Dar es Salaam. A new report from the insurance market shows that the market remained stable, with key indicators such as policyholders and beneficiaries increasing by 32.0 percent, alongside growth in claims and expanded employment opportunities.
The overall market grew by 7.4 percent, achieving Gross Premiums Written (GPW) of Sh1.24 trillion compared to previous years, the Tanzania Insurance Regulatory Authority (Tira) report for 2023 revealed.
The report indicated that the industry paid claims totalling Sh488.2 billion last year, accounting for 25.5 percent of premiums, up from Sh389 billion in earlier years.
It also showed that policyholders and beneficiaries represented 37.2 percent of the total population in the country covered by insurance services.
Read: Tanzania’s insurance industry grows by 26.7 percent
“The global insurance market’s growth is measured by parameters like claims payments, which reflect company stability, and employment, which indicates individual economic growth and contributions to national income. We will continue collaborating with stakeholders to educate the public and increase product usage,” said the Commissioner of Insurance, Dr Baghayo Saqware.
Dr Saqware made the remarks on Friday, November 22, 2024, during the official launch of the 2023 performance report, which highlighted that employment opportunities in the sector rose to 5,595 from 4,173 in previous years.
Additionally, the number of service providers grew to 1,549 from 1,165, representing a 33 percent increase.
Insurance retention also rose to 55.5 percent last year from 49.4 percent, meaning more money remained within the country to support economic development.
However, Dr Saqware noted that despite this positive growth, the amount Tanzanians allocate for insurance remains low, averaging Sh19,000 per year, compared to Sh200,000 in other developing countries.
He emphasised that more effort is needed to address this gap.
“To achieve the government’s goals, the market needs to grow at an average of 15 percent annually. Therefore, I urge stakeholders to continue collaborating and increasing investments that will enable the market to expand,” he stressed.
Launching the report, the Deputy Minister for Finance, Mr Hamad Hassan Chande, said the report is good news as it shows the right direction of the market, explaining that insurance is a part of the financial sector which contributes to the transfer of income to the government and helps in development activities.
He said the report gives a clear picture that the government, through Tira, is creating an environment for good business relations for stakeholders in the sector, this is from implementing insurance issues through the 2030 plan which wants consumers to reach 50 percent.
Mr Chande added that the growth of insurance is a big step, so there is a need to continue more efforts to get more revenue.
“The insurance industry plays a crual role in building the economy and protecting the health and safety of people, so growth must continue,” he said.
For her part, Assemble Insurance Tanzania Ltd, Managing Director Tabia Masoud said that for the insurance market to continue, they need to be given information on the development of the market and the presence of new challenges.
She said information on means of increasing their strength should also be communicated for the insurance industry to continue growing.
“For the insurance sector to continue to grow, innovations must be used to meet the needs of Tanzanians and all stakeholders in this sector,” she suggested.
Share this news
This Year's Most Read News Stories
Zanzibar Airports Authority enforces Dnata monopoly
. Airlines that have not joined the Zanzibar Airports Authority’s (ZAA) preferred ground handler, Dnata, at the Abeid Amani Karume International Airport (AAKIA) face eviction from the Terminal Three building Dnata is the sole ground handler authorised to provide services for flights that operate at Terminal 3.Continue Reading
Tanzania Confirms Outbreak of Marburg Virus Disease
Dodoma — Tanzania today confirmed an outbreak of Marburg virus disease in the northwestern Kagera region after one case tested positive for the virus following investigations and laboratory analysis of suspected cases of the disease.
President of the Republic of Tanzania, Her Excellency Samia Suluhu Hassan, made the announcement during a press briefing alongside World Health Organization (WHO) Director-General, Dr Tedros Adhanom Ghebreyesus, in the country’s administrative capital Dodoma.
“Laboratory tests conducted in Kabaile Mobile Laboratory in Kagera and later confirmed in Dar es Salaam identified one patient as being infected with the Marburg virus. Fortunately, the remaining suspected patients tested negative,” the president said. “We have demonstrated in the past our ability to contain a similar outbreak and are determined to do the same this time around.”
A total of 25 suspected cases have been reported as of 20 January 2025, all of whom have tested negative and are currently under close follow-up, the president said. The cases have been reported in Biharamulo and Muleba districts in Kagera.
“We have resolved to reassure the general public in Tanzania and the international community as a whole of our collective determination to address the global health challenges, including the Marburg virus disease,” said H.E President Hassan.
WHO is supporting Tanzanian health authorities to enhance key outbreak control measures including disease surveillance, testing, treatment, infection prevention and control, case management, as well as increasing public awareness among communities to prevent further spread of the virus.
“WHO, working with its partners, is committed to supporting the government of Tanzania to bring the outbreak under control as soon as possible, and to build a healthier, safer, fairer future for all the people of Tanzania,” said Dr Tedros. “Now is a time for collaboration, and commitment, to protecting the health of all people in Tanzania, and the region, from the risks posed by this disease.”
Marburg virus disease is highly virulent and causes haemorrhagic fever. It belongs to the same family as the virus that causes Ebola virus disease. Illness caused by Marburg virus begins abruptly. Patients present with high fever, severe headache and severe malaise. They may develop severe haemorrhagic symptoms within seven days.
“The declaration by the president and the measures being taken by the government are crucial in addressing the threat of this disease at the local and national levels as well as preventing potential cross-border spread,” said Dr Matshidiso Moeti, WHO Regional Director for Africa. “Our priority is to support the government to rapidly scale up measures to effectively respond to this outbreak and safeguard the health of the population,”
Tanzania previously reported an outbreak of Marburg in March 2023 – the country’s first – in Kagera region, in which a total of nine cases (eight confirmed and one probable) and six deaths were reported, with a case fatality ratio of 67%.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
In the African region, previous outbreaks and sporadic cases have been reported in Angola, the Democratic Republic of the Congo, Ghana, Kenya, Equatorial Guinea, Rwanda, South Africa and Uganda.
Marburg virus is transmitted to people from fruit bats and spreads among humans through direct contact with the bodily fluids of infected people, surfaces and materials. Although several promising candidate medical countermeasures are currently undergoing clinical trials, there is no licensed treatment or vaccine for effective management or prevention of Marburg virus disease. However, early access to treatment and supportive care – rehydration with oral or intravenous fluids – and treatment of specific symptoms, improve survival.
Source: allafrica.com
Ground handling firms in Zanzibar start cutting jobs
ZAT and Transworld, companies providing ground handling services at Abeid Amani Karume International Airport, have to lay off workers to stay afloat.Continue Reading
