DAR ES SALAAM: Insurance is becoming increasingly essential for protecting family savings, businesses, and economies from unexpected shocks. As Tanzania’s insurance market grows and regional economic integration intensifies, the country’s top insurance regulator has taken a significant leadership role that could influence the industry’s future across Southern Africa.
Dr Baghayo Saqware, the Commissioner of Insurance and Chief Executive Officer of the Tanzania Insurance Regulatory Authority (TIRA), was elected Vice-Chairperson of the Southern African Development Community (SADC) Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) on 7 October during the committee’s 49th forum meeting in Malawi.
This position enhances Tanzania’s role in regional discussions on insurance development, financial oversight, and cooperation in non-banking financial services, especially as businesses face interconnected risks and a growing demand for financial protection.
Dr Saqware’s election followed a contest between two candidates, with SADC member institutions participating in the voting process. He will work alongside Dr Grace Muradzikwa, Chairperson of Zimbabwe’s Insurance and Pensions Commission.
Beyond his election’s recognition, it represents a chance to turn regional collaboration into more robust insurance markets, improved consumer protection, and broader access to financial services.
Between 2022 and 2025, Tanzania’s insurance sector has seen growth in several indicators, indicating an expanding market and increased insurance usage. The number of registered insurance service providers has jumped from 1,165 to 10,940, with insurance penetration rising from 1.99% to 2.11% of gross domestic product (GDP). The average premiums per person also increased, along with the total number of individuals using insurance services, which grew from 17.8 million to 26.8 million.
Dr Saqware’s tenure has coincided with these developments, driven by efforts from the government and industry stakeholders. The market’s expansion opens opportunities for insurers, brokers, investors, and technology providers to create products that meet the needs of households and businesses across sectors like agriculture, manufacturing, and tourism.
However, as reliance on insurance grows, the importance of effective supervision, appropriate products, and policyholder protection becomes paramount. The challenge lies in ensuring that market growth translates into reliable protection and fosters public confidence.
Under Dr Saqware’s leadership, TIRA is pursuing digitalisation and supporting initiatives like cash-and-carry arrangements and bancassurance, which enables banks to distribute insurance products. Frameworks for retention and reinsurance are also being strengthened to bolster local insurers’ capacity.
While enhancing domestic capacity allows insurers to retain more risks, reinsurance remains crucial for exposures requiring additional support. Dr Saqware’s guiding principle, “Excellence has no limit,” will serve as a foundation for the next phase of regulatory development.
The true test will be whether policy initiatives lead to more accessible products, efficient services, and consumer confidence. Technology could play a vital role in achieving these aims by improving digital distribution, electronic payments, and claims processing, thus reducing barriers for those with limited access to traditional insurance services.
Small and medium-sized enterprises could benefit from simplified, affordable products, while farmers need tailored solutions for weather-related risks. Accessible insurance can help households manage unexpected expenses and provide businesses with the confidence needed for investment.
CISNA serves as a platform for regulatory discussions across the SADC, allowing for coordinated standards and the development of regional financial markets. Dr Saqware’s role enhances Tanzania’s ability to share insights and collaborate with peers facing similar challenges.
Increased cooperation could lead to more consistent regulatory frameworks, making it easier for financial services firms to operate across borders. This could boost confidence among investors and policyholders, ensuring that financial risks are managed transparently.
However, these benefits require commitment from member authorities and the prioritisation of agreed measures. Despite progress, Tanzania’s insurance penetration of 2.11% of GDP in 2025 indicates room for further market growth.
Achieving deeper financial inclusion necessitates affordable premiums, accessible distribution channels, public awareness, clear policy terms, and timely claims. Regulators, insurers, brokers, agents, banks, and technology firms must collaborate to enhance the relevance of insurance products and build trust in them as practical financial services.
A robust insurance market can enhance economic resilience by safeguarding household assets and helping businesses rebound from losses. Dr Saqware’s new regional role provides an opportunity for closer engagement with SADC partners to promote these priorities while ensuring regulatory leadership supports an industry that meets both commercial and public needs.
Ultimately, his appointment’s success will be gauged not just by Tanzania’s influence in regional discussions but by real improvements in market robustness, consumer protection, and insurance accessibility. For households and businesses, the promise of regional integration will depend on making insurance more accessible, reliable, and responsive to everyday risks.
