The insurance market chalked up premium income of TZS1.2tn ($451m) in 2023, rising by 9% from TZS1.1tn in 2022, according to data from the Tanzania Insurance Regulatory Authority (TIRA).
This growth reflects ongoing government efforts to strengthen the insurance industry, said TIRA’s insurance commissioner, Dr Baghayo Saqware, during a media briefing on the “2023 Insurance Market Performance Report”.
One factor driving the growth was increased capital. Dr Saqware said, “When capital increases, it strengthens companies’ capacity to pay claims, thereby bolstering the resilience of the insurance market.”
He also pointed to the government’s educational campaigns and efforts to create a favourable environment for insurance industry growth. The growth in the insurance market signifies increasing awareness and adoption of insurance products among Tanzanians.