Growth in Insurance Users from 8.4% to 38.6% by 2025

TLDR

• According to Dr Saqware, the number of insurance service providers increased from 800 in 2019 to 2,444 in 2025.
• The number of insurance users also increased from 8.4 per cent in 2019 to 38.6 per cent in 2025, representing an increase of more than 30 percentage points over the five-year period.
• Formal employment in the insurance sector increased from 3,189 in 2019 to 7,206 in 2025, while the sector’s contribution to the country’s Gross Domestic Product (GDP) rose from 1.55 per cent in 2019 to 2.11 per cent in.
• The National Insurance Inclusive Strategy (NIIS) 2024- 2030 is anchored in the country’s long-term development frameworks, including Dira 2050.
• It also builds on earlier reforms, including the Microinsurance Regulations of 2013, while aligning with the Financial Sector Development Master Plan 2020/21–2029/30 and the National Financial Inclusion Framework III.