The Tanzania Insurance Regulatory Authority (TIRA) published a review of 2024 achievements and changes in Tanzania’s insurance sector, highlighting new regulatory guidance, product and market innovations including Shariah-compliant Takaful, and expanded oversight responsibilities for health insurance schemes under the Universal Health Insurance Act. The update points to guidelines issued during 2024 covering insurance products, external auditors serving the insurance sector, and the calculation and collection of insurance fees and levies, alongside measures aimed at improving the timeliness of claims payments and ensuring public assets are appropriately insured. It also references a November 2024 launch of TIRA’s 2023 insurance market performance report, which showed gross premiums written up 7.4% to TZS 1.24 trillion, claims paid up 25.5% to TZS 488.2 billion, assets rising to TZS 2.15 trillion, investments increasing to TZS 1.27 trillion, and the number of insurance service providers up 33% to 1,549. On universal health insurance, the 2024 implementing regulations emphasise transparent member registration and timely remittance of contributions, and TIRA and stakeholders distributed 3,000 health insurance cards to needy citizens against a stated pledge to contribute 10,000.
Tanzania Insurance Regulatory Authority 2025-01-02
Tanzania Insurance Regulatory Authority reviews 2024 insurance reforms and reports 2023 gross premiums rose to TZS 1.24 trillion
The Tanzania Insurance Regulatory Authority reviewed 2024 achievements, highlighting new regulatory guidance, product innovations like Shariah-compliant Takaful, and expanded oversight under the Universal Health Insurance Act. Key updates include guidelines on insurance products, auditor roles, and fee calculations, focusing on timely claims payments and public asset insurance. The 2023 market report noted a 7.4% rise in gross premiums to TZS 1.24 trillion and a 25.5% increase in claims paid to TZS 488.2 billion.