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The Tanzania Insurance Regulatory Authority (Tira) has licensed East Africa Reinsurance (Tanzania) as a local reinsurance company, effective November 8, 2023, thereby enabling the latter to extend its business to Tanzania.
The Tanzania Insurance Regulatory Authority (Tira) has licensed East Africa Reinsurance (Tanzania) as a local reinsurance company, effective November 8, 2023, thereby enabling the latter to extend its business to Tanzania.
EARe CEO Peter Maina said that it would enable his company to spread its footprint to other countries in Africa, where its presence was not there or inadequate. Maina said establishing the first subsidiary in Tanzania underscores the company’s commitment to expanding its reach and strengthening its presence in the East African market. He looked forward to securing solid partnerships in Tanzania and to contributing to the country’s growth and development.
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The Commissioner of Insurance in Tanzania, Dr Baghayo Saqware, welcomed EARe and commended the establishment of EARe’s subsidiary in Tanzania. The commissioner said the expansion not only reflected the company’s confidence in Tanzania’s market but also contributed to the growth and stability of our insurance industry. Tanzania stands out as one of Africa’s rapidly expanding economies, buoyed by favourable macroeconomic conditions
