Tanzania insurance market

Identity

Population: 59 734 000 inhabitantsTanzanie flag
PIB : 62.410 billions USD
GDP per inhabitant: 1045 USD
GDP growth rate: 2%
Inflation rate: 3.3%

Data as of 31/12/2020, Source: World Bank

The tanzanian insurance market: main indicators

 2020
Turnover355.979 millions USD
Penetration rate0.57 %
Insurance density6 USD

Structure of the tanzanian insurance market

Insurance and reinsurance companies
Composite
1
Non-life
25
Life
4
Reinsurance
1
Total31
Intermediaries
Insurance brokers
109
General agents
635
Experts
55
Total799

Data as of 31/12/2020 , Source: Tanzania Insurance Regularity Authority (TIRA)

Supervisory authority
Tanzania Insurance Regularity Authority (TIRA)
www.tira.go.tz
Professional body
Association of Tanzania Insurers (ATI)
ati.co.tz

The tanzanian insurance market: evolution of premiums

Figures in million USD
Activities20162017201820192020
Non-life
263.609244.771252.681298.804296.679
Life
33.41235.57144.83751.43159.300
Total297.021280.342297.518350.235355.979

Sources: Tanzania Insurance Regularity Authority (TIRA) & Atlas Magazine

Exchange rate as at 31/12/2016: 1 TZS= 0.00045 USD ; at 31/12/2017: 1 TZS= 0.00044 USD ; at 31/12/2018: 1 TZS = 0.00043 USD ; at 31/12/2019: 1 TZS= 0.00043 USD ; at 31/12/2020: 1 TZS = 0.00043 USD

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