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Life Insurance in Tanzania Up by +46.7% in 2022: Insights from TIRA Report

TIRA Tanzania 2022 Report Launch

The Tanzanian insurance sector has showcased a significant leap in its life insurance segment, as revealed in the Tanzania Insurance Regulatory Authority (TIRA) 2022 report that was just released.

Dr. Baghayo Saqware, Commissioner of Insurance, unveiled the comprehensive overview of the sector’s performance on 6th December 2023 in Dar es Salaam.

Amidst global challenges such as the Ukraine war and COVID-19, the Tanzanian insurance sector demonstrated resilience and stability and registered a 46.7% increase in the life insurance segment with gross written premiums (GWP) rising from TZS 165 billion in 2021 to TZS 242 billion in 2022.

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The overall growth of the sector was also substantial. GWP reached TZS 1,158 billion in 2022, marking a 26.7% increase from TZS 911.5 billion written in 2021.

And GWP for general insurance increased from TZS 746 billion to 895 billion (+19.9%).

In terms of assets and financial stability, the sector’s total assets grew significantly. From TZS 1,278.6 billion in 2021, the assets increased to TZS 1,697.0 billion in 2022, a 32.7% rise. The net worth also saw a substantial increase of 66.0%, reaching TZS 690.5 billion in 2022.

The insurance industry’s success is also reflected in its support to policyholders and beneficiaries. By the end of 2022, Tanzania had a total of 2.3 million commercial insurance policyholders and 9.8 million beneficiaries, ensuring extensive financial protection across the country.

Innovation and adaptation were key themes of 2022. The industry witnessed the launch of new initiatives such as the Oil and Gas Co-Insurance Consortium and the Tanzania Agriculture Insurance Consortium (TAIC).

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Additionally, the Tanzanian insurance market experienced a significant expansion in entities in 2022, with the total number of insurance companies reaching 36. The number of agents grew from 789 in 2021 to 922 in 2022, and insurance brokers increased from 81 to 108.

Furthermore, the sector developed and approved 16 new insurance products catering to the needs of the low-income population and integrated ICT systems between government institutions for better service delivery.

Dr. Saqware concluded by expressing gratitude to the Ministry of Finance and all stakeholders for their unwavering support. He emphasized the collective effort towards building a robust insurance regulatory environment and advancing the insurance industry in Tanzania toward a prosperous and secure future.

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