The Tanzanian insurance market

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Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Ministry of Finance Insurance Supervisory Department (ISD)
  • Premiums (2004): 77.1 million USD
  • Insurance density (2004): 2.05 USD
  • Penetration rate (2004): 0.713%

Market structure in 2004

Actors
Number
Insurance companies
12
Non-Life
8
Composite
4
Reinsurance Companies
1
Insurance intermediaries
376
Insurance agents
332
Insurance brokers
44

Identity

  • Area: 945 087 Km2
  • Population (2004): 37.6 million inhabitants
  • GDP (2004): 10.8 billion USD
  • GDP per capita (2004): 287 USD
  • GDP growth rate (2004): 6.3%
  • Inflation rate (2004): 4%
  • Main economic sectors: diamonds, gold, iron, salt, cement, timber, fertilizers, agriculture (cashew nuts, coffee, tea, cotton, tobacco, corn, fruits), cattle

Major cities

(in number of inhabitants)
  • Dar Es-Salaam: 2 600 000
  • Mwanza: 450 000
  • Dodoma (capital): 260 000
 

Turnover evolution: 2000-2004

in millions USD
Gross premiums200020012002200320042003/2004
Growth rate
Non life
42.340.246.556.870.2+ 20.46%
Life
9.28.87.67.26.9
Total
51.5 49.0 54.1 64.0 77.1

Premiums split by class of business: 2000-2004

in millions USD
 20002001200220032004
Non life
Motor
22.617.918.320.125.3
Miscellaneous
6.99.010.114.719.3
Fire/Engineering
7.79.011.715.316.7
Aviation
1.61.63.93.25.2
Marine
3.52.72.53.53.7
Non life total
42.3 40.2 46.5 56.8 70.2
Life
Life total
9.2 8.8 7.6 7.2 6.9
Grand total
51.549.054.164.077.1

Premiums split by class of business in 2004

Non - life turnover split by company: 2003-2004

in thousands USD
Company
200320042004 market shares
Heritage AII Ins. Co.
11 76212 74818%
National Ins. Corp. 
10 41211 31516%
Phoenix of Tanzania Assurance
8 06510 07014%
Alliance Insurance Corp.
5 3647 60711%
Jubilee Insurance Co.
6 4997 50411%
Lion of Tanzania Insurance Co.
4 4804 4346%
Reliance Insurance Co.
3 5974 4056%
Royal Insurance
3 4214 0316%
Zanzibar Insurance Corp.
1 7332 7524%
Tanzindia Assurance Co.
422 7414%
Strategis Tanzania
3611 4022%
Niko Insurance Company
-1 2432%
Imperial Ins. Co.
1 091-0%
Total
56 825 70 252 100%

Non-life turnover split by company in 2004

Non-life loss ratio: 2000-2004

in millions USD
 20002001200220032004
Earned premiums net of reinsurance
25.622.921.624.933.6
Incurred losses* net of reinsurance
10.611.211.613.017.4
Non-life loss ratio
41.4%49.0%53.6%52.6%51.6%
* Paid + outstanding
Exchange rate
USD/TZS as at 31/12
2000
2001
2002
2003
2004
810.00
950.14
992.22
1 084.00
1 060.20
Source: ISD (Insurance Supervisory Department) - Ministry of Finance, Tanzania
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Tue, 14/05/2013 - 16:21
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