Inclusive insurance and risk financing in Tanzania. Snapshot and way forward 2023

Inclusive insurance and risk financing in Tanzania. Snapshot and way forward 2023

April 26, 2023

This report presents the main findings of UNDP’s inclusive insurance and risk finance country diagnostic for the United Republic of Tanzania. It sets out key risks, the current inclusive insurance and disaster risk finance landscape, and recommendations to advance inclusive insurance, risk finance and development.

Tanzania’s top risks include floods, drought, epidemics and earthquakes. The first microinsurance regulations were instated in 2013. The government relies on budget allocations and donor funds for disaster response, but no sovereign risk transfer solutions are in place and public assets are uninsured.

Recommendations include enhancing the enabling environment for inclusive insurance; building industry capacity to innovate client-centric products; and developing a comprehensive disaster risk financing strategy.