By Business Insider Reporter
The 2025 Tanzania Insurance Week culminated on June 20 at Gran Meliá Arusha with a clear message: the country’s insurance sector is not just growing – it’s booming.
Speaking during the Insurance Day 2025 conference, Dr. Baghayo Saqware, Commissioner of Insurance, outlined the sector’s transformation over the past four years, citing exceptional growth across providers, coverage, and financial performance.
From 2021 to 2024, the number of insurance service providers more than doubled – from 993 to 2,208 – driven by emerging players like digital platforms, auto repair networks, and health service partners.
During the same period, insurance coverage rose by 82.4%, with beneficiaries increasing from 14.2 million to 25.9 million. Dr Saqware attributed this surge to tailored products for farmers, informal workers, and small businesses.
“On average, 15 new insurance products are approved each year – ranging from agriculture microinsurance to health and SME-tailored solutions,” Dr Saqware stated, adding: “Claims are now paid faster and more efficiently.”
Employment in the sector nearly doubled, from 3,527 jobs in 2021 to 6,916 in 2024, with youth benefiting most through roles in sales, claims, and digital services.
Meanwhile, the sector’s financial strength improved significantly: assets grew from TSh1.28 trillion to TSh2.34 trillion, capital nearly doubled to TSh847 billion, and gross premiums jumped by 55.6% to TSh1.42 trillion.
Claims payouts rose to TSh592.1 billion in 2024, up nearly 49%, while average claim processing time dropped from 73 to 45 days. Tax contributions also climbed 33%, from TSh137.7 billion to TSh183.1 billion, reflecting the sector’s growing fiscal impact.
Dr Saqware attributed this success to effective regulation, public-private partnerships, and growing trust in insurance. He called on all stakeholders – insurers, regulators, agents, civil society, and the media – to sustain momentum by expanding access and improving service delivery.
The event was officiated by Eng Zena Ahmed Said, Secretary of the Revolutionary Council and Chief Secretary. In her address, she emphasized insurance’s role in driving inclusive economic development, noting that coverage now reaches 43.1% of Tanzanians.
She reaffirmed the government’s goal to increase that figure to 50% by 2030, aligned with the Financial Sector Development Master Plan (2020–2030).
“The future of Tanzania’s insurance sector depends on our ability to innovate, collaborate, and reach every citizen – especially those in underserved communities. Insurance is not a luxury; it is a foundation for resilience and prosperity,” she told attendees. Eng. Zena highlighted key priorities such as expanding health and agricultural insurance, developing annuity products, and strengthening local consortia to manage risks in energy and aviation. She reaffirmed the government’s commitment to creating an enabling environment for innovation, investment, and inclusive growth.
