Tanzania has strengthened its representation in regional financial governance following the election of Dr Baghayo Saqware to the vice-chairmanship of the Southern African Development Community’s Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA).
Dr Saqware was elected on October 7, 2026, during CISNA’s 49th Forum Meeting in Malawi, marking a significant milestone for Tanzania’s insurance industry and its participation in regional financial sector development.
His appointment provides Tanzania with an opportunity to contribute more actively to regional regulatory discussions, strengthen cooperation among financial authorities and promote wider access to insurance and other non-banking financial services across Southern Africa.
More importantly, the development comes at a time when Tanzania’s insurance industry is expanding, public demand for financial protection is growing, and businesses increasingly need reliable solutions to manage risks and safeguard investments.
Dr Saqware secured victory in a contest involving two candidates and will serve alongside CISNA Chairperson Dr Grace Muradzikwa, Commissioner of Zimbabwe’s Insurance and Pensions Commission (IPEC).
His new role is expected to support CISNA’s efforts to strengthen regulatory cooperation, promote financial inclusion and advance the integration of financial markets across the SADC region.
For Tanzania, the appointment presents an opportunity to share its regulatory experience with regional counterparts while drawing on lessons from other markets to improve the domestic insurance environment.
Tanzania’s insurance sector has made progress in expanding access to financial protection, although significant opportunities remain to increase insurance coverage and strengthen its contribution to the national economy.
Performance figures covering 2022 to 2025 show that insurance penetration increased from 1.99 per cent to 2.11 per cent of gross domestic product (GDP).
Over the same period, insurance density, which measures average insurance premiums per person, rose from TSh18,706 to TSh37,455.39.
The number of people recorded as policyholders and beneficiaries using insurance products increased from 17.8 million in 2022 to 26.8 million in 2025. Meanwhile, the proportion of the population using insurance services rose from 27.6 per cent to 39.3 per cent.
These figures indicate progress in extending insurance services to more Tanzanians, supported by government initiatives, regulatory reforms and the participation of industry stakeholders.
However, insurance penetration of 2.11 per cent of GDP in 2025 highlights the considerable potential for further growth.
Millions of households, farmers and businesses could benefit from affordable insurance products that protect property, livelihoods, investments and productive assets against unexpected losses.
Agriculture, manufacturing, construction, transport, logistics and tourism are among the sectors offering opportunities for insurers to develop products tailored to specific risks and business needs.
For small and medium-sized enterprises, appropriate insurance coverage can help protect assets, manage financial losses and maintain operations when unexpected events disrupt business activities.
Expanding coverage will nevertheless require more than increasing the number of insurance providers and distribution channels. Public awareness, affordable premiums, effective regulation, transparent policies and reliable claims settlement will be essential to building public confidence.
As Commissioner of Insurance and Chief Executive Officer of the Tanzania Insurance Regulatory Authority (TIRA), Dr Saqware plays a key role in supervising the insurance industry and supporting its development.
His regulatory work includes promoting digitalisation, strengthening cash-and-carry arrangements, supporting bancassurance and advancing frameworks for insurance retention and reinsurance.
Digitalisation can make insurance services more accessible by improving operational efficiency, expanding distribution channels and reducing barriers for customers.
Bancassurance, which allows insurance products to be distributed through banking institutions, can also help insurers reach more customers, including people who may have limited access to conventional insurance services.
Meanwhile, effective retention and reinsurance arrangements are important in helping insurance companies manage their exposure to risk and strengthen their capacity to meet obligations to policyholders.
These areas provide practical experience that could contribute to discussions within CISNA on regulatory development, market stability and consumer protection.
Dr Saqware’s guiding philosophy, “Excellence has no limit”, reflects a commitment to continuous improvement. His regional responsibility provides an opportunity to exchange knowledge with other regulators and identify approaches that could strengthen Tanzania’s insurance market.
Closer cooperation among regulators can also help address common challenges, improve supervisory practices and create a more supportive environment for financial services development.
CISNA brings together regulators responsible for insurance, securities and other non-banking financial services across SADC member states.
The committee provides a platform for regulatory dialogue, the exchange of expertise and cooperation on issues affecting financial markets across the region.
Such collaboration is increasingly important as businesses expand across borders and financial institutions face risks that extend beyond individual countries.
For insurance companies seeking to operate in regional markets, stronger engagement among regulators can improve understanding of compliance requirements and promote dialogue on supervisory standards.
For investors and businesses, transparent regulation and effective oversight can strengthen confidence in financial institutions and support investment decisions.
Regional cooperation can also facilitate the exchange of experience in consumer protection, financial stability, technological innovation and emerging risks.
Through Dr Saqware’s appointment, Tanzania has an additional opportunity to contribute to these discussions, strengthen relationships with regulatory authorities across Southern Africa and bring regional experience into domestic policymaking.
The ultimate benefit, however, will depend on how effectively regional cooperation translates into practical improvements in market access, financial supervision and the delivery of services to households and businesses.
Increasing insurance coverage remains a major priority for Tanzania’s financial services sector.
Although more people are using insurance products, the relatively low penetration rate demonstrates the need for solutions that reflect customers’ incomes, occupations, business needs and exposure to risk.
Technology offers an important opportunity to address these challenges.
Digital platforms, electronic payments and more efficient claims processing can make insurance easier to access, particularly for small businesses, farmers and communities underserved by traditional distribution channels.
Agricultural insurance, for example, can help farmers manage financial losses associated with adverse weather and other production risks. Products designed for small and medium-sized enterprises can protect business assets and support continuity when unexpected events occur.
Transport, tourism and logistics businesses also need insurance solutions suited to their operational requirements and exposure to risks.
For households, insurance can provide financial protection against events that might otherwise deplete savings or undermine livelihoods. For businesses, it can help safeguard investments and support recovery after disruptions.
At the national level, wider insurance coverage can strengthen economic resilience by protecting a broader range of economic activities and supporting more confident investment decisions.
Achieving these benefits will require coordinated efforts by TIRA, insurance companies, brokers, agents, banks and technology providers.
Public education, affordable products, accessible distribution channels and timely claims settlement will remain central to building trust and encouraging more Tanzanians to use insurance services.
At the same time, regulators must ensure that innovation and market expansion are accompanied by effective consumer protection and sound financial management.
Dr Saqware’s election to the CISNA vice-chairmanship gives Tanzania a stronger platform to participate in shaping the future of insurance, securities and other non-banking financial services across Southern Africa.
The appointment offers opportunities to strengthen regulatory relationships, exchange knowledge, improve market confidence and support the development of more integrated regional financial markets.
For Tanzania’s insurance industry, the development comes at an important stage, as stakeholders seek to broaden access, improve public confidence and provide products that meet the needs of a wider range of economic activities.
For the SADC region, closer cooperation among regulators can support stronger financial supervision, encourage responsible innovation and improve access to financial services.
Working with Dr Muradzikwa and other member authorities, Dr Saqware will have an opportunity to contribute to CISNA’s objectives of advancing financial inclusion, strengthening regulatory cooperation and promoting regional integration.
Ultimately, the value of this leadership appointment will be measured by tangible outcomes, including stronger financial institutions, wider insurance coverage, improved protection against financial risks and a greater contribution by the insurance sector to sustainable economic development.
Tanzania’s enhanced representation is therefore both an achievement and a responsibility. The priority now is to translate regional recognition into lasting benefits for the country’s insurance industry, its business community and the millions of people who could benefit from greater access to affordable and reliable financial protection.