THE Tanzania Insurance Regulatory Authority (TIRA) has urged stakeholders in the insurance sector to maintain professional standards, provide quality services while avoiding fraudulent practices.

Dr Baghayo Saqware, TIRA Commissioner for Insurance, made the appeal yesterday here during the 8th meeting of the Tanzania Insurance Brokers Association (TIBA).

He warned that service providers found in violation of regulations, procedures and guidelines, including those engaging in fraud, will face stringent legal consequences.

“All stakeholders should conduct insurance business with integrity and professionalism, adhering strictly to the laws and guidelines set forth by the authority,” Dr Saqware said.

He also emphasized the importance of providing accurate insurance education to the public, encouraging them to utilize insurance products to safeguard against risks to property, health, business, and agriculture.

“Companies should put more weight on raising public awareness and encouraging Tanzanians to join the insurance services to protect themselves from various disasters,” he added.

According to him, insurance is key to the country’s financial inclusion agenda because the bulk of the growth of the financial sector in the coming decade is hinged on insurance.

Dr Saqware said TIRA will continue to create an enabling environment for the insurance market, while calling the insurance companies to increase creativity in designing various insurance products that are beneficial for Tanzanians, especially low-income citizens.

He underlined that as people living in a world full of uncertainty and disasters that endanger human plans, joining the insurance services is inevitable.

“The government has fostered a positive image in the insurance market, benefiting both providers and users. This has enhanced our reputation and contributed to our success,” Dr Saqware added.

TIBA’s President, Okoth Oloo said the meeting has attracted participants from various regions of Tanzania, as well as from East African Community (EAC) countries including Uganda, Kenya, Rwanda and Burundi.

He highlighted that the discussions will focus on how insurance laws and regulations impact market growth and development.

Oloo reaffirmed the association’s commitment to upholding professionalism, integrity and trust within the insurance sector.

Anna Lema, TIBA’s chairperson said that the five-day event will host over 250 participants from various parts.

“We anticipate that participants will gain valuable insights from the topics covered by our speakers,” she said.