As of December 2018, the Tanzanian insurance sector consisted of 30 insurance companies, 109 insurance brokers, and 635 insurance agents.
Tanzania’s insurance industry total premiums reached TZS 691.9 billion in 2018, increasing by 8.6% from TZS 637.1 billion in 2017.
The Tanzania Insurance Regulatory Authority (TIRA) explains that the increase was mainly due to improved public awareness and increased uptake for both life and general insurance businesses.
Tanzania’s insurance penetration (insurance premium as a % of GDP) remained steady at 0.53% in 2018, compared to 0.54% in 2017.
Tanzania’s insurance density (insurance premium per capita) grew by 2.2% to TZS 12,766 in 2018 from TZS 12,493 in 2017.
Tanzania General Insurance Business
Tanzania’s general Insurance business (non-life insurance) amounted to TZS 587.6 billion in 2018, compared to TZS 556.3 billion in 2017, representing an increase of 5.6%.
In 2018, Tanzania’s general insurance portfolio consisted of motor (34.6%), health (21.8%), fire (19.4%), accident (7.7%), engineering (4.5%), other general (4.0%), marine (3.9%), aviation (2.7%), and oil and gas (1.5%).
On a class-by-class basis, the highest growth rate in Tanzania’s general insurance business was experienced by oil and gas with 112.1%, followed by aviation (68.7%), fire (7.1%), motor (7.0%), accident (5.1%), engineering (4.8%), health (-1.9%), and other general (-7.2%).
Non-life insurers’ assets rose by 8.8% during 2017–2018, from TZS 639.8 billion to TZS 696.1 billion, while their liabilities increased by 12.6% over the same period, from TZS 415.4 billion to TZS 467.9 billion.
Tanzania Life Insurance Business
Life insurance gross premiums written by Tanzanian insurers amounted to TZS 104.3 billion, compared to TZS 80.8 billion in 2017, representing an increase of 29%.
In 2018, Tanzania’s life insurance portfolio consisted of group life (79.7%), individual life (20.0%), and other life (0.3%).
On a class-by-class basis, the highest growth rate in Tanzania’s life business was experienced by group life with 38.6%, followed by other life (12.5%) and individual life (1.3%).
Life insurers’ assets rose by 7.7% in 2017–2018, from TZS 222.8 billion to TZS 240 billion, while their liabilities increased by 9.5% during the same period, from TZS 171.1 billion to TZS 187.3 billion.
Last Update: 10th September 2020
Tanzania has launched TIIP, the country’s official Imports/Exports Insurance marketplace that enables Tanzanian importers and exporters, their brokers and trading partners overseas, to purchase marine…
On 11th December 2017, the Tanzania Insurance Regulatory Authority (TIRA) issued a circular setting new conditions for dealing with foreign reinsurers and reinsurance brokers on reinsurance…
TanzaniaInvest had the pleasure of interviewing for the second time Ms. Tusekile Kibonde, Resident Underwriter for Tanzania at the African Trade Insurance Agency (ATI) to…
The President of Tanzania, Hon. Dr. John Pembe Magufuli, has appointed Dr. Baghayo Abdallah Saqware Commissioner of Insurance of the Tanzania Insurance Regularity Authority (TIRA)…
TanzaniaInvest had the pleasure of interviewing Mr. Rajab S. Kakusa, CEO of TAN-RE, the only reinsurance company licensed in Tanzania.
TanzaniaInvest had the pleasure of interviewing Stephen Lokonyo, Chief Executive Officer of Britam Tanzania, part of Britam (NSE: BRIT), a diversified financial services group with…
TanzaniaInvest had the pleasure of interviewing Byford Mutimusakwa, CEO of Alliance Life Insurance Tanzania.
TanzaniaInvest had the pleasure of interviewing John Lentaigne, Chief Underwriting Officer of the African Trade Insurance Agency (ATI).
The operational profit of Sanlam Group (JSE:SLM, NSX:SLA), a South Africa based provider of life and general insurance and financial services with focus on emerging…