Tanzania's Commissioner of Insurance, Dr Baghayo Saqware, has highlighted the significant opportunities in the insurance sector arising from growing demand and favourable business conditions.
Speaking at the 2024 Annual Insurance Day, hosted over the weekend by the Insurance Institute of Tanzania in collaboration with the Tanzania Insurance Regulatory Authority (TIRA) and other stakeholders, he said that the sector’s contribution to the country’s Gross Domestic Product (GDP) rose from 0.56% in 2021 to 1.68% in 2022.
This increase is attributed to the favourable investment environment, including robust laws, regulations, and guidelines governing the insurance market.
He indicated that the insurance industry grew by 12.8%, with gross insurance sales rising to approximately TZS1.2tn ($440m) in 2022 from TZS691.9bn in 2018. The inflation rate in Tanzania ranged from 3.5% to 4% over this period.
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