Effects of insurance regulations on the growth of insurance services in Tanzania:

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