Tanzania's Ministry of Finance published an update on Finance Minister Ambassador Khamis Mussa Omar’s meeting with the Tanzania Insurance Regulatory Authority (TIRA), which reviewed the insurance sector’s development, growth trajectory and contribution to the national economy. The Minister emphasised the sector’s role in protecting assets and economic activity, supporting economic resilience and reducing households’ financial burden during disasters and other risks. TIRA reported that the sector has grown by an average of more than 10% over the past four years, with gross written premiums rising to TZS 1.52 trillion in 2024 from TZS 1.24 trillion in 2023, an increase of 20.2%. The sector’s contribution to national output increased to 2.08% in 2024 from 2.01% in 2023, and TIRA pointed to continued growth across indicators including claims payments, registration of service providers, assets and investments, employment and insurance beneficiaries. TIRA also reported paying a dividend of TZS 5.1 billion to the government in FY2024/2025, up from TZS 3.5 billion in FY2023/2024. The discussions covered challenges and opportunities in the sector, strategies to increase uptake by citizens and institutions, and the need to continue updating insurance laws and regulations to reflect economic, technological and market changes.

Original source View in tracker