Tanzania’s insurance market is growing rapidly, with more people benefiting from coverage and new business opportunities emerging.
According to the Insurance Regulatory Authority (TIRA), the number of insurance beneficiaries has increased from 14 million in 2021 to 25.9 million this year.
Market capital and assets have also nearly doubled, rising from TZS 1.2 trillion in 2021 to TZS 2.3 trillion in 2025.
This growth shows that more Tanzanians are trusting insurance to protect their health, property, and investments.
It also highlights the potential for investors and entrepreneurs to enter the market, which is now more regulated and stable.
TIRA Commissioner, Dr. Baghayo Saqware, emphasized that insurance clients must be treated fairly.
He warned against any mistreatment or delays in paying claims.
“Every insurance client must receive what they are entitled to. Claims should be paid promptly, and no one should feel shortchanged,” he said during a media briefing in Dar es Salaam on Monday, August 18, 2025.
Dr. Saqware said TIRA is committed to protecting consumers and building trust in the insurance sector.
“We want every Tanzanian to benefit from insurance. No client should be discriminated against because they contribute to the system,” he added.
The Universal Health Insurance Scheme, launched on January 1 this year, is one of the most important initiatives for Tanzanians.
The program aims to provide health coverage for all citizens.
While the total budget is yet to be disclosed, it is expected to improve access to healthcare and create new opportunities for insurance agents and service providers.
TIRA has invited Tanzanians to become agents of the health insurance program.
The requirements are simple and affordable, making it possible for more people to participate in the sector.
“Visit our website https://tiramis.tira.go.tz for details. We encourage citizens to take advantage of this economic opportunity,” Dr. Saqware said.
The number of insurance service providers has also grown significantly.
In 2021, there were 993 providers. This year, the number has increased to 2,425.
These providers offer services in health, digital solutions, and other insurance products.
Similarly, the number of insurance companies has grown from 32 to 35, reflecting a strong business environment and increased investor confidence.
Dr. Saqware said the Health Insurance Act of 2023 has been key to expanding access.
The law allows more people to obtain health services through health cards.
It also ensures that the National Health Insurance Fund (NHIF) operates under TIRA’s supervision. This strengthens transparency and accountability in the sector.
TIRA has also worked to improve technology systems.
Its platforms are now integrated with the Bank of Tanzania, Tanzania Revenue Authority, LATRA, TASAC, and NIDA. Plans are underway to connect more than 30 institutions nationwide.
This will make it easier for citizens to access insurance services quickly and efficiently.
The growth of Tanzania’s insurance sector is not only about numbers. It also creates economic opportunities.
Investors can enter a growing market, entrepreneurs can become insurance agents, and citizens can secure their health and property.
Dr. Saqware said the sector is now a key driver for economic growth.
“Insurance is no longer just a safety net. It is a business opportunity that benefits the economy and the people,” he said.
TIRA has also focused on public awareness. Education campaigns through media and community programs have helped more people understand the value of insurance.
This has contributed to the increase in beneficiaries and the expansion of services.
The government has also improved regulations. The Insurance Act, along with the Finance Act of 2022, has strengthened the sector and protected investments.
These laws ensure that projects and infrastructure covered by insurance are secure and that the market remains resilient.
Dr. Saqware highlighted that TIRA’s achievements are a result of strong leadership and coordination.
The authority works closely with the Treasury Registrar and other government institutions to ensure that the insurance market grows safely and benefits everyone.
For Tanzanians, the message is clear: insurance is becoming more accessible, reliable, and beneficial. For investors, the opportunities are expanding in a sector that is growing fast and supported by strong regulations.
The future of insurance in Tanzania looks bright. With increasing coverage, more service providers, and new business opportunities, the market is set to continue its upward growth.
Citizens can protect their health and property, while entrepreneurs and investors can tap into a sector that is becoming a key part of the country’s economy.
TIRA’s work ensures that the insurance market is safe, transparent, and accessible.
By combining public awareness, strong regulations, and technological integration, the authority is building a sector that protects people and creates opportunities for economic growth.
As the market grows, more Tanzanians are expected to benefit, and the insurance sector is likely to become a major contributor to the nation’s development.