Dr Baghayo Saqware, Commissioner of Insurance and Chief Executive Officer of the Tanzania Insurance Regulatory Authority (TIRA), was elected Vice-Chairperson of the Committee of Insurance, Securities and NonBanking Financial Authorities (CISNA) of the Southern African Development Community (SADC) on October 7, during the committee's 49th forum meeting in Malawi. He will work alongside CISNA Chairperson Dr Grace Muradzikwa, Commissioner of Zimbabwe's Insurance and Pensions Commission, after two candidates contested the post.
The appointment positions Tanzania to contribute to regional discussions on insurance development, financial supervision and cooperation in non-banking financial services. CISNA provides a forum for insurance, securities and non-banking financial regulators across SADC to discuss supervisory standards, regulatory coordination and the development of regional financial markets.
Tanzania's insurance sector has expanded significantly between 2022 and 2025. Registered insurance service providers increased from 1,165 to 10,940, while insurance penetration rose from 1.99 per cent to 2.11 per cent of gross domestic product. The number of people using insurance services grew from 17.8 million to 26.8 million, with the proportion of the population using insurance also increasing from 27.6 to 39.3 per cent. Insurance density climbed from 18,706/- to 37,455.39/-.
The growth has occurred during Dr Saqware's tenure as Commissioner, with support from the government and industry stakeholders. TIRA has pursued digitalisation, strengthened cash-and-carry arrangements and bancassurance, while retention and reinsurance frameworks have supported domestic insurers' capacity. Despite the progress, Tanzania's insurance penetration of 2.11 per cent of GDP highlights scope for further market development.