By Business Insider Reporter
The Kariakoo Market Corporation has signed a memorandum of understanding (MoU) with the National Insurance Corporation (NIC) to manage potential risks at the newly rebuilt Kariakoo Market – a move aimed at ensuring compensation in the event of future losses.
The agreement, which introduces insurance services for the new Kariakoo Market, was signed July 30, 2025 in Dar es Salaam between Ashraph Abdulkarim, General Manager of the Kariakoo Market Corporation and Kaimu Mkenyenge, Managing Director of the National Insurance Corporation.
Explaining the purpose of the agreement, Abdulkarim noted that the government has invested over TSh28 billion in the construction and rehabilitation of the market following the fire incident of July 10, 2021.
He emphasised that such critical infrastructure must now be protected through insurance coverage.
He further stated that the decision reflects the government’s commitment to safeguarding public property.
He also revealed that traders entering the new Kariakoo Market will be educated on the importance of accessing insurance services to shield themselves against disasters.
For his part, NIC Mr. Mkenyenge affirmed that the corporation, being a state-owned insurance provider, is committed to delivering high-quality services.
He welcomed the decision by Kariakoo Market to secure insurance, describing it as timely and essential.
Mr. Mkenyenge added that NIC will continue to offer reliable insurance services to both public and private institutions, ensuring that losses incurred due to unforeseen events such as fires are fairly compensated.
He also urged other institutions under the President’s Office – Regional Administration and Local Government (TAMISEMI), including local councils with market infrastructure, to seek insurance coverage to prevent financial losses in the event of disasters.
The Kariakoo Market Corporation is currently finalising preparations for the official reopening of the market following the completion of reconstruction and renovation works. Traders are expected to return soon and resume their business activities.
