Dar es Salaam. Tanzania Insurance Regulatory Authority (Tira) director general Dr Baghayo Saqware has been elected Vice President for African body for Insurance Supervisors (AAISA) which is the umbrella body for insurance regulatory authorities in Africa.
Dr Saqware was elected during the second Annual General Assembly for the African Supervisors which took place on the June 9, 2019 in Johannesburg.
A statement issued by Tira on Thursday June 13, 2019 says apart from the elections, the meeting also discussed how to promote cooperation amongst 24 insurance supervisory authorities on the continent.
Dr Saqware was quoted saying his election is a testimony that members have faith and confidence in him and said the new post will significantly improve and enhance insurance sector by ensuring industry growth within Tanzania and Africa.
“Insurance sector in Africa has much in common which calls for collective efforts to overcome the challenges facing it. During my tenure I will focus on enhancing underwriting capacity both financially and human skills” said Dr Saqware
The areas of great concern during these two years of his tenure will be promotion of insurance services accessibility, trust, reliability, connectivity across the continent.
"Stimulation of the market through adaptive regulations such as best practice, creating opportunities for Tanzanian insurance market by encouraging innovation in developing various insurance products for low-income earners in Tanzania and Africa in general, the right remedies to the current challenges in the sector," he said.