TANZANIA Insurance Regulatory Authority (TIRA) has encouraged players in the sector to invest in innovation and bring new products that benefit Tanzanians both in urban and rural areas.

Dr Baghayo Saqware, TIRA Commissioner of Insurance, made the call in Dar es Salaam at the weekend during the launch of a new insurance product.

 He encouraged insurance companies to put more weight on raising public awareness and encouraging Tanzanians to buy insurance covers to protect themselves from various disasters.

According to him, insurance is key for the country’s financial inclusion agenda considering the fact that the bulk of growth of the financial sector in the coming decade is hinged on insurance.

Dr Saqware said TIRA will continue to create an enabling environment for the insurance market while calling the insurance companies to increase creativity in designing various insurance products.

He underlined that as people live in the world full of uncertainty and disasters that endanger human plans, joining the insurance services is inevitable.

“Most importantly, use the opportunities you have to provide insurance education and encourage Tanzanians to take up various insurance services to protect themselves from various disasters,” he said.

“Disasters happen at times we don't expect and disrupt our plans and even our families.”

Dr Saqware said the authority will continue to improve the environment and management for a safe insurance market in the country.

He said the insurance market in the country has continued to improve.

“The growth of the insurance market has contributed to the growth in gross premiums for general insurance policies which increased from 893 bn/- in 2022 to 1.2trn/- in 2023, representing a significant growth of about 26 percent,” he said.

He called on companies to adhere to all rules, regulations and guidelines governing the industry so as to operate in fair competition by sticking to professionalism for the development of the industry.

 “The insurance companies have to continue to be innovative and bring new insurance products that I firmly believe in one way or another will be able to help the people as well as promote and develop the insurance sector,” he said.