.

Board of Directors

Mr. Leonard C. Mususa
Chairman
Nationality:
Tanzanian
External Profile:
Chairman - TBL
Mr. Munir Bharwani
Director
Nationality:
Canadian
External Profile:
MD, Director - Computer Centre Ltd
Mr. Murtaza Habib
Director
Nationality:
Tanzanian
External Profile:
Partner, Sadmur & Co, Certified Public Accountants
Mr. Ashok Shah
Director
Nationality:
British
External Profile:
CEO, APA Insurance Limited, Nairobi
Mr. Pratul Shah
Director
Nationality:
Kenyan
External Profile:
Director, I & M Bank(T) Ltd, ISP Kenya Limited and Car & General (K) Ltd, Consultant to APA Insurance Limited, Kenya
Mr. Bharat Ruparellia
Director (Alterate to Pratual Shah)
Nationality:
British
External Profile:
MD, Alldean Satelite Systems T2 Ltd Director, Calico Mills Tz Limited & several other Companies
Ms. Lucy Sondo
Director
Nationality:
Tanzanian
External Profile:
Senior Partner - Abney, Advocate
Mr. Tehsin Takim
Director
Nationality:
Tanzanian
External Profile:
Director Takim Holidays Tours and safaris Ltd

Management Team

Ravi Shankar - Indian
Chief Executive Officer

Ravi began his insurance career with New India Assurance, the largest Indian non-life insurance company. Held key leadership roles there including Country Manager for one of their Gulf Operations. On the eve of India's insurance market liberalization he joined Principal-a fortune 500 American insurance company and he was the CEO for their joint venture insurance broking project in India, along with the two of the largest government owned banks, the first of its kind in Asia. Subsequently he was invited to set up a new composite insurance company, Al Medina Insurance Company in Oman. Thereafter he became CEO of one of the country's largest composite insurance company and effected massive turnaround in their operations and profitability. He moved back to India in 2014 to initiate start up e-commerce ventures in insurance and customised holiday.

Ravi holds Post Graduate Diploma in Business Management from IMT, one of the premier business management school in India and is a Fellow of Insurance Institute of India. He has also qualified the mandatory exam for Principal Officer for Composite Insurance Broking Company of IRDA, the Indian insurance regulator.

Rukia Goronga - Tanzanian
Deputy CEO

An Associate from the Insurance Institute of India, Rukia is one of the longest serving and most experienced members of the Reliance team. A well-known name in the local insurance market, Rukia is very well versed with the diverse facets of non-life insurance business and its servicing. She leads a compact team on all matters concerning underwriting and reinsurance. Her flair for balanced & quick response together with customer centric approach stands her out from the group of insurance professionals in this market.

Ms.Flora Makule - Tanzanian
Head of Finance
Flora is an Associate Public Accountant (ACPA) Tanzania, and holder of Advanced Diploma holder in Accounting from the Institute of Accountancy Arusha and Master degree in International Business from University of Dar es Salaam. She joined Reliance in May 2018 from Akiba Commercial Bank plc where she served for more than 9 years. Prior to that, she worked as audit intern with Ernst & Young. Flora has a vast knowledge in Financial Management and Planning, Statutory Reporting and compliance matters in Financial Sector.
Ms. Joyce Bendera - Tanzanian
Head of Marketing
Joyce is a degree holder in Marketing from College of Business Education (CBE) Dar es Salaam, she worked in Financial Industry for 10 years before joining Insurance Industry. She joined the company in the year 2020 from Heritage Insurance where she served for more than 4 years as senior Marketing Officer and elevated to Head of Broking Operations. She also holds Insurance professional certificate from chartered Insurance Institute (CII - UK).
Cornel Joachim - Tanzanian
Head of UW/RI
Cornel is a degree holder in Computer Science from the University of Dar es Salaam, He joined Reliance Insurance in February 2011 from Diamond Motors Ltd where he served for more than 5 years, he came into the Management team with more than 6 years of experience in IT industry with knowledge in different MISs' and IT in general, he attended several trainings and seminars including Unix Administration and CQCS Administration & PL/SQL Fundamentals & Oracle Administration. He also hold Associate certificate from the Insurance Institute of India (III)
Mr. Joel Mwakalebela - Tanzanian
Claims Manager
Joel is a holder of Bachelor degree in Business Administration from the Open University of Tanzania and a Certificate in Insurance from Insurance Institute of India. He joined Reliance insurance in 2002 and served in for seven years before joining MGen Tanzania Insurance as Assistant Claims Manager in 2009. In 2018 Joel re-joined Reliance Insurance Company as Claims Manager bringing in his experience in management of claims.
Athanas Tairo - Tanzanian
Head of Internal Audit
Athanas is a Holder of Bachelor degree in Accounting from the Open University of Tanzania and a Certified Public Accountant (CPA), Tanzania. He holds Diploma in Education from Korogwe teachers College. He joined Reliance in June 2014 as Assistant Internal Auditor after a stint of more than 5 years as a teacher in several schools. He also hold licentiate certificate from Insurance Institute of India (III).
Ms. Upendo S. Minja - Tanzanian
Head HR & Admin
Upendo is a holder of an M.B.A in Human Resources Management and a Bachelor degree in Public Administration from University of Dar es Salaam. She has valuable knowledge and experience in business management issues from various local and international short courses, workshops and seminar. She joined Reliance Insurance in January 2014, before she worked for more than seven years with one of the leading private sector organization in Tanzania handles issues of Human Resources, Administration and Public Relations.
Mr. Raphael Urassa - Tanzanian
Branch Manager, Arusha
Raphael is a graduate with the Degree of Bachelor of Science in Insurance and Risk Management from the Institute of Finance Management (IFM). He worked at Metropolitan Tanzania Insurance Company Ltd from 2011 to the year 2014 as a Policy Administrator. He joined Reliance Insurance Company Ltd in May 2014 as Insurance Officer and was elevated to Branch Manager in 2019.
Ms. Salome Mwakimonga - Tanzanian
Branch Manager, Mbeya
Salome is a graduate with advanced Diploma in Social Protection from the Institute of Finance Management and Masters of Science in Human Resource Management from Mzumbe University. She has 12 years of hands on experience working with the company at different positions; Marketing Officer from 2009 - 2012, Underwritting as Assistant Insurance Officer from 2013 to 2021, She was elevated to a Branch Manager in 2021.
Ms. Monica Kijuu - Tanzanian
Asst Branch Manager, Mwanza
Monica is a graduate with advance Diploma in Insurance and Risk Management in 2009 from institute of Finance Management and Post Graduate in Finance Management in 2011 from St Augustine University. Worked at Corporate Insurance Brokers as underwriter and later became Principal Officer. She joined Reliance Insurance Company Ltd in 2010 as Unit Leader and was elevated to Assistant Branch Manager in 2013.
Ms. Fauziya Mohamed - Tanzanian
Branch Manager, DSM City Office
Fauziya is a graduate in Accountancy and Finance (BSc. AF) from Tumaini University Iringa and a certified Public Accountant (CPAT). She joined the company in 2019 after serving UAP Old Mutual Insurance from 2015 in a capacity of Management trainee and later as Risk and Compliance Analyst.
Ms. Patricia Golwike - Tanzanian
Branch Manager, Dodoma
Patricia is a degree holder in Bachelor of Science in Insurance and Risk Management from the Institute of Finance Management (IFM). She joine the company in the year 2018 serving as an Assistant Claims Officer and she became Dodoma Branch incharge in the the year 2020.

Annual Reports

Corporate Social Responsibility

Reliance Insurance Company (Tanzania) Limited, constantly do researches and takes all possible efforts of their employees and distributors into variety of community development programs.

  • Introducing the market with innovative solutions.
  • Helping the general community with simplified procedures.
  • Identifying multiple ways to spread insurance to rural and remote communities.
  • Distribution through Banks, Brokers and Corporate agents in addition to direct branches.
  • Introduction of suitable Micro Insurance.

We strongly believe that insurance to reach the rural and remote communities, the country needs an inclusive model which is fair, transparent and adhere to the regulations. We are exploring all possible ways to enhance the insuring journey to be provided simplified, comprehensive and efficiently serviced to the general community.

The CRS is included as one of the discussion topics as part of our quarterly review and our team is well trained about the importance of the CSR.