Tanzania
About the country
The insurance market has been growing rapidly in Tanzania. Between 2009 and 2013, formal insurance usage increased from 6.3 per cent of the adult population (1.3 million people) to 13 per cent (3.1 million people). Microinsurance provision is mostly embedded in other financial services and there is little investment in voluntary products. The stakeholders and players feel that the current approach is offering limited value to clients and not creating effective demand. Therefore, as part of the market development strategy, there is a need to stimulate voluntary insurance.
Our engagement
The Facility’s overall objective in Tanzania is to provide guidance to the multi-stakeholder Technical Working Group and Steering Committee in mapping out and implementing various market-facilitation interventions.
Following the strategy-formulation workshop held in 2013, the Facility, in collaboration with the Financial Sector Deepening Trust and FinMark Trust, has supported the implementation of a number of market development activities, which included two learning sessions (on the business case for microinsurance and improving the enabling environment), and two training courses (an introduction to microinsurance and on managing microinsurance distribution). The Facility will continue to coordinate the market development process, as well as support the implementation of the strategy, including through provision of technical assistance to insurers on various aspects of product development and delivery.
