By Business Insider Reporter
Tanzania’s insurance industry recorded impressive growth in 2024, driven by sectoral reforms, innovation, and strong regulatory oversight from the Tanzania Insurance Regulatory Authority (TIRA).
The market’s impressive performance was officially unveiled on October 16, 2025, at the new TIRA headquarters in Dodoma.
The milestone event was officiated by Zanzibar’s Minister of State – President’s Office (Policy and Planning), Dr. Saada Mkuya, who praised the regulator’s role in driving transformation within the insurance sector.
In her keynote address, Dr. Mkuya emphasised that a strong, transparent, and proactive regulatory authority is essential not only for driving growth but also for protecting policyholders and building lasting public confidence.
“This is a moment to build trust. Insurance is critical not just for economic stability but for national transformation,” she noted, reaffirming the Union Government’s commitment to achieving universal insurance coverage and deepening financial inclusion across Tanzania.
Record growth in premiums and market depth
The Commissioner of Insurance (COI) Dr. Baghayo Saqware, presented the 2024 Insurance Market Performance Report during its official launch, held alongside the inauguration of TIRA’s new headquarters in the fast-growing Njedengwa suburb.
“We now have 25 million insurance policyholders – nearly 40 percent of the adult population. Insurance is no longer a luxury; it’s becoming a way of life,” Dr Saqware said.
The insurance sector posted record-breaking growth in 2024, with gross written premiums rising by 20 percent to TSh 1.52 trillion, up from TSh 1.24 trillion in 2023.
“I sincerely thank the service providers for this tremendous achievement, which contributes not only to national savings but also to increased liquidity in the sector,” said the COI.
General insurance led the market, with premiums climbing to TSh 957 billion, up from TSh 789.2 billion, accounting for 63 percent of total premiums. Life insurance also expanded, growing from TSh 262 billion to TSh 309 billion, while health insurance rose from TSh 161 billion to TSh 187.5 billion.
Takaful – Sharia-compliant insurance – recorded exceptional growth, with premiums surging from TSh 500 million in 2023 to TSh 4.6 billion in 2024, highlighting increased demand for inclusive and faith-aligned financial products.
Financial muscle and claims settlement
The insurance sector’s financial strength continued to deepen in 2024, with total assets reaching TSh 2.4 trillion, while investments climbed to TSh 1.56 trillion. Capitalisation stood at TSh 1.06 trillion, reflecting a solid and well-capitalized industry.
At the same time, claims settlement rose by 6.9 percent to TSh 727.6 billion, up from TSh 680 billion in 2023 – a sign of improved responsiveness and liquidity. General insurance claims increased by 12.5 percent from TSh 314 billion to TSh 342.4 billion, while life insurance claims rose from TSh 79 billion to TSh 86.4 billion.
Takaful claims edged up slightly, from TSh 96.3 billion in 2023 to TSh 97 billion.
Dr. Saqware said insurance penetration increased to 2.08 percent of GDP from the 2023 level of 2.01 percent, while policyholders and beneficiaries grew from 23 million to 25 million.
“The retention ratio improved to 49.3 percent, ensuring more value stayed within the country,” Dr Saqware noted in the presentation, adding: “Eight new insurance products were approved, many focused on health and digital access.”
Dr Saqware noted that 92 percent of the 1,253 complaints lodged in 2024 were successfully resolved – a strong indicator of growing public trust and improved service responsiveness across the industry.
He added that TIRA’s regulatory reforms and digital initiatives have also played a key role in expanding access to insurance services beyond urban centres, enabling more Tanzanians in rural and underserved areas to benefit from coverage.
Recognising excellence in the sector
“With good governance and strategic planning, insurance has the power to strengthen not only our economy but the resilience of every Tanzanian household. We are committed to doing everything within our capacity to boost insurance uptake nationwide,” said Elia Kajiba, CEO of the Association of Tanzania Insurers (ATI).
At the well-attended two-day forum, the industry’s top performers for 2024 were recognised for their excellence. Sanlam Life took home the award for best in life insurance, while the National Insurance Corporation was honoured as the leading general insurer. Strategis was named best in health insurance, and Tan-Re emerged as the top performer in reinsurance.
While celebrating these achievements, officials underscored that growth must be accompanied by accountability, transparency, and sound governance.
“Let us be models of transparency, professionalism, and innovation,” urged Zanzibar’s Chief Minister, Eng Zena Said, calling on the government to lead by example by ensuring that all public assets are insured, starting with vehicles.
The road ahead: A sector in transformation
Looking ahead, the focus is now on inclusion, sustainability, and innovation. TIRA has outlined clear priorities, including raising insurance coverage to 50 percent of the adult population by 2030, expanding products tailored to underserved groups, and leveraging digital platforms for broader reach.
“Insurance is no longer just a financial tool. It’s a bridge to prosperity and security for Tanzanians,” said Moremi Marwa, Chair of the National Insurance Board.
With strong growth, rising trust, and far-reaching reforms underway, many participants agreed that Tanzania’s insurance sector is not just growing – it is transforming. Under TIRA’s leadership, the industry is being positioned as a driver of financial inclusion and long-term national resilience.
