The Tanzania Insurance Regulatory Authority (TIRA) presented its performance report to Parliament’s Standing Committee on Public Capital Investments (PIC), which expressed satisfaction with the authority’s results and year-on-year growth as a fully self-financing government institution. The committee urged TIRA to further strengthen supervision of insurers and other insurance service providers. The National Insurance Board highlighted performance outcomes including an increase in insurance’s contribution to the economy to 2.01% in 2023 from 1.99% in 2022. The Insurance Commissioner told the committee that 69.6% of insurance companies were Tanzanian-owned in 2023 and that indicators such as premium underwriting and claims payments show sector growth; committee members also called for continued efforts to maintain a level playing field across market participants.
Tanzania Insurance Regulatory Authority 2025-01-09
Tanzania Insurance Regulatory Authority receives positive assessment from Parliament’s Public Investments Committee on its performance
The Tanzania Insurance Regulatory Authority (TIRA) reported to Parliament’s Standing Committee on Public Capital Investments, which praised its self-financing status and growth. The committee recommended enhanced supervision of insurers and service providers. The National Insurance Board noted insurance's increased economic contribution to 2.01% in 2023, with 69.6% of companies Tanzanian-owned, and urged efforts to ensure market fairness.