UNDP calls for bold investment in inclusive insurance
DAR ES SALAAM: THE United Nations Development Programme (UNDP) has urged governments, financial institutions and development partners to make bold investments in inclusive insurance as a tool to strengthen resilience among vulnerable communities and support sustainable development.
UNDP Deputy Resident Representative, John Rutere, said during the Insurance Innovation Challenge 2025 showcase over the weekend that the sector stands at a critical turning point.
“As climate change, economic shocks and health crises increasingly threaten vulnerable populations, the need for innovative and accessible insurance products has never been more pressing,” he said.
“These solutions need investment, technical support, and strategic partnerships to grow. They need champions who believe in the power of insurance not just as a financial product, but as a tool for empowerment and development.” Mr Rutere said the Challenge 2025 aims to stimulate local innovation and crowdsource marketready insurance solutions designed to close the protection gap and promote inclusive growth.
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The country has one of the lowest insurance penetration rates in the region, leaving millions without access to affordable and timely protection.
“That is where innovation becomes critical. We are not just celebrating innovation, we are celebrating ideas with the power to transform lives,” he said.
At the event, 20 shortlisted innovators participated in a co-creation boot camp, receiving tailored support to refine their solutions. The winning solutions were awarded trophies and also will receive technical assistance through a joint collaboration between UNDP and MUA a subsidiary of the Mauritius Union Assurance Group.
Among the winning innovations were Taka Bima, a solution that enables informal waste pickers to access affordable health insurance, reducing their exposure to health related financial shocks and Twende Bima, aims to reach over 2.0 million motorcycle riders by 2027, improving road safety and financial inclusion within the country’s fast-growing motorcycle economy.
The initiative aims to increase insurance coverage by 5.0 per cent, develop scalable solutions tailored to the Tanzanian market and support the Financial Sector Development Master Plan (FSDMP), which targets 10 demand-driven insurance products by 2030.
Over the past year, the challenge incubated ideas in agriculture, health and climate insurance, focusing on accessibility and impact.
Tanzania Insurance Regulatory Authority (TIRA) Commissioner, Dr Baghayo Saqware, said the showcase marked a milestone, reflecting the shared vision for an inclusive, responsive and resilient insurance sector.
“We (TIRA) support a regulatory environment that encourages responsible innovation, partnerships and customerfocused solutions,” he said:
