Tanzania: TIRA considers regulating insurance premium rates

Source: Middle East Insurance Review | May 2023

The Tanzania Insurance Regulatory Authority (TIRA) will soon introduce new regulations that will allow it to suspend an insurer that undercuts premium rates, in its bid to ensure the market’s sustainability.

“Let’s expect to have a market with a database that will deal with people who go against the procedures,” said TIRA director general Baghayo Saqware during a meeting with stakeholders in Mbeya, a regional capital in southwestern Tanzania.

The meeting was held to hear the views of insurance industry stakeholders from the southern highland regions, reported newspaper The Citizen.

Bumaco Insurance representative Boniphas Mangomale said that price undercutting still exists but bringing evidence of it is sometimes a challenge. “When you tell customers the price of insurance, they go to another company and are given lower rates. I don’t know how the authorities are dealing with this issue to ensure fair ground,” he said. M

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