Tanzania’s insurance sector poised for regional growth amid reforms

Speaking during the awards organised by the Association of Tanzania Insurers yesterday, Tanzania Insurance Regulatory Authority (Tira) commissioner, Dr Baghayo Saqware, said the future of the sector would depend on innovation, ethical leadership, customer trust and operational efficiency.

“Tanzania has an opportunity to become one of Africa’s most dynamic and forward-looking insurance markets.

The growth prospects are promising and industry players have a major role to play in taking advantage of the reforms and opportunities available,” he said.

Dr Saqware said reforms, including the removal of the cash-and-carry system and the adoption of digital platforms, had improved operational efficiency and boosted confidence in the insurance market.

According to him, sustainable economic growth cannot be achieved without a strong insurance sector capable of protecting businesses and investors against risks.

“The industry must continue investing in innovation, technology and public awareness to ensure insurance services reach more people and respond to changing market demands,” he said.

He added that Tanzania’s insurance market had the potential to become one of Africa’s most attractive destinations for investment due to reforms aimed at strengthening regulation and creating a more conducive business environment.

Dr Saqware noted that compliance and regulation should not be viewed solely as enforcement mechanisms, but also as tools for protecting policyholders and strengthening market confidence.

“The objective is to build public trust in the insurance system so that policyholders feel confident insurers will honour their obligations.

Once that confidence is built, the entire market ecosystem becomes stronger,” he said.

He urged insurance firms to accelerate the adoption of technology and innovation in order to improve efficiency and competitiveness.

“If we want to reach that level, we must change the way we do business and invest in technology, which is now globally accepted. Once we fully embrace innovation and technology, we will start seeing greater benefits in the market,” he said.

The chairperson of the ATI Insurance Awards organising committee, Mr Jared Awando, said insurance companies in Tanzania continued to attract investment aimed at increasing capital and expanding operations within local and international markets.

He said the trend reflected growing investor confidence in Tanzania’s insurance sector and its potential to become a regional hub for insurance and risk management services.

“The awards are expected to transform the way industry players operate by encouraging innovation, competitiveness and service excellence,” he said.

During the event, the Jakaya Kikwete Cardiac Institute (JKCI) received 10 percent of ticket sales from the awards ceremony to support treatment for children suffering from heart complications.

Speaking after receiving the support, JKCI director of children’s cardiology clinical support, Dr Naiz Majani, said heart complications among children remained a growing health challenge in Tanzania.

She said out of every 100 children born in the country, two are diagnosed with heart complications, translating to nearly 50 children born with such conditions daily nationwide.

According to Dr Majani, approximately 16,000 children are born with heart complications annually, while around 4,000 require surgery each year.

“In the past, many children had to be referred to India for treatment due to a shortage of specialists and limited treatment capacity locally.

Tanzania is now capable of conducting these procedures domestically, although treatment costs remain high,” she said.

She said the cost of heart surgery ranges between Sh6 million and Sh30 million depending on the severity of the condition.

“The government covers 70 percent of treatment costs while parents contribute the remaining 30 percent.

However, this remains a challenge for some families, which is why support from institutions and stakeholders is very important,” she said.