As of May 2023, the Tanzanian insurance sector consists of 31 insurance companies and 3 reinsurance companies, as well as insurance brokers, insurance agents, and bancassurance agents.
According to the latest available data provided by the Tanzania Insurance Regulatory Authority (TIRA), Tanzania’s insurance industry gross written premiums (GWP) amounted to TZS 911.5 billion for the year ended 31 December 2021, representing a nominal increase of 11% from TZS 824 billion written in 2020. The growth in GWP in 2020 was 1.2%.
General insurance business recorded a total GWP of TZS 746.4 billion which represents an increase of 8.4% compared to a gross premium written of TZS 688.6 billion during 2020.
Life assurance business volume has increased by 21.6% from TZS 135.7 billion in 2020 to TZS 165.0 billion in 2021.
The insurance penetration (GWP / GDP) for the insurance business provided by insurance companies only for 2021 was 0.58% (GWP TZS 911.5 billion / GDP TZS 157,798.5 billion).
However overall insurance penetration which includes public and private insurance as a percentage of GDP was approximately 1.68% in 2021. The ratio slightly increased compared to a penetration ratio of 1.55% in 2020 and 1.58% in 2019.
Read our free report on the insurance sector and market of Tanzania for a comprehensive analysis: https://www.tanzaniainvest.com/finance/insurance/tanzania-insurance-sector-report
Last Updated: 25th May 2023