The Tanzania Insurance Regulatory Authority (TIRA) is encouraging the registration of healthcare providers in the country to facilitate identifying them and rendering them help when needed, such as when they are not paid on time or in full by insurers. Registration can be carried out online nationwide.
The insurance industry in Tanzania has posted a total Gross Written Premiums (GWP) of TZS379.40bn ($146.2m) in the first three months of 2024, an increase of 13.6% compared to TZS333.8bn in the corresponding quarter of 2023, according to data released by the Association of Tanzania Insurers (ATI).
The Tanzanian life insurance market offers numerous growth opportunities, says the international professional services firm Deloitte.
The Tanzanian government is committed to fostering a robust insurance market as a cornerstone of economic development, according to Professor Kitila Mkumbo in his capacity as the Minister of State for Investment and Planning.
Four new insurance companies were licensed in 2023 by the Tanzania Insurance Regulatory Authority (TIRA), taking their total number to 40 at the end of last year.
Nairobi-headquartered East Africa Reinsurance Company (EARe) has expanded its operations by establishing a subsidiary in Tanzania, called East Africa Reinsurance (Tanzania) Company.
Tanzania Reinsurance Company's (TAN RE) operating performance is assessed as strong, with the company reporting a five-year (2018-2022) weighted average combined ratio of 91.2% and return on equity ratio of 10.7%, AM Best points out.
Several Tanzanian insurance companies recently established a consortium for insuring large and valuable projects in the country to reduce reliance on foreign insurance companies, revealed Commissioner of Insurance, Dr Baghayo Saqware.
The Tanzania Insurance Regulatory Authority (TIRA) has warned that it will crack down on fraudulent insurance brokers.
All insurance contracts will be written in both Kiswahili and English languages from July 2023, the Tanzania Insurance Regulatory Authority (TIRA) has directed.