THE government has issued a strong call to life insurance companies to prioritize timely settlement of claims, cautioning that delays not only strip grieving families of much-needed financial relief during moments of crisis.

Khadija Said, Deputy Commissioner of Insurance made the call in Dar es Salaam during the official launch of Akiba Flex Plan, by Jubilee Life Insurance, a life Insurance plan that is suitable for individuals who have long term financial needs

Emphasizing the importance of prompt payouts in the insurance sector, she  urged life insurers to ensure claims are settled without delay, noting that slow processes can burden families already facing emotional and financial hardship.

“Life insurance companies must act promptly to settle claims, as timely payments are essential to provide immediate financial support to families facing loss and hardship. Failure to do so not only prolongs their suffering but also erodes public trust in the entire insurance sector,” she said.

She added: “I believe the Akiba Flex Plan will be a game-changer for many families, providing much-needed financial security and peace of mind during challenging times,”

Jubilee Life Insurance CEO Helena Mzena noted that AkibaFlex was part of the company's ongoing efforts to address existing market gaps and provide a solution that empowers customers to meet both their investment and protection needs.

“AkibaFlex is a reflection of our deep understanding of the modern Tanzanian consumer—someone who values the security of life insurance but also needs access to their funds when opportunities or emergencies arise,” she said.

“It is about giving our customers control, empowering them to plan smartly and live confidently. We are proud to lead the way in offering innovative and inclusive solutions that truly respond to real-life needs,” she added.

Despite recent growth in the sector, life insurance penetration in Tanzania remains low. According to the Financial Sector Deepening Tanzania (FSDT), only 10 percent of Tanzanians have any form of formal insurance coverage.

THE growth of the insurance market in the country has continued to increase with premiums generally rising by 7.4 per cent, from 1.15tri/- in 2022 to 1.24tri/- in 2023.

The government through Tanzania Insurance Regulatory Authority (TIRA) is working hard to build strong relationships and enabling environment for insurance service providers.

According to the report released by TIRA, the total insurance registration has increased by 30.4 per cent, from 201.3bn/- to 262.5bn/-

The Insurance’s Board Chairman said Amyn Lalji urged the industry to keep innovating in response to the evolving financial landscape, emphasizing that products like the Akiba Flex Plan are essential to empower individuals to manage their financial futures in a practical and sustainable manner..

Jubilee Life Insurance remains committed to driving financial inclusion and innovation in Tanzania’s insurance industry. With AkibaFlex, the company is setting a new standard for customer-centric solutions that address real needs, helping more Tanzanians safeguard their futures while growing their wealth. This launch reinforces Jubilee’s vision to empower