The Tanzania Insurance Regulatory Authority (TIRA) has issued a notification, directing that all energy-related insurance risks must be directly underwritten through the Tanzania Energy Coinsurance Consortium (TECC).
The insurance market chalked up premium income of TZS1.2tn ($451m) in 2023, rising by 9% from TZS1.1tn in 2022, according to data from the Tanzania Insurance Regulatory Authority (TIRA).
Tanzania Reinsurance Company (TAN RE) has a track record of strong operating performance, evident by a return-on-equity (RoE) ratio that exceeded 10% in each of the past five years, says AM Best in a report.
The government is conducting feasibility studies focused on legal procedures, operations and the cost of establishing a national agriculture insurance scheme.
Tanzania's Commissioner of Insurance, Dr Baghayo Saqware, has highlighted the significant opportunities in the insurance sector arising from growing demand and favourable business conditions.
The Tanzania Insurance Regulatory Authority (TIRA) has urged stakeholders in the insurance sector to maintain professional standards, provide quality services and shun fraudulent practices.
Nairobi-headquartered financial services group, Equity Group, is piloting its insurance services in the Democratic Republic of Congo (DRC) ahead of a plan to roll out the business across its regional markets.
The Tanzania Insurance Regulatory Authority (TIRA) is encouraging the registration of healthcare providers in the country to facilitate identifying them and rendering them help when needed, such as when they are not paid on time or in full by insurers. Registration can be carried out online nationwide.
The insurance industry in Tanzania has posted a total Gross Written Premiums (GWP) of TZS379.40bn ($146.2m) in the first three months of 2024, an increase of 13.6% compared to TZS333.8bn in the corresponding quarter of 2023, according to data released by the Association of Tanzania Insurers (ATI).
The Tanzanian life insurance market offers numerous growth opportunities, says the international professional services firm Deloitte.