ZANZIBAR — Tanzania’s insurance industry is set for major regulatory changes, with the Tanzania Insurance Regulatory Authority (TIRA) directing insurers to double their capital requirements within the next year, TIRA Commissioner of Insurance Dr. Baghayo Saqware has announced.
The announcement was made at the 10th Tanzania Insurance Brokers Association (TIBA) Annual Insurance Conference in Zanzibar, according to TIRA.
The conference brought together insurance brokers and other industry stakeholders to discuss issues affecting the sector, including capital adequacy, compliance and strategies for strengthening its continued growth and development.
Dr. Saqware’s announcement places the sector’s regulator at the center of a push to consolidate the market around financially stronger firms, with TIRA also confirming a new anti-fraud unit to curb misuse of claims funds and unauthorized partnerships with unregistered foreign insurers.
For insurance companies, brokers and other financial-sector participants, the new capital threshold is expected to reshape the competitive landscape, with firms unable to meet the requirement facing regulatory action or potential consolidation.
TIRA said the changes are aligned with the Financial Sector Development Master Plan (2020–2030), which targets 90 percent of Tanzanians having access to health insurance and 50 percent achieving adequate insurance literacy by the end of the decade.
