Africa-Press – Tanzania. THE Tanzania Insurance Regulatory Authority (TIRA) has announced that the value of premiums written in the insurance sector has grown to 1.2tri/- as of the past year, marking an increase from 1.1tri/- in 2022.
This growth reflects ongoing government efforts to strengthen the insurance industry, as outlined by TIRA’s Commissioner of Insurance, Dr Baghayo Saqware, during a briefing on the 2023 Insurance Market Performance Report, set for release on November 22.
Dr Saqware noted that the country’s insurance market is advancing, driven by increased capital within insurance companies and a rise in the adoption of insurance policies.
“When capital increases, it strengthens companies’ capacity to pay claims, thereby bolstering the resilience of the insurance market,” he stated.
He also attributed the rise in premiums to the government’s educational campaigns and its efforts to create a favourable environment for insurance sector growth.
The forthcoming performance report will provide insights into various aspects of the market, including its growth trends, number of service providers, reach of insurance benefits and the financial health of the sector.
Dr Saqware emphasised that the report is vital as it outlines the market’s capital stability, resilience and the scope of operations for licensed entities involved in the distribution of insurance products.
The launch event will also host discussions on the future of universal health insurance.
Furthermore, TIRA will recognise outstanding companies in the sector, presenting awards to those that have excelled in performance according to regulatory standards.
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