Tanzania’s insurance industry eyes regional gains

DAR ES SALAAM: FROM protecting family savings and safeguarding businesses to cushioning economies against unexpected shocks, insurance is steadily emerging as a vital pillar of financial security. Now, as Tanzania’s insurance market expands and regional economies seek closer financial integration, the country’s chief insurance regulator has secured a leadership role that could help shape the future of the industry across Southern Africa. The Commissioner of Insurance and Chief Executive Officer of the Tanzania Insurance Regulatory Authority (TIRA), Dr Baghayo Saqware was elected Vice-Chairperson of the Committee of Insurance, Securities and NonBanking Financial Authorities (CISNA) of the Southern African Development Community (SADC) on October 7, this year, during the committee’s 49th forum meeting in Malawi.

His election places Tanzania in a stronger position to contribute to regional discussions on insurance development, financial supervision and cooperation in non-banking financial services, at a time when businesses face increasingly interconnected risks and demand for financial protection continues to grow. Dr Saqware secured the position after two candidates contested the post, with representatives of SADC member institutions participating in the vote. He will serve alongside CISNA Chairperson Dr Grace Muradzikwa, Commissioner of Zimbabwe’s Insurance and Pensions Commission.

Beyond the recognition attached to the appointment, its significance lies in the opportunity to translate regional cooperation into stronger insurance markets, improved consumer protection and wider access to financial services. Tanzania’s insurance industry has recorded growth across several indicators between 2022 and 2025, according to figures provided for the period, reflecting an expanding market and increasing use of insurance services. Registered insurance service providers increased from 1,165 to 10,940, while insurance penetration rose from 1.99 per cent to 2.11 per cent of gross domestic product (GDP).

Insurance density, which measures average insurance premiums per person, climbed from 18,706/- to 37,455.39/-. The number of people using insurance services, including policyholders and beneficiaries, grew from 17.8 million to 26.8 million. The proportion of the population using insurance services also increased, from 27.6 to 39.3 per cent.