By Costantine Muganyizi
Tanzania’s insurance industry must move beyond selling policies and become a more strategic partner in managing risk, protecting investment and supporting the country’s economic transformation under Dira 2050, Insurance Commissioner Dr Baghayo Saqware has said.
Dr Shareware made the call in Zanzibar on September 24 when he officially opened the 10th Annual Insurance Conference of the Tanzania Insurance Brokers Association (TIBA), held under the theme “Delivering Value Beyond Policies.”
The two-day conference brough together insurance brokers, insurers, regulators, government representatives, professional advisers and other stakeholders to examine the future of insurance, with particular attention to customer value, professional brokerage, risk management, claims, innovation and market development.
Dr Saqware challenged TIBA and the wider insurance industry to ensure that their activities support the objectives of Dira 2050 and make insurance more inclusive and beneficial to all Tanzanians.
The Commissioner of Insurance (CIO) message comes as the industry expands but continues to face the challenge of deepening insurance penetration and building public confidence.
Tanzania’s insurance penetration reached 2.08 percent in 2024, up from 2.01 percent in 2023 and 1.58 percent in 2020. TIRA’s National Inclusive Insurance Strategy 2025–2030 says the sector’s contribution to GDP reached 2.08 percent in 2024, compared with 1.55 percent in 2020, although the level remains below several regional and many international markets.
The market recorded TSh1.516 trillion in gross written premiums in 2024, up 20.2 percent from TSh1.241 trillion in 2023. The Bank of Tanzania subsequently reported that premiums increased by a further 7.5 percent to TSh1.63 trillion in 2025, confirming continued expansion of the market.
The industry has maintained average growth of more than 10 percent over the past four years, according to statements by TIRA officials. Yet the relatively low penetration rate shows that substantial room remains to expand insurance consumption among households, businesses and institutions.
The number of people covered is also rising. TIRA reported that policyholders and insurance beneficiaries increased 10.2 percent to 25.9 million in 2024, equivalent to 39.2 percent of the population used in its analysis. The number included about 8.4 million policyholders and 17.5 million beneficiaries.
For Dr Saqware, however, market growth must be matched by a better customer experience.
He singled out timely claims settlement, quality services and treating customers with dignity as essential to building a positive image for the industry. That message closely fits TIBA’s conference theme, which calls for brokers to demonstrate value beyond simply arranging insurance cover.
The changing role of brokers is particularly important as businesses and investors confront increasingly complex risks. Brokers can serve not merely as intermediaries selling policies, but as professional risk advisers helping clients identify, assess and manage risks before they result in financial losses.
Claims remain one of the most visible tests of that relationship. TIRA’s 2024 market report shows that insurers paid TSh545.4 billion in claims and benefits during the year, including TSh342.4 billion in general insurance, TSh128.8 billion in health insurance and TSh74.2 billion in life insurance.
The financial footprint of the industry is also growing. Insurance assets reached TSh2.63 trillion in 2025, while investment assets rose to TSh1.57 trillion. These investments included government securities, deposits with financial institutions and listed shares, underlining the industry’s growing role in the wider financial system.
Dr Saqware also stressed the need for a sustainable and ethical industry that distances itself from fraud. TIRA, he said, would continue working with TIBA to strengthen the profession and improve guidelines and policies supporting sector development.
The Commissioner’s emphasis on inclusion is particularly relevant to Dira 2050. A deeper insurance market can protect households and enterprises against shocks, improve business resilience, support investment and help financial institutions manage risk. TIRA has also identified insurance literacy, digital distribution and accessible products as important tools for widening participation.
TIBA President Elinipa Elias said the association would continue strengthening the profession and working with industry stakeholders to improve service delivery and contribute to sector development.
The message emerging from the Zanzibar conference is therefore broader than the future of insurance broking. It is about the role of insurance in a transforming economy.
For Tanzania’s insurance industry, embracing Dira 2050 means converting market growth into wider access, stronger customer trust, professional risk advice, faster claims settlement and greater economic resilience. Many 10th TIBA Annual Conference 2026 participants said the challenge is no longer simply how to sell more policies. It is how to make insurance deliver measurable value to the households, businesses and investors whose growth will underpin Tanzania’s next phase of development.
