The Tanzania Insurance Regulatory Authority, through Tanzania’s Insurance Commissioner Dr Baghayo Saqware, used a compensation handover event to reiterate supervisory expectations that insurers settle policyholder claims accurately and on time, framing timely payouts as central to maintaining public trust in the insurance sector. Reliance Insurance disbursed TZS 120 million to 40 traders affected by the 12 July 2025 fire at Mashine Tatu market in Iringa, with payments handed over on 18 September 2025. Reliance and NMB Bank described an expedited approach in which teams visited the incident site, collected required information and started the payment process, while NMB outlined small-business insurance offerings ranging from TZS 10,000 to TZS 500,000 with potential compensation of up to TZS 10 million depending on cover, alongside upgraded claims-processing systems.
Tanzania Insurance Regulatory Authority 2025-09-20
Tanzania Insurance Regulatory Authority reiterates prompt claims handling as Reliance Insurance pays TZS 120 million to Iringa market fire victims
The Tanzania Insurance Regulatory Authority emphasized the importance of timely and accurate claim settlements to maintain public trust in the insurance sector. Reliance Insurance disbursed TZS 120 million to traders affected by a fire, showcasing an expedited claims process. NMB Bank highlighted its small-business insurance offerings and upgraded claims-processing systems.