Tanzania Insurance Regulatory Authority Partners with Dar es Salaam Stock Exchange to Promote Financial Inclusion and Innovation

The Tanzania Insurance Regulatory Authority (TIRA) has signed a Memorandum of Understanding (MoU) with the Dar es Salaam Stock Exchange (DSE) to enhance financial education and promote innovative financial products. The partnership aims to expand opportunities for insurance firms, protect consumer interests, and improve financial efficiency. TIRA Commissioner Dr. Baghayo Saqware stated that the agreement will improve information management, support joint research, and promote public awareness on the importance of insurance and investment.

Key Takeaways:

• The partnership between TIRA and DSE aims to expand opportunities for insurance firms to raise capital through the stock exchange, while protecting consumer interests and enhancing financial efficiency.
• The MoU will improve information management, support joint research, and promote public awareness on the importance of insurance and investment.
• The agreement will enhance transparency, support economic transformation, and contribute to the goals of the National Development Vision 2050.
• The partnership includes organizing joint professional events to bring together stakeholders from the insurance sector, capital markets, and investors.
• The move is timely as the current participation of insurance companies in the capital market remains limited, with only Jubilee Holdings Limited listed on the DSE.
• Most of Tanzania's over 30 insurance companies are privately held and regulated by TIRA.

Statistics:

• 45.5% increase in DSE turnover week-on-week (ALL READ: DSE turnover up 45.5pc week-on-week)
• 30 insurance companies operating in Tanzania, with most being privately held and regulated by TIRA
• Only one insurance-focused company (Jubilee Holdings Limited) listed on the Dar es Salaam Stock Exchange (DSE)
• 2024: CRDB Insurance Company began offering Takaful (Islamic insurance) products

Sources:

• TIRA Commissioner statement (exact wording)
• DSE Chief Executive Officer statement (exact wording)
• Daily News article (exact wording)
• Published by HT Digital Content Services with permission from Daily News