Statement of the problem
The idea of marine insurance in Zanzibar plays a significant role in in
promoting the maritime sector and the general economy. Though, there is a
number of factors appear to hamper the smooth operation as well as growing of
the practice of marine insurance within the Zanzibar Insurance Corporation (ZIC).
In the global level, a number of studies (Michael and David, 2009; Baranoff
and Sager, 2009) on insurance issues focused on risk management and premium
growth. These studies were conducted outside Tanzania. There is no study which
focused on marine practice and insurance issues that conducted in Zanzibar.
Therefore, this present research seeks to explore factors affecting marine practice
in Zanzibar Insurance Corporation with specific focus on underwriting, marine
claim management, distribution and guiding policies.
Creating understanding of the factors that affect marine practice within
Zanzibar Insurance Corporation will help ZIC to advance their capacity of
assessing risk as well as developing moderating strategies. The research findings
will also serve as a foundation for developing new policies as well as revising the
existing policies regarding marine practice.