Tanzania Calls for Accelerated National Insurance Policy Development
The Tanzania Insurance Regulatory Authority (Tira) has urgently requested government intervention to fast-track the development of a comprehensive National Insurance Policy. This strategic move aims to create tailored insurance solutions that will significantly improve service delivery and protect citizens’ interests.
During a key industry event, Tira emphasized the critical need for swift formulation of regulations mandating insurance coverage for marine vessels, commercial buildings, and imported goods. These proposed measures are designed to expand insurance revenues and provide robust protection against potential disasters.
Industry leaders highlighted remarkable sector growth over the past four years, with insurance service providers increasing from 993 to 2,208, representing a 122.4 percent expansion. Beneficiary numbers have also surged from 14.2 million to 25.9 million, demonstrating substantial market development.
Key priorities for the insurance sector include:
– Leveraging digital technologies
– Building human capital
– Expanding health and agriculture insurance coverage
Current insurance penetration remains low at approximately 2.01 percent of GDP, presenting significant opportunities for growth and development. The government aims to address this by enhancing public awareness and creating more accessible insurance products.
Experts stress the importance of educating citizens about insurance value, particularly in rural communities, to drive increased subscription and financial sector inclusion. The proposed national policy is expected to be a crucial step towards achieving the government’s 2030 insurance industry targets.