The Tanzanian government is committed to fostering a robust insurance market as a cornerstone of economic development, according to Professor Kitila Mkumbo in his capacity as the Minister of State for Investment and Planning.
Four new insurance companies were licensed in 2023 by the Tanzania Insurance Regulatory Authority (TIRA), taking their total number to 40 at the end of last year.
Nairobi-headquartered East Africa Reinsurance Company (EARe) has expanded its operations by establishing a subsidiary in Tanzania, called East Africa Reinsurance (Tanzania) Company.
Tanzania Reinsurance Company's (TAN RE) operating performance is assessed as strong, with the company reporting a five-year (2018-2022) weighted average combined ratio of 91.2% and return on equity ratio of 10.7%, AM Best points out.
Several Tanzanian insurance companies recently established a consortium for insuring large and valuable projects in the country to reduce reliance on foreign insurance companies, revealed Commissioner of Insurance, Dr Baghayo Saqware.
The Tanzania Insurance Regulatory Authority (TIRA) has warned that it will crack down on fraudulent insurance brokers.
All insurance contracts will be written in both Kiswahili and English languages from July 2023, the Tanzania Insurance Regulatory Authority (TIRA) has directed.
Gross premiums written (GPW) crossed the TZS1tn ($428m) for the first time to reach TZS1.154tn in 2022 from TZS919.28bn in 2021, provisional data released by the Association of Tanzania Insurers (ATI) indicate.
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.
The Association of Tanzania Insurers (ATI) has lamented the shortage of local actuarial experts, a situation attributed to the high cost of obtaining international certifications.