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’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.
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.
Stanbic Bank Tanzania has launched its new bancassurance service named “Bima Bomba’’ which provides customers with insurance policies to protect and secure their assets and investment from potential risk.
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