Taking a looking at Tanzania’s insurance industry

The insurance industry in Tanzania is poised for growth and has the potential to pocket more markets over time.   The industry has gained vital milestones as the Tanzanian Insurance Regulatory Authority (TIRA) argues that the country has continued to play its strategic role in the national economy by providing underwriting capacity, making appropriate compensation against risks and contributing towards mobilization of financial resources for Tanzania’s sustainable economic development.  In 2019 former insurance regulator Dr. Baghayo Saqware noted that essential reforms were underway to increase coverage and stimulate economic growth by ensuring implementation of policy and non-policy reforms intended to boost the image of the insurance industry and increase public confidence, according to a report by The Citizen.   Across East Africa, Tanzania has been cited to record a promising mark over the past eight years on life insurance category, according to a report by Deloitte East Africa Insurance Outlook 2019/2020.  The report argues that, “There has been a persistent positive year-on-year growth in gross written premiums over the last five years from 2012 to 2017.”  However, the report painted a rather different picture on several prospects, including equity values fluctuations.  “Although equity values have been on the rise, returns on shareholders’ equity have been fluctuating year-on-year from