The insurance regulator is considering making property insurance compulsory in the country, as part of its bid to grow the insurance industry in Tanzania.
Commissioner of Insurance Mussa Juma told The East African in an interview that by increasing the number of compulsory products in the market more people will have access to insurance, which will contribute to improving their living standards.
“Currently, most people think of motor insurance rather than health insurance as an obligatory insurance product. We also target to grow the industry’s contribution to the economy to 3% within two years.”
He also said that the National Insurance Regulatory Authority (TIRA) has unanimously agreed with key stakeholders to establish and develop a national insurance database in collaboration with the National Bureau of Statistics.