Tanzania insurance market
Identity
| Population: 59 734 000 inhabitants |  |
| 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 | |
| Turnover | 355.979 millions USD |
| Penetration rate | 0.57 % |
| Insurance density | 6 USD |
Structure of the tanzanian insurance market
Composite | 1 |
Non-life | 25 |
Life | 4 |
Reinsurance | 1 |
| Total | 31 |
Insurance brokers | 109 |
General agents | 635 |
Experts | 55 |
| Total | 799 |
Data as of 31/12/2020 , Source: Tanzania Insurance Regularity Authority (TIRA)
Tanzania Insurance Regularity Authority (TIRA) | www.tira.go.tz |
Association of Tanzania Insurers (ATI) | ati.co.tz |
The tanzanian insurance market: evolution of premiums
Figures in million USD| Activities | 2016 | 2017 | 2018 | 2019 | 2020 |
Non-life | 263.609 | 244.771 | 252.681 | 298.804 | 296.679 |
Life | 33.412 | 35.571 | 44.837 | 51.431 | 59.300 |
| Total | 297.021 | 280.342 | 297.518 | 350.235 | 355.979 |
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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