The Insurance Industry in Tanzania, Key Trends and Opportunities to 2018, New Report Launched

The Tanzanian insurance industry is in a growth phase, and a large proportion of the population is untapped. The industry registered a review-period (2009–2013) compound annual growth rate (CAGR) of 18.8%. The growth was due to the strong performance of the life segment, which registered a review-period CAGR of 22.2%. The personal accident and health insurance segment registered a review-period CAGR of 18.8%, while the non-life insurance segment registered a CAGR of 18.4%. The industry’s growth was supported by efficiency in the regulatory structure, economic stability, and rising customer awareness of the benefits of insurance.

Key Highlights

• The industry was served by 28 insurance companies, including reinsurers, as well as 79 brokers, 260 agents and 39 loss assessors and loss adjusters as of 2012.
• Health insurance is booming in Tanzania. Its gross written premium represents 57.7% of the total personal accident and health insurance segment’s share.
• Tanzania allows 66% foreign direct investment (FDI) in the insurance industry.
• Tanzania is one of the world’s largest producers of gold, which accounts for 3.6% of the country’s tax revenues.
• Coffee exports have led to the country’s economic growth and development, supporting overall insurance industry growth, marine and transit insurance in particular.
• Tanzania is one of the world’s poorest countries in terms of per capita income, and poverty has been a major obstacle to growth in the Tanzanian economy and insurance industry.
• The insurance industry in Tanzania is facing a challenge in terms of shortage of skilled local talent and the increasing cost of acquiring and retaining talented resources.

Spanning over 161 pages, 108 Tables and 105 Figures “The Insurance Industry in Tanzania, Key Trends and Opportunities to 2018” report covering Executive Summary, Introduction, Tanzanian Insurance Industry Overview, Industry Segmentation, Governance, Risk and Compliance, Competitive Landscape, Economic Indicators, Appendix. This report Covered 5 Companies - African Life Assurance (Tanzania) Ltd, National Insurance Corporation of Tanzania Ltd, Jubilee Insurance, Heritage Insurance Co. Tanzania Ltd, Alliance Life Assurance Ltd.

Know more about this report at : http://mrr.cm/Zn3