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Tanzania Insurance Sector Market Report 2023

Tanzania Insurance Sector Market Report 2023

Tanzania Insurance Market Players

Under the Insurance Act of 2009, Tanzania’s insurance business is divided into two main classes: general insurance business, and life assurance business.

First Assurance Tanzania

General insurance business comprises motor, fire, engineering, accident, marine, aviation, health, oil & gas, liability, agriculture, bond, theft and miscellaneous.

SANLAM Insurance Tanzania

Life assurance business includes individual life, group life, and other life. These are further categorized into term assurance, whole life assurance, endowment, group term, group credit, and group funeral.


The act also classifies insurance intermediaries into different categories, including:

Tan-Re Reinsurance Tanzania-300x250-1
  • Insurance brokers, who act as agents for policyholders in arranging insurance coverage.
  • Insurance agents, who represent insurance companies in selling insurance policies.
  • Loss adjusters, who investigate and assess claims on behalf of insurance companies.
  • Insurance surveyors, who inspect and report on properties and other assets to be insured.

To these, the Bancassurance Regulations of 2019 provide for a regulatory framework and legal guidance for this new distribution channel via banks to increase insurance uptake and penetration. 

Reliance Insurance Tanzania

Tanzania Insurance Companies

There are 33 insurance companies licensed to operate in Tanzania, 1 takaful (Islamic insurance) company, and 3 reinsurance companies.

Strategis Insurance Tanzania

The last entrant is CIC Insurance, the subsidiary of CRDB Bank, the largest in the country, which was licensed by TIRA in May 2023.

1Alliance Insurance
2Alliance Life
3Assemble Insurance
4Beema Star Insurance
5Britam Insurance
6Bumaco Insurance
7Bumaco Life
8CRDB Insurance Company (CIC)
9First AssuranceFirst Assurance Tanzania
10GA Insurance
11Heritage Insurance
12Icea Lion Insurance
13Insurance Group of Tanzania
14Jubilee Allianz Insurance
15Jubilee Health Insurance
16Jubilee Life
18Mayfair Insurance
19Meticulous General
20Metro Life
21Mgen Insurance
22Milembe Insurance
23Mo Assurance
24National Insurance Corporation
25Phoenix Of Tanzania Assurance
26Reliance InsuranceReliance insurance Tanzania
27Resolution Insurance
28Sanlam General Sanlam General Insurance Tanzania
29Sanlam LifeSanlam General Insurance Tanzania
30Strategis InsuranceStrategis Insurance Tanzania
32Uap Insurance
33Zanzibar Insurance Corporation

Takaful (Islamic) Insurance Companies

There is only one licensed takaful insurance company in Tanzania: Zic Takaful Company Limited, a subsidiary of the Zanzibar Insurance Corporation.

Tanzania Reinsurance Companies

Three reinsurance companies are licensed in Tanzania: Tan-Re, and more recently Grand Re and PanAfrique Re which were licensed in 2022. In 2021, Tan-Re contributed to about 99.7% of the local reinsurance market and ranked as the 15th largest reinsurance company in Africa.

1Tan-ReTan-Re Reinsurance Tanzania
2Grand ReGrand-Re Reinsurance Tanzania
3PanAfrique Re

In addition, 22 foreign reinsurance companies are accredited to transact reinsurance business in Tanzania. 

Reinsurance Companies Accredited in Tanzania

1Allianz Global Corporate & Specialty SE
3Constantia Insurance Company Limited
4Continental Reinsurance Limited
5East Africa Reinsurance Company
6Factory Mutual Insurance Company
7Ghana Reinsurance Company(Kenya) Limited
8Grand Reinsurance Company Private Limited
9Guardrisk Insurance Compoany Limited
10Guardrisk International Limited Pcc
11International General Insurance Co. Ltd
12Mapfre Asistencia, Campania De Seguros Y Reaseguris, S.A
13Munich Reinsurance Company of Africa Ltd
14New Reinsurance Company Limited
15Ocean International Reinsurance Company Limited
16Optimum Global Insurance Company Limited
17Rochester Reinsurance PLC
18Santam Limited
19Score Se
20Swan Reinsurance PCC
21The Hollard Insurance Company
22Waica Reinsurance (Kenya) Limited
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Tanzania Insurance Intermediaries and Other Service Providers 

Insurance Brokers 

The total number of registered brokers in 2021 was 81 compared to 76 and 100 in 2020 and 2019 respectively. The trend of brokers’ registration increased by approximately 6.6% from 2020. As of 31st December 2022, the number has increased to 113.

Reinsurance Brokers 

In 2022, six reinsurance brokers were licensed in Tanzania as opposed to four in 2021.

In addition, 36 foreign reinsurance brokers are accredited to transact reinsurance business in Tanzania. 

Insurance Agents 

The total number of registered insurance agents as of 31st December 2022 was 1,294, compared to 789 in 2021, 745 in 2020, and 605 in 2019. 

Bancassurance Agents 

The key difference between bankassurance agents and insurance agents is that bankassurance agents are allowed to represent 3 to 10 insurers, while insurance agents
are limited to 1 to 3.

This combined with the banks’ networks (branch and e-banking) and large client base, has led to a fast increase in the number of bancassurance agents and their share of GWP.

As of June 2023, 30 bancassurance agents are licensed to operate in Tanzania compared to 23 in 2021 and 14 in 2020.

1Absa Bank Tanzania Ltd
2Access Bank
3Akiba Commercial Bank
4Azania Bank
5Bank Of Afria Tanzania Limited
6Canara Bank
7Crdb Bank Plc
8Dcb Commercial Bank Plc
9Diamond Trust Bank (T) Ltd
10Ecobank Tanzania Limited
11Equity Bank Tanzania Limited
12Exim Bank Tanzania Ltd
13Faidika Microfinance
14Finca Microfinance Bank Limited
15First Housing Finance Tanzania Limited
16I & M Bank Tanzania Limited
17Kcb Bank Tanzania Limited
18Letshego Bank Tanzania Ltd
19Maendeleo Bank
20Mkombozi Commercial Bank
21Mucoba Bank Public Limited Company
22Mwalimu Commercial Bank Plc
23Mwanga Hakika Microfinance Bank Limited
24National Bank of Commerce limited
25NCBA Bank Tanzania Limited
26NMB Bank
27Stanbic Bank Tanzania Ltd
28Standard Chartered Bank Tz Ltd
29Tanzania Commercial Bank
30Uchumi Commercial Bank Limited

Insurance Digital Platforms 

Local mobile operators and other licensed Digital Platforms sell insurance products in Tanzania.

1Axieva Africa Lab
2Bimatime Limited
3I Link Limited
4Imatic Technologies Limited
5M-Pesa Limited
6Macho Technologies Ltd
7Ottimale Technologies Limited
8Sandrox Company Limited
9Ttcl Pesa

Actuarial Firms 

The total number of licensed actuarial firms is four in 2021 compared to three and two in 2020 and 2019 respectively.

Insurance Private Investigators 

Three Insurance Private investigators were licensed in 2022, as in 2020 and 2019.

Global Insurance Market Performances

In 2021 the global insurance market bounced back from the slump in 2020 following the impact of the COVID-19 pandemic. The global insurance business grew by 9% to reach USD 6,8 trillion in GWP versus 0% growth in 2020 with USD 6.2 trillion. Notable high recovery rates were seen in the Middle East and Africa region (EMEA) which accounted for 29% of the global insurance business and where the growth rate was 14% in 2021 versus a contraction of -3.2% in 2020 and -1.1 in 2019. The American region, which constituted 44% of the world’s insurance portfolio, recovered at a growth rate of 8.6% in 2021 versus a growth rate of 1.4% in 2020 and 3.7% in 2019. The Asia-Pacific region which accounted for the rest of the global insurance market grew by 4.1% in 2021 versus 1% in 2020 and 3.9% in 2019. China, which had adopted extended lockdown measures, still grew at 6.1% in 2021 compared to 6.2% and 7.4% in 2020, and 2019 prior to the impact of COVID-19.

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In 2021 there was a paradigm shift towards life insurance which attained a higher growth rate of 9.9% compared to a non-life insurance rate of 8.4%. The latter had in the previous two years taken the lead in growth rates over life assurance with a growth of 5.6% against a decline of 6.5% in 2020, and a growth of 3.4% against 1.2% in 2019 respectively.

Global non-life insurance grew by 8.4% in 2021 to reach USD 3.8 trillion compared to 5.6% in 2020 and 3.4% in 2019. America region maintained its lead position in market share, with 59.3% in 2021 (59.1% in both 2020 and 2019), and grew at 8.8% in 2021 (2020: 5.6% and 2019: 3.9%). EMEA, with a market share of 22.4% and a growth rate of 9.7% doubled its growth rate compared to 4.9% in 2020. (2019: a decline of -0.3%). The Asia-Pacific, which accounted for the rest of the non-life market, grew by 5.6% in 2021, versus 6.1% and 6.2% in 2020 and 2019.

Global life assurance grew by 9.9% in 2021 to reach USD 3 trillion from a decline of -6.5% in 2020 and a slight growth of 1.2% in 2019. The highest growth was noted in Africa with a growth of 22.7%, while in 2020 it saw a decline of -9.5%, and -2% in 2019. The major contributors to the global life insurance were Asia-Pacific which contributed 37.7% and grew by 3.2% (a decline of -1.8% in 2020 and a growth of 2.6% in 2019), followed by EMEA which had a contribution of 37.6% and a growth of 18.8% (a decline of -9.3% in 2020, and 2019 a decline of -1.6%). The American region contributed 24.7% to the global life assurance business and grew by 8.2% compared to the previous year’s decline of -9.5%, and a growth of 3.1% in 2019.

Africa Insurance Market Performances

The insurance industry in Africa for the last three years to 2021 maintained a position of 1.1% of the global insurance business. Africa also bears about 3% of the global GDP and about 17% of the global population. The average insurance penetration in Africa is estimated to be 2% (the world average is 7.4%) but the figures vary significantly from country to country.

Africa’s low penetration rate remains very uneven throughout the continent, with two-thirds concentrated in South Africa, followed by Morocco at 6.8%, Kenya at 3.3%, Nigeria at 2.4%, and Namibia at 1.9%.

Africa’s insurance industry grew by 19.9% to attain USD 74,190 million in 2021, standing as one of the high-growth regions, after it suffered a decline of -9.2% in 2020, and -1.8% in 2019.

Africa’s non-life insurance amounted to 30.8% of the Africa portfolio and in 2021 it grew by 14.1% to attain USD 22,875 million. In 2020 it saw a decline of -8.7% and in 2019 of -1.3%.

Arica’s life assurance accounted for 69.2% of its business in 2021.

East Africa Insurance Market Performances

Despite the impact of COVID-19, the countries in the region still managed to appreciate the positive performance in most of the parameters of the insurance business while some decline appeared in a few parameters of the insurance undertaking.

Each East African country adopted measures peculiar to its own circumstances including the lockdown of activities, curfew, wearing of masks, sanitization of hands, testing against the virus, and contact tracing. Such measures impacted economic activities within the region including the insurance business.


Kenya’s insurance GWP grew by 16.9% to KES 275.0 billion in 2021 from KES 235.3 billion in 2020. This represented a penetration rate of 2.9%; a slight increase from a rate of 2.3% in 2020.

Non-life insurance grew by 13.3% to KES 150.3 billion in 2021 from KES 132.7 billion in 2020, while life Insurance grew by 21.5% to KES 124.7 billion in 2021 from KES 102.6 billion in 2020.


Uganda’s insurance GWP grew by 11.1% from UGX 1,065 billion in 2020 to UGX 1,184 billion in 2021. Insurance penetration increased to 0.8% in 2021 from 0.7% in 2020.

The non-life business generated UGX 705 billion in GWP up from UGX 664.975 billion in 2020, representing a 6.1% growth in premiums. Life insurance generated UGX 397.12 billion in GWP in 2021 up from UGX 324.35 billion in 2020, representing a 22.44% growth in premiums.

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