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 matters, as well as introducing new regulatory requirements. (more…)Read More
The Tanzanian insurance sector consists of 30 insurance companies and 112 insurance brokers currently operating in the market.
The Tanzania insurance industry total premiums reached TZS 554.4b in 2014, increasing by 17.0% from TZS474.1b in 2013.
Insurance premium per capita (insurance density) in Tanzania grew by 76% to TZS12,052 in 2014 from TZS6,849 in 2010, accounting for 0.7% of the GDP.
Tanzania Insurance Regulatory Authority (TIRA) estimated that the insurance sector will grow by 18% in 2016 and the insurance penetration will reach 0.9% of the GDP.
Israel Kamuzora, Commissioner General of TIRA, when in conversation with TanzaniaInvest, said: ‘’ From the fact that our economy is growing at that higher rate compared to other sub-Saharan economies, and yet the penetration ratio is less than 1%, that tells you that there is still potential of insurance business in this country.’’
Tanzania General Insurance Business
Tanzania’s general Insurance business (non-life insurance) amounted to TZS494bn in 2014, compared to TZS210bn in 2009, representing an increase of 135%.
Non-life insurers’ assets rose by 90% during 2010–2014, from TZS240bn to TZS456bn, while their liabilities increased by 80% over the same period, from TZS152bn to TZS273bn.
In 2014, Tanzania’s general insurance portfolio consisted of motor (44%), aviation (22%), fire (21%), and others (13%).
The highest growth rate in general insurance business was recorded in the aviation class of business which grew by 41% during 2014 (2013: -16%), followed by, motor 35% (2013:18%), other general 25% (2013:4%), health 17% (2013:25%), engineering 12% (2013:2%), and fire 3% (2013:15%).
According to TIRA, general insurance gross premiums are expected to grow by 33% by 2017 to reach TZS659bn.
The recent discoveries of 55tn cubic feet of natural gas in Tanzania call for an evolving insurance industry capable of insuring the risks of pollution and others of catastrophic nature, the 2015 Tanzania National Insurance Policy indicates.
Saada Salum, former Minister of Finance for Tanzania, said: “Tanzanian insurance companies are grouping together to create an oil and gas insurance pool that will enable the companies to support claims in the sector.”
Tanzania Life Insurance Business
Life insurance gross premiums written by Tanzanian insurers amounted to TZS60bn, compared to TZS22bn in 2009, representing an increase of 173%.
In 2014, Tanzania’s life insurance portfolio consisted of group life (71.9%), individual life (27.2%), and other life (0.9%).
Life insurers’ assets rose by 42% in 2010–2014, from TZS116bn to TZS164bn, while their liabilities increased by 33% during the same period, from TZS96bn to TZS128bn.
According to TIRA, life insurance gross premiums are expected to grow by 37% by 2017 to reach TZS82bn.
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