- Dr Saqware emphasizes compliance, capital strength, and market discipline in Dodoma
By Business Insider Reporter
The Tanzania Insurance Regulatory Authority (TIRA) has unveiled its strategic priorities for the 2025/26 financial year, with a strong focus on strengthening industry capacity, enhancing transparency, and fostering a culture of compliance and innovation.
Speaking during a stakeholder forum in Dodoma on October 17, the Commissioner of Insurance (COI), Dr. Baghayo Saqware, outlined key areas the authority will prioritize in its regulatory agenda.
The gathering was convened to deliberate on the findings and implications of the 2024 Insurance Market Performance Report, which had been officially launched the previous day during a ceremony presided over by Dr. Saada Mkuya, Zanzibar’s Minister of State in the President’s Office (Policy and Planning).
In her address, Dr. Mkuya emphasised the importance of maintaining a balanced and pragmatic regulatory approach by TIRA.
She underscored that a strong and resilient insurance sector is not only vital for financial stability but also holds significant potential to support broader national development goals, including economic resilience, social protection, and investment growth.
“Our focus in the 2025/26 fiscal year is to build a more resilient, transparent, and innovative insurance sector that protects policyholders while delivering value to investors,” said Dr. Saqware.
Among the top priorities he highlighted were strengthening industry capacity; enhancing transparency and disclosure; promoting innovation with discipline; and improving data utilisation.
TIRA will also strengthen compliance culture; encourage industry collaboration; and promote ethical competition.
According to Dr. Saqware, TIRA will enforce stricter capital requirements to ensure insurers are financially sound and capable of meeting their obligations.
The new market report reveals that the capital base of market participants grew by 20.2 percent in the past year, rising from TSh 697.4 billion in 2023 to TSh 832.2 billion. This significant increase underscores growing investor confidence and improved financial resilience across the market.
“Firms that continue to struggle with capital adequacy must either merge or recapitalize. We will not allow weak players to compromise the integrity of the market,” he warned.
The authority is also pushing for simpler, more accessible policy language to boost consumer understanding, as well as the mandatory public disclosure of financial statements by insurers.
While encouraging innovation in products and services, Dr Saqware emphasised that innovation must be anchored in sound governance practices and risk management.
On data utilisation, he underscored the importance of data-driven decision-making for both regulators and industry players, citing its potential to improve risk assessment, pricing, and product development.
“Compliance is more than just following rules – it’s about protecting policyholders and building trust. A compliant industry is a sustainable industry,” he said.
Formation of consortia and cooperative frameworks between insurers and other stakeholders is also on TIRA’s agenda this fiscal year as a means to address systemic challenges more effectively.
The COI cautioned against unfair market practices, including undercutting and unethical behavior, which he said undermine growth and investor confidence.
“Your growth should come from merit, not from cutting corners. We must build a clean and trustworthy market,” he asserted.
Dr. Saqware also announced that TIRA will soon publish Customer Treatment Guidelines, reinforcing the regulator’s customer-first philosophy.
“Insurance is not a loan,” Dr Saqware remarked pointedly. “We will continue removing dishonest and non-compliant actors from the market.”
Concluding his address, he emphasised that TIRA’s regulatory philosophy is grounded in promoting sectoral growth, protecting consumer interests, and ensuring sustainable returns for investors. “The insurance industry must grow and thrive. We are committed to creating an environment where policyholders are protected, and investments yield fair and sustainable returns,” he said.
