The country's Insurance Management Authority (TIRA) has been urged to step up efforts to build awareness for the public in order to bring success to the industry.
The call was made by Minister of Culture, Arts and Sport, Dr Damas Ndumbaro at the opening of the 2022 insurance market performance report, December 6 2023 in Dar es Salaam.
"Yet people's perceptions and understanding of insurance and its products and importance are still very low. If you ask many Tanzanians they say insurance is for the car, and it's because the law forces them," Ndumbaro said.
Dr Ndumbaro said there is a need to improve the digital customer insurance systems and insurance products and ensure access to them in a timely manner.
He also stressed the importance of health insurance, which will bring about access to health care without class.
CPA Moremi Marwa, chairman of the National Insurance Board, said that despite the challenges in the insurance industry, they made it an opportunity to continue to do better.
"The development of the sector is good but the challenges we have to accept to get to where we expect to continue to do better," Moremi said.
He cited factors that contributed to the growth of the insurance market in the country are a significant increase in insurance institutions and an increase in customer growth.