The Tanzania Insurance Regulatory Authority published an update on the development of the insurance sector in Zanzibar, highlighting operational changes and outreach activities linked to the Zanzibar Revolution anniversary period. The authority pointed to upgrades in its Zanzibar systems to simplify registration processes and strengthen monitoring of regulatory fee payments, including notifications of penalties for late payment, and confirmed the opening of a TIRA office in Pemba to expand insurance education and awareness. The release also referenced 2023 Insurance Market Performance figures showing Gross Premiums Written (GPW) increased by 7.4% to TZS 1.24 trillion from TZS 1.17 trillion, while insurance service providers rose by 34% to 1,549 from 1,164. Claims paid increased by 25.5% to TZS 488.2 billion from TZS 389 billion, insurance assets grew to TZS 2.15 trillion from TZS 1.7 trillion, and investments rose to TZS 1.27 trillion from TZS 1.17 trillion; recorded insurance sector jobs totalled 5,595, up 34.1%, and general insurance retention increased to 55.5% from 49.4%. In remarks cited from the launch of the market performance report, the Insurance Commissioner linked sector progress to sustaining annual growth of 15% in insurance uptake to reach a 50% target by 2050. TIRA’s outreach during the period includes participation in the 11th Zanzibar International Trade Fair at Fumba Dimani from 1 January 2025 to 15 January, positioned as a channel to provide insurance education, engage stakeholders and address insurance-related issues raised by visitors.
Tanzania Insurance Regulatory Authority 2025-01-08
Tanzania Insurance Regulatory Authority expands Zanzibar outreach with a new Pemba office as 2023 premiums rise to TZS 1.24 trillion
The Tanzania Insurance Regulatory Authority reported on Zanzibar's insurance sector development, noting system upgrades for registration and fee monitoring, and opening a Pemba office to enhance insurance education. The 2023 Insurance Market Performance showed a 7.4% increase in Gross Premiums Written to TZS 1.24 trillion, a 34% rise in service providers, and a 25.5% increase in claims paid. The Insurance Commissioner emphasized the need for sustained 15% annual growth in insurance uptake to achieve a 50% target by 2050.