Abstract:
This study aimed to assess the effects of insurance regulations on the growth of insurance
services in Tanzania: a case study in Dar-es-salaam. In this study, we aimed to examine the
relationship between monitoring and supervision of insurance industry players and service
quality, examine the awareness of insurance regulation among insurance Brokers and Agents,
and assess the weakness of insurance regulation in relation to the growth of insurance services.
This study deployed a descriptive research survey involving 356 respondents. The study findings
revealed that monitoring and supervision of the insurance industry are not well undertaken by
TIRA nonetheless, most of the customers are not aware of their rights, and the awareness level of
insurance players, especially agents on insurance regulations, is very low, as well as procedures
deployed by the TIRA during registration limit market penetration. Furthermore, the study
findings revealed that insurance regulation has weaknesses in relation to the growth of
insurance services, including awareness, competition, immature legal framework, and
undercapitalization
