Tanzania Insurance Industry – Key Trends and Opportunities to 2028
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Tanzania Insurance Market Report Overview
The gross written premium of the Tanzania insurance market was TZS1.2 trillion ($537.9 million) in 2023. The market is expected to achieve a CAGR of more than 9% during 2024-2028. The Tanzania insurance market research report provides in-depth market analysis, information, and insights into the Tanzania insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.
Tanzania Insurance Market Outlook, 2023-2028 (TZS Trillion)
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The Tanzania insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Tanzania economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2023) | TZS1.2 trillion ($537.9 million) |
CAGR (2024-2028) | >9% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segments | · General Insurance
· Life Insurance |
Key Companies | · Sanlam Life
· Alliance Life · National Insurance · Jubilee Life · Metropolitan Tanzania Life |
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Tanzania Insurance Market Trends
The key trends influencing the Tanzania insurance market are new product launches. For instance, in September 2023, Strategis Insurance launched Container Insurance which addresses the challenges of loss or damage to containers. The insurance aims to safeguard container owners’ interests while easing cash flow issues for businesses in the transportation and logistics industry.
Rising plans to establish micro-insurance products in the country by 2030 and the growing importance of health insurance to provide accessibility to healthcare services for citizens are a few of the market trends impacting the Tanzanian insurance industry.
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Tanzania Insurance Market by Segments
The key segments in the Tanzania insurance market are life insurance and general insurance. The general insurance segment dominated the Tanzania insurance market in 2023. The key lines of business in the Tanzania general insurance market are property, motor, MAT, general insurance PA&H, and miscellaneous insurances. Property insurance was the dominant general insurance line of business in 2023.
Tanzania Insurance Market Analysis by Segments, 2023 (%)
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Tanzania Insurance Market – Competitive Landscape
In 2022, Sanlam Life accounted for the highest market share in the Tanzania life insurance market
A few of the key companies in the Tanzania insurance market are:
- Sanlam Life
- Alliance Life
- National Insurance
- Jubilee Life
- Metropolitan Tanzania Life
Tanzania Life Insurance Market Analysis by Companies, 2022(%)
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Tanzania Insurance Market – Latest Developments
- In November 2023, the Universal Health Insurance Bill was enacted. It introduced mandatory health insurance coverage for all citizens, overseen by the Tanzania Insurance Regulatory Authority (TIRA). Private insurance companies are allowed to register health insurance schemes, providing citizens with options beyond public health insurance.
- On August 1, 2023, guidelines for the retention of risks and the conduct of reinsurance in specialized risks, issued by the TIRA, came into effect.
Tanzania Insurance Market Segments Outlook (Value, TZS Trillion, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Tanzania insurance industry. It also offers:
- Historical values for the Tanzania insurance industry review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Tanzania insurance industry and market forecasts up to 2028.
- Profiles of the top life insurance companies in Tanzania and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Tanzania insurance industry.
- A comprehensive overview of the Tanzania economy, government initiatives, and investment opportunities.
- The Tanzania insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Tanzania insurance industry’s market structure gives details of lines of business.
- Tanzania’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Tanzania insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Tanzania insurance industry.
- Assess the competitive dynamics in the Tanzania insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
National Insurance
Strategis Insurance
Alliance Insurance
Jubilee Insurance
Heritage A.I.I. Insurance
Phoenix of Tanzania Assurance
Reliance Insurance
Table of Contents
Frequently asked questions
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What was the Tanzania insurance market gross written premium in 2023?
The gross written premium of the Tanzania insurance market was TZS1.2 trillion ($537.9 million) in 2023.
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What will the growth rate of the Tanzania insurance market be during the forecast period?
The insurance market in Tanzania is expected to achieve a CAGR of more than 9% during 2024-2028.
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Which segment dominated the Tanzania insurance market in 2023?
The general insurance segment dominated the Tanzania insurance market in 2023.
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Which are the major companies operating in the Tanzania insurance market?
A few of the key companies in the Tanzania insurance market are Sanlam Life, Alliance Life, National Insurance, Jubilee Life, and Metropolitan Tanzania Life.
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