Tanzania:Insurance regulator releases development strategy for the next 2 years

The Tanzania Insurance Regulatory Authority (TIRA) has released an outline of its strategic priorities for 2025/26-2026/27, including measures to strengthen regulation, expand coverage and support the insurance sector.

The Authority says that it expects the insurance market to grow by at least 15% over the next two fiscal years. In addition, the insurance industry is expected to remain financially stable.

Sector priorities include the following:-

1. Finalising the National Insurance Policy and its implementation strategy

2. Officially starting the management of the universal health insurance (UHI) system

3. Completing the construction of new IT systems for the management of the UHI scheme, including the Insurance Regulatory Integrated System (IRIS)

4. Completing the negotiation of the Tanzanian locality agreements for the offices of African Reinsurance Corporation (Africa Re) and PTA Reinsurance Company (ZEP-Re)

5. Completing amendments to the Insurance Act

6. Finalising regulations covering compulsory insurance

7. Completing the legal procedures for the establishment of the National Agricultural Insurance Scheme (completing the Agricultural Insurance Regulations);

8. Preparing a new strategic plan for TIRA for the next five years 2026/27 – 2030/31 which, among other things, will identify new strategies for the development of the insurance sector in line with national plans including the National Development Vision 2050 and the ruling political party’s manifesto 2025-2030 (that aims to transform Tanzania’s economy by 2030 through meeting targets like creating 350,000 jobs in Zanzibar, constructing a 1,108-km railway, and boosting per capita income)

9. Strengthening collaboration with strategic development partners

10. Completing and implementing the Insurance Sandbox Regulatory Framework and its regulations

11. Completing the integration of TIRA’s IT system with the IT systems of other public institutions (Tanzania Revenue Authority, Police Force, Land Transport Regulatory Authority of Tanzania, National Identification Authority, Zanzibar Revenue Authority) to strengthen the management and development of the insurance sector in the country.

    TIRA says that it will continue to collaborate with the government, development stakeholders and the private sector to ensure that the insurance sector continues to grow, expand the scope of services and contribute significantly to the nation's development agenda.