Kenya-based reinsurance firm enters Tanzania market

Dar es Salaam. East Africa Reinsurance Company Limited (EARe) has extended its business to Tanzania. 

The Tanzania Insurance Regulatory Authority (Tira) has licenced East Africa Reinsurance (Tanzania) as a local reinsurance company, effective November 8, 2023, EARe said yesterday.

“This milestone marks a strategic step in increasing the company’s footprint in Africa and its commitment to offering exceptional service to clients,” a statement quoting EARe CEO Peter Maina, read in part.

Mr Maina said establishing the first subsidiary in Tanzania underscores the company’s commitment to expanding its reach and strengthening its presence in the East African market.

 “We look forward to securing solid partnerships in Tanzania and to contributing to the country’s growth and development,” he asserted.

The Commissioner of Insurance in Tanzania, Dr Baghayo Saqware, welcomed EARe and commended the establishment of EARe’s subsidiary in Tanzania. “We welcome EARe’s commitment to enhancing the insurance landscape in Tanzania,” Dr Saqware said.

The commissioner said the expansion not only reflects the company’s confidence in Tanzania’s market but also contributes to the growth and stability of our insurance industry.

“We look forward to a mutually beneficial partnership that will serve the interests of both EARe and the Tanzanian insurance sector,” Dr Saqware said.

Tanzania stands out as one of Africa’s rapidly expanding economies, buoyed by favourable macroeconomic conditions.