In a press conference held on November 13, 2024, Dr. Baghayo Saqware, the Commissioner of Insurance for Tanzania, announced significant growth in the country’s insurance market for the year 2023.
The Tanzania Insurance Regulatory Authority (TIRA) reported that insurance premium collection has increased from 1.1 trillion Tanzanian shillings in 2022 to 1.2 trillion in 2023, indicating a positive trend in market growth.
Dr. Saqware took the opportunity to announce the upcoming launch of the 2023 Insurance Market Performance Report, scheduled for November 22, 2024, at The SuperDome in Masaki, Dar es Salaam.
This comprehensive report will cover several crucial aspects of the insurance market, including market liquidity, resilience, claim settlement rates, overall market performance, and information on registered insurance service providers in Tanzania.
During the press conference, the Commissioner emphasized the significance of insurance for Tanzanian citizens. He described insurance as a product or service that provides protection for various assets, health, and investments in the event of economic or social disasters.
This emphasis on the importance of insurance aligns with TIRA’s ongoing efforts to increase awareness and adoption of insurance products among Tanzanians.
The growth in the insurance market signifies increasing awareness and adoption of insurance products among Tanzanians, potentially leading to better financial security and risk management for individuals and businesses in the country. Dr. Saqware concluded the press conference by inviting all stakeholders in the insurance sector to attend the upcoming meeting where the detailed report will be presented.
Tanzania’s insurance sector has been undergoing significant changes in recent years as part of the government’s efforts to improve financial inclusion and economic stability.
TIRA, established in 1996, plays a crucial role in regulating and supervising the insurance industry in Tanzania. The authority’s efforts to promote transparency and provide comprehensive market data through annual reports have been instrumental in building trust and encouraging growth in the sector.
