Insurance market grows 20pc as TIRA launches Bima House

DODOMA: TANZANIA’S insurance market has recorded robust growth, with Gross Written Premium (GWP) rising by 20.2 per cent to 1.52tri/- in 2024, up from 1.24tri/- in 2023, reflecting the sector’s expanding contribution to the national economy.

The figures were unveiled on Thursday during the launch of the 2024 Annual Insurance Market Performance Report and the inauguration of the Tanzania Insurance Regulatory Authority (TIRA) Bima House, a 5.9bn/- modern headquarters in Njedengwa, Dodoma.

According to the report, general insurance accounted for 952.2bn/- (63.1 per cent) of total GWP, while life insurance contributed 309bn/- (20.4 per cent) and health insurance 187.5bn/- (12.4 per cent).

The Takaful segment surged by 754.7 per cent, reaching 4.6bn/-, while reinsurance rose by 42.6 per cent to 374.3bn/-.

Speaking at the event, Zanzibar Minister of State in the President’s Office (Finance and Planning), Dr Saada Mkuya Salum urged industry stakeholders to collaborate closely with the government to ensure the effective implementation of Universal Health Insurance (UHI).

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She called on insurance firms to design affordable, accessible products for both urban and rural populations and to intensify public education on the importance of health insurance.

Zanzibar Chief Secretary and Chairperson of Insurance Ambassadors, Engineer Zena Ahmed, said the 2024 report demonstrates Tanzania’s growing and resilient insurance industry, driven by reforms and TIRA’s regulatory oversight.

Permanent Secretary in the Prime Minister’s Office, Dr Jim Yonazi, stressed the need for insurance to become part of everyday life, assuring the government’s continued support in addressing national risks and disasters.

National Insurance Board Chairperson, CPA Moremi Marwa, reaffirmed the board’s commitment to backing TIRA’s regulatory role guided by national laws and policies.

TIRA Commissioner of Insurance, Dr Baghayo Saqware, said the sector’s contribution to national income rose to 2.08 per cent in 2024 from 2.01 per cent in 2023.

Insurance density increased by 17.1 per cent to 22,878/-, while the number of individuals covered rose to 25.9 million, representing 39.2 per cent of Tanzania’s 66.3 million population.

He added that total market assets climbed by 15 per cent to 2.47tri/-, while investment assets grew to 1.41tri/-, with major portfolios in bank deposits (40 per cent), government securities (32.9 per cent) and real estate (11 per cent).