Tanzania's insurance industry in 2018: ranking of companies and turnover per class of business

Photo credit: US Gov / CIA World Factbook

Tanzania's insurance market features

  • Regulatory authority:Tanzania Insurance Regulatory Authority
  • Life and non life premiums (2018): 297.5 millions USD
  • Insurance density (2018): 5.28 USD
  • Penetration rate (2018): 0.52%

Tanzania's insurance market structure in 2018

Market playersTotal
Insurance companies
30
Reinsurance company
1
Insurance agents
635
Insurance brokers
109
Loss adjusters
55
Actuaries
17
Total
830

Identity

  • Area (1): 945 088 Km2
  • Population (1) (2018) : 56 318 000 inhabitants
  • GDP (1) (2018) : 58.001 billion USD
  • GDP per capita (2018) : 1050.7 USD
  • Inflation rate (1) (2018) : 5.4%
  • Taux d'inflation (1) (2018) : 3.5%
  • Main economic sectors : agriculture (cotton, tea, cloves.... ), mining industry (gold, diamond.…), natural gas and tourism.

Main cities (1)

(per number of inhabitants in 2016)

  • Dar es Salam : 5 572 776
  • Zanzibar : 796 903
  • Mwanza : 830 342
  • Dodoma (Capital) : 571 629

(1) Source: World Bank
(2) Source: Bopulation.data

 

Tanzania's insurance market: Evolution of premiums per life and non-life insurance (2014-2018)

Figures in thousands of USD

 20142015201620172018
Non-life276 629.36247 575.60263 609.10244 771.12252 681.33
Life33 829.6030 910.9533 412.0535 570.9244 836.96
Total310 458.96278 486.55297 021.15280 342.04297 518.29

Tanzania's insurance market: Turnover per company (2017-2018)

Figures in thousands

Company2018 turnover2017 turnover2017-2018 evolution (1)2018
In TZSIn USDIn TZSIn USDmarket share
Jubilee
90 681 00038 992.8380 870 00035 582.8012.10%13.10%
Alliance
63 032 00027 103.7657 185 00025 161.4010.20%9.10%
NIC
45 124 00019 403.3243 513 00019 145.723.70%6.50%
AAR
43 522 00018 714.4646 149 00020 305.56-5.70%6.30%
Heritage
43 041 00018 507.6335 780 00015 743.2020.30%6.20%
Strategis
42 554 00018 298.2238 992 00017 156.489.10%6.20%
Phoenix
25 739 00011 067.7721 508 0009 463.5219.70%3.70%
Britam
24 105 00010 365.1522 548 0009 921.126.90%3.50%
UAP
21 741 0009 348.6327 930 00012 289.20-22.20%3.10%
ZIC
21 188 0009 110.8419 778 0008 702.327.10%3.10%
Reliance
19 914 0008 563.0218 920 0008 324.805.30%2.90%
Mayfair
19 434 0008 356.6214 303 0006 293.3235.90%2.80%
Sanlam General
17 910 0007 701.3020 213 0008 893.72-11.40%2.60%
Bumaco
14 025 0006 030.7511 359 0004 997.9623.50%2.00%
Resolution
13 411 0005 766.7313 079 0005 754.762.50%1.90%
Metropolitan
13 263 0005 703.097 817 0003 439.4869.70%1.90%
Tanzindia
12 651 0005 439.9314 307 0006 295.08-11.60%1.80%
Maxinsure
10 605 0004 560.1512 089 0005 319.16-12.30%1.50%
IGT
10 280 0004 420.4012 439 0005 473.16-17.40%1.50%
MO
7 978 0003 430.545 962 0002 623.2833.80%1.20%
ICEA Lion
7 408 0003 185.447 521 0003 309.24-1.50%1.10%
Mgen
5 863 0002 521.099 063 0003 987.72-35.30%0.90%
GA
5 296 0002 277.286 036 0002 655.84-12.30%0.80%
First
5 080 0002 184.404 356 0001 916.6416.60%0.70%
Milembe
2 277 000979.112 388 0001 050.72-4.60%0.30%
Star General
1 509 000648.872 193 000964.92-31.20%0.20%
Total non life587 631 000252 681.33556 298 000244 771.125.60%84.90%
Sanlam Life
70 802 00030 444.8648 413 00021 301.7246.20%10.20%
Alliance Life
12 176 0005 235.689 715 0004 274.6025.30%1.80%
NIC
11 276 0004 848.6815 505 0006 822.20-27.30%1.60%
Jubilee Life
7 434 0003 196.626 194 0002 725.3620.00%1.10%
Metropolitan Life
2 584 0001 111.121 016 000447.04154.30%0.40%
Total life104 272 00044 836.9680 843 00035 570.9229.00%15.10%
Grand total691 903 000297 518.29637 141 000280 342.048.60%100%

(1) Growth rate in local currency

Tanzania's insurance market: Turnover 2018 per class of business and per non life insurance company

Figures in thousands of USD
CompanyMotorHealthFireAccidentMarine (1)Other risks (2)Total non life
Jubilee
10 182.8313 196.278 800.384 105.211 736.77971.3738 992.83
Alliance
12 832.92716.814 175.30155.662 282.016 941.0627 103.76
NIC
7 023.19-3 994.70886.663 964.603 534.1719 403.32
AAR
-18 700.70---13.7618 714.46
Heritage
2 703.41716.818 590.543 716.491 102.521 677.8618 507.63
Strategis
180.1717 610.65350.4543.866.02107.0718 298.22
Phoenix
4 288.39-3 552.23976.102 033.47217.5811 067.77
Britam
4 778.5943.432 493.571 825.35341.85882.3610 365.15
UAP
5 201.28-1 673.56120.40263.592 089.809 348.63
ZIC
7 993.27-453.65129.43534.49-9 110.84
Reliance
3 299.39-2 532.7088.58778.301 864.058 563.02
Mayfair
3 628.34-2 436.81114.38693.591 483.508 356.62
Sanlam General
2 673.74-1 673.563 166.9525.80161.257 701.30
Bumaco
5 670.84-152.222.58-205.116 030.75
Resolution
1 782.353 515.68207.2654.1827.09180.175 766.73
Metropolitan
2 002.94-870.751 532.52408.93887.955 703.09
Tanzindia
1 434.05-1 968.9786.00802.811 148.105 439.93
Maxinsure
2 065.72285.09831.62319.06584.37474.294 560.15
IGT
3 873.87-323.36127.71-5.16100.624 420.40
MO
725.84-1 280.54859.57351.31213.283 430.54
ICEA Lion
1 035.87-595.55512.13248.54793.353 185.44
Mgen
1 622.82-678.54101.4853.3264.932 521.09
GA
504.39190.06668.22338.84203.39372.382 277.28
First
703.48-553.4182.56207.69637.262 184.40
Milembe
724.12-117.8212.47-124.70979.11
Star General
423.12-85 .40--140.61648.87
Total non life87 354.9354 975.5049 060.8519 358.1716 645.3025 286.58252 681.33

(1) including maritime transport and aviation
(2) including engineering, energy and miscellaneous accident

Tanzania's insurance market: Turnover 2018 per class of business and per life insurance company

Figures in thousands of USD

CompanyIndividual life insuranceGroup life insuranceOthersTotal life
Sanlam Life
3 659.7326 696.1289.0130 444.86
Alliance Life
171.575 064.11-5 235.68
NIC
3 709.181 074.5764.934 848.68
Jubilee Life
715.522 481.10-3 196.62
Metropolitan Life
707.35403.77-1 111.12
Total life8 963.3535 719.67153.9444 836.96

Tanzania's insurance market: Turnover per class of business (2014-2018)

Figures in thousands of USD

Class of business201420152016201720182018 shares
Motor
103 807.2092 861.5590 398.2583 555.5687 354.9329.36%
Health
51 484.1646 447.2053 728.2057 335.0854 975.5018.48%
Fire
48 006.0047 494.3549 898.2546 888.6049 060.8516.49%
Accident
27 877.9227 045.0024 701.8518 852.6819 358.176.51%
Marine (1)
18 617.2014 170.9516 814.2514 064.6016 645.305.59%
Other risks (2)
26 836.8819 556.5528 068.3024 074.6025 286.588.50%
Total non life276 629.36247 575.60263 609.10244 771.12252 681.3384.93%
Life
33 829.6030 910.9533 412.0535 570.9244 836.9615.07%
Grand total310 458.96278 486.55297 021.15280 342.04297 518.29100%

(1) including maritime transport and aviation
(2) including engineering, energy and miscellaneous accident

Tanzania insurance market

Tanzania's insurance market: Net loss ratio 2018 per class of business

Figures in thousands

Class of businessNet incurred lossesNet earned premiumsNet loss ratio
In TZSIn USDIn TZSIn USD
Motor
72 324 00031 099.32157 267 00067 624.8145.99%
Health
66 607 00028 641.0177 947 00033 517.2185.45%
Fire
5 437 0002 337.9127 370 00011 769.1019.86%
Accident
5 871 0002 524.5315 822 0006 803.4637.11%
Marine (1)
3 289 0001 414.277 864 0003 381.5241.82%
Other risks (2)
4 028 0001 732.0414 213 0006 111.5928.34%
Total non life157 556 00067 749.08300 483 000129 207.6952.43%

(1) including maritime transport and aviation
(2) including engineering, energy and miscellaneous accident

Tanzania's insurance market: Management expenses ratio 2018 per class of business

Figures in thousands

Class of businessNet management expensesNet written premiumsNet management expenses ratio
In TZSIn USDIn TZSIn USD
Motor
88 938 00038 243.34176 715 00075 987.4550.33%
Health
27 184 00011 689.1277 889 00033 492.2734.90%
Fire
20 741 0008 918.6323 183 0009 968.6989.47%
Accident
11 896 0005 115.2816 493 0007 091.9972.13%
Marine (1)
8 734 0003 755.629 234 0003 970.6294.59%
Other risks (2)
10 742 0004 619.0614 543 0006 253.4973.86%
Total non life168 235 00072 341.05318 057 000136 764.5152.89%

(1) including maritime transport and aviation
(2) including engineering, energy and miscellaneous accident

Tanzania's insurance market: Combined ratio 2018 per class of business

 Net loss ratioNet management expenses ratioNet combined ratio
Motor
45.99%50.33%96.32%
Health
85.45%34.90%120.35%
Fire
19.86%89.47%109.33%
Accident
37.11%72.13%109.24%
Marine (1)
41.82%94.59%136.41%
Other risks (2)
28.34%73.86%102.20%
Total non life52.43%52.89%105.32%

(1) including maritime transport and aviation
(2) including engineering, energy and miscellaneous accident

Tanzania insurance industry
Exchange rate
TZS/USD as at 31/12
2014
2015
2016
2017
2018
0.00056
0.00045
0.00045
0.00044
0.00043

Read also : Insurance industry in Africa

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