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List of Insurance Companies in Tanzania in 2024

The total number of insurance and reinsurance companies registered in Tanzania increased in 2021, 2022, and 2023 to reach 40 to date.

As of February 2023, there are 30 general insurance companies (of which two offer Islamic insurance), six (6 ) life insurance companies, and 4 reinsurance companies.

Tanzania Insurance Companies

  1. Alliance Insurance
  2. Alliance Life Assurance
  3. Assemble Insurance
  4. Beema Star Insurance
  5. Britam Insurance
  6. Bumaco Insurance
  7. Bumaco Life Insurance
  8. CRDB Insurance Company (CIC)
  9. First Assurance
  10. First United Takaful
  11. GA Insurance
  12. Heritage Insurance
  13. ICEA Lion Insurance
  14. Insurance Group of Tanzania (IGT)
  15. Jubilee Allianz Insurance
  16. Jubilee Health Insurance
  17. Jubilee Life Insurance
  18. Maxinsure
  19. Mayfair Insurance
  20. Meticulous Insurance
  21. Metro Life Insurance
  22. Mgen Insurance
  23. Milembe Insurance
  24. MO Assurance
  25. National Insurance Corporation (NIC)
  26. NIC Life
  27. MUA (formerly Phoenix Assurance)
  28. Reliance Insurance
  29. Resolution Insurance (under statutory management)
  30. Sanlam General Insurance
  31. Sanlam Life Insurance
  32. Strategis Insurance
  33. Tanzindia Assurance
  34. UAP Insurance
  35. Zanzibar Insurance Corporation (ZIC)
  36. ZIC Takaful

Tanzania’s Reinsurance Companies

Four reinsurance companies are licensed in Tanzania: Tan-Re, and more recently Grand Re and PanAfrique Re which were licensed in 2022, and East Africa Reinsurance Company (EARe) which was licensed in 2023. In 2021, Tan-Re contributed to about 99.7% of the local reinsurance market and ranked as the 15th largest reinsurance company in Africa.

  1. EARe
  2. Grand Re
  3. PanAfrique Re
  4. Tan-Re

In addition, 32 foreign reinsurance companies are accredited to transact reinsurance business in Tanzania (22 in 2021).

  1. Aig Mea
  2. Cigna Global Insurance Company
  3. Continental Reinsurance
  4. East Africa Reinsurance Company
  5. Emeritus Reinsurance Company
  6. Factory Mutual Insurance Company
  7. Ghana Reinsurance Company
  8. Gic Re South Africa
  9. Guardrisk International
  10. Hannover Re South Africa
  11. India Insure Risk Management & Insurance Broking Services
  12. International General Insurance
  13. Kenya Reinsurance Corporation
  14. Klapton Reinsurance
  15. Kuwait Reinsurance Company
  16. Mapfre Asistencia
  17. Munich Reinsurance Company Of Africa
  18. Northernlight Insurance Company Inc.
  19. Ocean International Reinsurance Company
  20. Optimum Global Insurance Company
  21. Santam
  22. Saudi Reinsurance Company
  23. Scor Se – Reinsurance
  24. Societe Cetrale De Reassurance
  25. Swan Reinsurance
  26. The Hollard Insurance Company
  27. Tunis Re
  28. Uganda Reinsurance Company
  29. Anda Reinsurance Company
  30. Vitality International Health Insurance Company
  31. Waica Reinsurance
  32. Zurich Insurance Company

Tanzania’s Insurance Intermediaries and Other Service Providers

Insurance Brokers

As of December 31, 2022, the total number of registered insurance brokers was 108, indicating a growth of 33.3% compared to the 81 brokers registered in 2021. The number of insurance brokers has further increased to 127 to date.

Insurance Agents

As of December 31, 2022, the total number of registered insurance agents was 922, showing a growth of 16.9% compared to the 789 agents registered in the previous year. At the moment of writing, the current number of registered insurance agents is 1,240.

Reinsurance Brokers

ln 2022, total number of registered reinsurance brokers were six compared to four in 2021. More recently a new reinsurance broker namely One Global, was registered. This brought the total number of reinsurance brokers to seven:

  1. Afro-Asian Reinsurance Brokers
  2. Aris London Reinsurance Brokers
  3. Lighthouse Reinsurance Brokers
  4. Mic Reinsurance Brokers
  5. Minerva Risk Managers
  6. Tapex Reinsurance Brokers
  7. Willmars Reinsurance Brokers

In addition, 38 foreign reinsurance brokers are accredited to transact reinsurance business in Tanzania.

Bancassurance Agents

Twenty-eight (28) bancassurance agents were registered to operate in the insurance market as of 31 December 2022 compared to 23 in 2021 and 14 in 2020.

  1. Access Microfinance Bank
  2. Akiba Commercial Bank
  3. Azania Bank
  4. Bank of Africa (BOA)
  5. Canara Bank
  6. CRDB Bank
  7. DCB Commercial Bank
  8. Diamond Trust Bank
  9. Ecobank
  10. Equity Bank
  11. Exim Bank
  12. Faidika Microfinance
  13. Finca Microfinance Bank
  14. First Housing Finance
  15. I & M Bank
  16. KCB Bank
  17. Letshego Bank
  18. Maendeleo Commercial Bank
  19. Mkombozi Commercial Bank
  20. Mwalimu Commercial Bank
  21. Mwanga Hakika Bank
  22. National Bank of Commerce (NBC)
  23. NCBA Bank
  24. NMB Bank
  25. Stanbic Bank
  26. Standard Chartered Bank
  27. Tanzania Commercial Bank (TCB)
  28. Vision Fund Microfinance Bank

Insurance Digital Platforms (IDPs)

Local mobile operators and other licensed digital platforms (IDPs) sell insurance products in Tanzania. At the end of 2022, five lDPs were registered compared to four in 2021. The number has increased to 11 and currently. Four out of the five mobile operators active in Tanzania sell insurance products namely Vodacom, Tigo, Airtel, and TTCL. Other licensed digital platforms include specialized companies.

  1. Axieva Africa Lab
  2. Bimatime
  3. Honora Tanzania Mobile Solutions (Tigo)
  4. I Link
  5. Infomats Technologies
  6. M-Pesa (Vodacom)
  7. Macho Technologies
  8. Sandrox Company
  9. BimaTime (SmartX)
  10. T-Pesa (TTCL)
  11. Wakandi Tanzania

Last Updated: 9th February 2024