Dar es Salaam. Tanzania’s minister for Finance, Amb Khamis Mussa Omar, has held talks with officials from the Tanzania Insurance Regulatory Authority (TIRA) on measures aimed at deepening public and institutional participation in insurance services as part of broader efforts to strengthen economic resilience.
The TIRA delegation was led by the Commissioner of Insurance, Dr Baghayo Saqware, who briefed Amb Omar on the performance of the sector.
The meeting also reviewed the contribution of the insurance sector to the economy and strategies to expand coverage across different segments of society.
Amb Omar said the insurance sector plays a critical role in protecting assets and economic activities while supporting national development.
He noted that wider uptake of insurance services enhances investor confidence, safeguards public and private resources and cushions citizens and institutions against financial shocks arising from disasters and other risks.
He described insurance as a key pillar of economic stability and sustainable growth, urging the regulator to continue strengthening market confidence through effective supervision, public education and stakeholder protection, in line with the Insurance Act, Chapter 394.
Amb Omar also emphasised the importance of aligning the sector’s development with changes in the economic environment, technological advancement and evolving market needs, noting that increased participation would contribute to a more inclusive and resilient economy.
Presenting a performance update, Dr Saqware said TIRA has continued to oversee the sector with professionalism, resulting in sustained growth averaging more than 10 percent over the past four years.
He reported that gross written premiums increased to Sh1.52 trillion in 2024 from Sh1.24 trillion in 2023, representing a growth of 20.2 percent.
Over the same period, the insurance sector’s contribution to the national economy rose from 2.01 percent to 2.08 percent.
Dr Saqware said growth had also been recorded in claims payments, registration of service providers and assets, investment levels, employment and the number of insurance beneficiaries, reflecting expanding market activity and confidence.
He added that TIRA had continued to remit dividends to the government, with Sh5.1 billion paid in the 2024/2025 financial year, compared with Sh3.5 billion in 2023/2024, an increase of 68.6 percent.
The meeting further examined challenges and opportunities within the insurance industry, focusing on approaches to broaden access and encourage greater use of insurance products by households, businesses and institutions.
Discussions also covered the legal and regulatory framework, with participants underscoring the need for ongoing reforms to ensure laws and regulations remain responsive to economic, technological and market developments.
The talks were attended by the Deputy Commissioner of Insurance, Ms Khadija Issa Said; the Assistant Commissioner for Financial Sector Development, Ms Dionisia Mjema; and TIRA Quality Assurance Officer, Ms Irene Horera.
