Insurance
Tanzania's insurance sector recorded Gross Written Premiums of TZS 1.52 trillion in 2024, up 20.2% from TZS 1.24 trillion in 2023, with 25.9 million Tanzanians covered—representing 39.2% of the 66.3 million population—and insurance penetration rising to 2.08% of GDP.[1]
Tanzania's Insurance subsector recorded average annual GWP growth of 10.8% over 2020-2024[1], with total Gross Written Premiums reaching TZS 1.52 trillion in 2024.
Insurance density improved to TZS 22,878 per capita (+17.1%), while the number of insured individuals expanded by 10.2% to 25.9 million.
Total market assets reached TZS 2.47 trillion (+15.0%), with investment assets of TZS 1.41 trillion (+10.3%) and net worth of TZS 832.2 billion (+20.2%)—underlining strong capital buffers and balance sheet expansion across the industry.
The Tanzania Insurance Regulatory Authority (TIRA) supervises 40 registered Insurance Companies as of 2025—30 general (including two Islamic insurers), six life, four reinsurance, plus 32 accredited foreign reinsurers.
The Universal Health Insurance Act 2023 and the Finance Act 2025 mandatory inbound travel insurance are reshaping the health insurance landscape, while SanlamAllianz Tanzania's October 2025 launch—following the 2023 Sanlam-Allianz joint venture that created Africa's largest pan-African non-banking financial services group—is intensifying top-tier market competition.
General Insurance
General Insurance accounts for 63.1% of total GWP, reaching TZS 957.2 billion in 2024, up 21.3% from TZS 789.2 billion in 2023.
Profit before tax rose to TZS 87.2 billion in 2024 (+22.1% from 2023), with profit after tax of TZS 56.0 billion (+17.2% from TZS 47.7 billion).
Income tax expense increased to TZS 31.3 billion (+31.8%), reflecting stronger underwriting performance and tighter expense management across the segment.
Life Insurance
Life Insurance GWP grew to TZS 309.0 billion in 2024 (+17.6% from TZS 262.7 billion in 2023), representing 20.4% of total GWP.
Profit after tax surged to TZS 18.0 billion in 2024, up from just TZS 0.2 billion in 2023, supported mainly by stronger investment returns.
Six dedicated life Insurance Companies are registered with TIRA as of 2025, competing across individual life, group life, and savings-linked products.
Health Insurance
Health Insurance GWP reached TZS 187.5 billion in 2024 (+16.4% from TZS 161.0 billion in 2023), comprising 12.4% of total GWP.
The Universal Health Insurance Act 2023 mandates health coverage for all residents—integrating existing schemes into a single system with mandatory contributions toward universal access.
The Finance Act 2025 introduced mandatory inbound travel insurance for foreign nationals entering Mainland Tanzania (excluding EAC and SADC residents)—premium ~USD 44, coverage up to 92 days including medical care, evacuation, repatriation, and luggage.
Health services provider registrants increased significantly in 2024 due to Universal Health Act Cap 161 implementation.
Reinsurance
Reinsurance GWP grew to TZS 374.3 billion in 2024 (+42.6% from TZS 262.5 billion in 2023), making it the fastest-expanding segment of the market.
Four registered reinsurance companies operate domestically as of 2025, supplemented by 32 accredited foreign reinsurers transacting business in Tanzania—reflecting strong demand for international capacity and risk diversification.
Takaful and Microinsurance
Takaful (Islamic) insurance recorded sharp growth—TZS 4.6 billion in 2024, up from TZS 0.5 billion in 2023 (its launch year)—a 754.7% increase.
Two of the 30 general Insurance Companies offer Sharia-compliant insurance products, aligned with the 2025 Non-Interest Banking Regulations framework.
Microinsurance GWP rose 20.3% to TZS 11.02 billion in 2024, supported mainly by life microinsurance products—particularly funeral covers—and digital distribution partnerships expanding access to underserved segments.
Insurance Companies
A total of 1,741 Insurance Companies and intermediaries were registered in 2024 (+26.43% from 1,377 in 2023)—driven by health services providers and automobile repairs/maintainers.
40 Insurance Companies are registered with TIRA as of 2025—30 general (including two offering Islamic insurance), six life, and four reinsurance.
Ownership breakdown shows 22 companies have mixed local-foreign ownership (at least one-third local), three companies are fully state-owned by the Government of the United Republic of Tanzania and the Revolutionary Government of Zanzibar, and 15 are fully owned by local investors.
By nationality, Tanzanian investors hold 72.9%, Kenya 18.4%, South Africa 4.1%, Botswana 1.5%, and Zambia 1.5%.
Notable Tanzanian Insurance Companies include Real Insurance Tanzania Limited (now operating as part of Britam Insurance Tanzania) as a long-established local insurer, alongside other Tanzanian-owned players.
The top six companies by GWP contributed TZS 636 billion in 2023 (52.7% of TZS 1,240 billion total)[2]; the remaining TZS 604 billion (47.3%) was transacted by smaller companies.
SanlamAllianz Tanzania launched in October 2025 following the 2023 SanlamAllianz JV that created Africa's largest pan-African non-banking financial services group—operating through specialized life and general insurance entities.
Total market assets reached TZS 2.47 trillion in 2024 (+15.0%); investment assets of TZS 1.41 trillion (+10.3%) are allocated 40.0% to bank deposits, 32.9% to Government securities, 11.0% to real estate, and 9.0% to equities; net worth stood at TZS 832.2 billion (+20.2%).
Bancassurance and Distribution
Intermediaries transacted TZS 1.15 trillion of GWP in 2024, representing 76.1% of the total TZS 1.52 trillion market.
Insurance brokers led with TZS 547.52 billion (47.4%), followed by Bancassurance with TZS 435.20 billion (37.7%), insurance agents with TZS 167.62 billion (14.5%), and other intermediaries with TZS 3.70 billion (0.3%).
Bancassurance has become a significant distribution channel—enabling banks to offer insurance products and substantially improving market penetration.
Bancassurance growth aligns with the banking sector's expanding agent network (145,430 banking agents in 2024) and digital channels, embedding insurance into everyday banking transactions.
Policies
Insurance in Tanzania is regulated under the Insurance Act by the Tanzania Insurance Regulatory Authority (TIRA).
TIRA supervises licensing, market conduct, solvency, and consumer protection across general, life, health, reinsurance, microinsurance, and Takaful Insurance Companies, brokers, and agents.
The Universal Health Insurance Act 2023 mandates health coverage for all residents, integrating existing schemes into a single system with mandatory contributions.
The Finance Act 2025 introduced mandatory inbound travel insurance for foreign nationals entering Mainland Tanzania (excluding EAC and SADC residents)—premium ~USD 44, coverage up to 92 days.
The Regulatory Guidelines for Automobile Repair and Maintainers 2023 expanded the scope of intermediary registration in the insurance value chain.
Capital adequacy and financial stability indicators—solvency and liquidity ratios—remained consistently above regulatory requirements through 2024.
The Financial Sector Development Master Plan 2020/21-2029/30 anchors insurance reforms within the broader nine-priority framework—financial inclusion, consumer protection, financial stability, long-term development finance, financial integrity, and regulatory modernization.
Takaful (Islamic) insurance falls under the broader Sharia-compliant finance framework, with two of the 30 general Insurance Companies offering Islamic products as of 2025.
Investment Opportunities
Insurance penetration sits at just 2.08% of GDP, well below regional peers — a clear signal of headroom for new entrants offering innovative products and broader market reach.
Digital insurance and InsurTech present opportunities to digitalize distribution, claims, underwriting, and customer service, cutting costs while improving user experience.
Bancassurance is already scaling, with TZS 435.20 billion (37.7%) of intermediary GWP routed through banks, opening partnership opportunities across 44 licensed banking institutions and 145,430 banking agents.
Universal Health Insurance rollout under the 2023 Act will substantially expand health coverage demand, creating openings for health insurers, third-party administrators, and digital health platforms.
Microinsurance and inclusive products generated TZS 11.02 billion in GWP (+20.3%), led by life funeral covers — with clear room to extend into agriculture, climate risk, and SME protection.
Takaful posted 754.7% growth in 2024 from a small base, aligned with strong demand for Sharia-compliant products and reinforced by the 2025 Non-Interest Banking Regulations.
Reinsurance expansion is signalled by 32 accredited foreign reinsurers, pointing to scope for building domestic reinsurance capacity and retaining more premium onshore.
Climate and specialty lines — agricultural insurance, parametric weather cover, cyber, and political risk — remain largely untapped and open to first-mover positioning.
Travel insurance volume is set to grow sharply under the Finance Act 2025, which makes inbound cover mandatory across Tanzania's 2.29 million international arrivals.
Last Update: May 2026
References
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