Tanzanian insurance market in 2021

According to the data published by the Tanzania Insurance Regulatory Authority (TIRA), the local market has recorded a 10.6% increase of its turnover in 2021, with 911.491 billion TZS (394.24 million USD).

Non-life premiums have progressed by 8.4% to reach 746.446 billion TZS (322.85 million USD) as at 31 December 2021. On the same date, life underwriting stood at 165.045 billion TZS (71.39 million USD), growing by 21.6% over a year.

As at 31 December 2021, the Tanzanian insurance market is made up of 25 non-life companies, 5 life entities, one composite company and two reinsurers.