By June 2025, Tanzania’s insurance market recorded TZS 2.495 trillion in assets, 6,916 employees, and 10 new products approved. The Tanzania Insurance Regulatory Authority sets a 15% growth target for 2025/26–2026/27 and plans Universal Health and Agricultural Insurance initiatives.
The document provides a detailed review of the insurance sector, highlighting achievements in market growth, employment, asset accumulation, and product innovation. It also outlines the Authority’s strategic objectives for 2025/26–2026/27, including measures to strengthen regulation, expand coverage, and support sector development.
The capital value of the sector increased to TZS 993 billion, up 9.5% from 2024. Formal employment in the insurance market rose to 6,916 employees, a 96.1% increase from 3,527 in 2021. The total number of insurance service providers expanded to 2,425, a 144.2% rise from 993 in 2021, including an increase in reinsurance companies from 1 to 4. Premium underwriting for January–June 2025 reached TZS 831.8 billion. During the same period, TIRA approved 10 new insurance products, including agricultural and livestock coverage. The report also details TIRA’s development strategy for 2025/26–2026/27, targeting at least 15% growth in the insurance market while maintaining financial stability. Key initiatives include: Formal commencement and management of Universal Health Insurance according to relevant laws and regulations. Establishment of a National Agricultural Insurance Scheme, including completion of legal procedures and regulations. Completion of the National Insurance Policy and its implementation strategy to provide a robust regulatory framework. Full deployment and integration of ICT systems, including the Insurance Regulatory Integrated System (IRIS), with public institutions such as the Police Force, the National Identification Authority (NIDA), the Tanzania Revenue Authority (TRA), the Tanzania Communications Regulatory Authority (LATRA), the Tanzania Administrative Services Authority (TASAC), and the Zanzibar Revenue Authority (ZRA) to strengthen supervision and sector development. Finalization of reinsurance agreements with Africa Re and PTA Reinsurance Company (ZEP-RE). Amendments to the Insurance Act Cap 394 and completion of mandatory insurance regulations to provide clear guidance on legally required coverage. Implementation of an Insurance Sandbox Regulatory Framework for testing new insurance products and services. Strengthened cooperation with development partners, including the United Nations Development Programme (UNDP, the German development agency GIZ, and CRDB Bank, to expand insurance access, improve public education, and support product innovation.
Read more at: https://www.tanzaniainvest.com/finance/insurance/insurance-market-performance-h1-2025
