By Business Insider Reporter
The Tanzania Insurance Regulatory Authority (TIRA) has officially inaugurated its new headquarters building, known as “TIRA Bima House,” in Dodoma.
Zanzibar’s Minister of State – President’s Office (Policy and Planning), Dr. Saada Mkuya, officiated the vibrant and well-attended inauguration ceremony held in the rapidly developing Njedengwa suburb on Thursday.
Speakers at the event emphasized that the inauguration of TIRA Bima House – completed over a period of 26 months – signifies far more than the unveiling of a new office building.
They said that it stands as a powerful symbol of institutional growth, long-term investment in national infrastructure, and a renewed commitment to strengthening regulatory capacity within the insurance sector.
In her remarks, Dr. Mkuya congratulated TIRA on what she described as a major and historic milestone. She noted that the construction of the state-of-the-art headquarters is a clear reflection of the government’s unwavering commitment to relocating all public institutions to Dodoma
“The insurance sector is a critical pillar of national growth and prosperity. This monumental achievement is not only a testament to TIRA’s institutional progress but also a significant contribution to the economic development of our country,” she stated.
“The sector’s current growth rate may appear modest, but it reflects meaningful progress compared to where we started. A contribution of 2.08 percent to GDP in 2024 – up from 2.01 percent in 2023 – is a positive indicator, though there remains substantial room for further growth and improvement,” she added.
According to the Financial Sector Development Master Plan (2020/21–2029/30), Tanzania aims to increase insurance penetration to 3 percent of GDP by 2030 and expand insurance coverage to at least 50% of the population.
Progress toward this goal is evident in the 2024 Insurance Market Performance Report, which shows that the number of individuals accessing insurance services rose by 10.2 percent , reaching 25.9 million in 2024, up from 23.5 million in 2023.
“This means that by 2024, 39.2% of Tanzania’s projected population of 66.3 million had access to insurance services,” reads the report whose unveiling at the event was also graced by Dr. Mkuya.
The minister urged TIRA to increase public awareness on the importance of insurance, particularly in critical areas such as agriculture, in health, and in disaster management.
She also called on insurance providers to invest in innovative products that meet the real needs of Tanzanians, especially those with low incomes, small business owners, and farmers.
“Innovation will play a critical role in the successful implementation of the Universal Health Insurance policy, which President Dr Samia Suluhu Hassan has pledged to deliver within the first 100 days of her next administration. To achieve this ambitious goal, the private sector must actively collaborate with the government – through TIRA – to ensure this promise becomes a reality.”
On his part, the Commissioner of Insurance (COI), Dr. Baghayo Saqware, explained that the TIRA Bima House is a symbol of efficiency, transparency, and accountability in delivering high-quality services to both insurers and the public.
He stated that the ultra-modern facility will serve as a modern centre for supervising the insurance sector, enhancing the working environment for TIRA staff and improving overall regulatory effectiveness.
“TIRA will continue to work closely with the private sector, financial institutions, and development partners to build an inclusive, resilient, and sustainable insurance sector that aligns with the government’s socio-economic development agenda,” Dr. Saqware noted.
Members of the Association of Tanzania Insurers (ATI) said the inauguration of TIRA Bima House stands as clear evidence that insurance is no longer optional – it is a necessity for national development.
Through such investments, they argued, Tanzania is laying a strong foundation for building an economy protected from risks and shocks, ensuring prosperity for its citizens today and for generations to come.
“Insurance is protection, peace of mind, and development,” the CEO of Reliance Insurance, Ravi Shankar told Business Insider.
