Parliament committee lauds insurance sector growth
DODOMA: THE Parliamentary Standing Committee on Public Investment Capital (PIC) has expressed satisfaction with the growth of Tanzania’s insurance sector, citing increased public awareness, wider access to insurance services and improved service delivery.
PIC Chairman Masanja Kadogosa expressed the committee’s satisfaction on Friday after receiving a presentation from the Commissioner of Insurance, Dr Baghayo Saqware, during the committee’s meeting with the Tanzania Insurance Regulatory Authority (TIRA).
“We commend TIRA. We urge you to continue providing insurance education through innovative approaches to reach more Tanzanians,” he said.
Mr Kadogosa said the sector’s growth had been supported by increased public understanding of insurance, which has contributed to a rise in the number of people accessing insurance services.
PIC member Twaha Mwakioja directed TIRA to strengthen enforcement of insurance laws and guidelines to ensure insurance companies maintain adequate capital and are able to pay policyholders’ claims on time when losses occur.
Presenting TIRA’s performance, Dr Saqware said the insurance market had continued to grow rapidly, attributing the progress partly to efforts by the Ministry of Finance to create a conducive operating environment through various laws and regulatory guidelines.
He said TIRA had also strengthened supervision of the insurance industry through its headquarters and 10 zonal offices serving regions across the country.
Dr Saqware further said claims payments increased by 57 per cent in 2025 compared with 2023, a development he said had contributed to increased public confidence in insurance services.
He said the improvement in claims payments was among factors supporting public confidence in insurance services and encouraging more people to use insurance products.
Dr Saqware also highlighted improvements in information and communication technology systems, including the Tanzania Insurance Regulatory Authority Management Information System (TIRAMIS), TIRA Online Registration System (TIRA-ORS), TIRA Supervision System Portal (TSS) Portal and Insurance Regulatory Information System (IRIS).
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He said the systems had simplified licensing processes and insurance-related payments while enhancing transparency, efficiency and the speed of service delivery.
The Commissioner said the continued improvements in regulation, digital services and public awareness were contributing to the development of a safer and more efficient insurance market in Tanzania.
