DR-SAQUARE-SESSION-5.pptx

1、TANZANIA INSURANCE REGULATORY AUTHORITY(TIRA)THE 29TH AFRICAN INSURANCE ORGANISATION(AIO)CONFERENCE REGULATORS FIRESIDE CHAT“NAVIGATING THROUGH REGULATION AND COMPLIANCE,A PORT IN THE STORM”RAINBOW TOWERS HOTEL&INTERNATIONAL CONFERENCE CENTREHARARE,ZIMBABWE 14TH OCTOBER 2025,Dr.Baghayo A.Saqware,Pre

2、sentation Layout,IntroductionRegulatory Developments within the Tanzania Insurance MarketSnapshot on Tanzania Insurance Market Statistics Responses on specific questionsConclusion,Dr.Baghayo A.Saqware,IntroductionTIRA is Regulatory institution established under the Insurance Act,Cap.394(R.E 2023)for

3、 the purpose of regulating and supervising insurance business within the United Republic of Tanzania.Our mandates are to:Register,issue licenses and Renewals to registrants;Provide regulatory and supervisory Guidelines;Protect the interests of policyholders,beneficiaries and stakeholders;Enhance Mar

4、ket Developments,stability and sustainability;andAdvise the Government on all insurance matters.,Dr.Baghayo A.Saqware,Regulatory Developments in TanzaniaWe have made remarkable progress which includes but not limited to:Adoption of Risk-Based Supervision;Rolled out IFRS 17 for all insurers and reins

5、ures;Enhancement Digital Transformation;ORS,TSS,ReturnsEnhance Consumer Protection;Implementation of Universal Health Insurance;Establishment of industry consortiums:Tanzania Energy Co-Insurance Consortium(TECC)and Tanzania Agriculture Insurance Consortium(TAIC).,Dr.Baghayo A.Saqware,Snapshots on Ta

6、nzania Insurance Market statistics for 2024The Key performance indicators for the year 2024:Gross Written Premium(GWP)grew by 20.2%to TZS 1.52 trillion compared to 1.24 trillion recorded in year 2023;Total investment income grew by 9.9%to TZS 1.41 trillion compared to 1.28 trillion reported in year