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

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Magazine Issue:

2020, the year of COVID-19 [3]

Magazine date:

May 2020

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 players	Total
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

	2014	2015	2016	2017	2018
Non-life	276 629.36	247 575.60	263 609.10	244 771.12	252 681.33
Life	33 829.60	30 910.95	33 412.05	35 570.92	44 836.96
Total	310 458.96	278 486.55	297 021.15	280 342.04	297 518.29

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

Figures in thousands

Company	2018 turnover		2017 turnover		2017-2018 evolution ⁽¹⁾	2018
Company	In TZS	In USD	In TZS	In USD	2017-2018 evolution ⁽¹⁾	market share
Jubilee	90 681 000	38 992.83	80 870 000	35 582.80	12.10%	13.10%
Alliance	63 032 000	27 103.76	57 185 000	25 161.40	10.20%	9.10%
NIC	45 124 000	19 403.32	43 513 000	19 145.72	3.70%	6.50%
AAR	43 522 000	18 714.46	46 149 000	20 305.56	-5.70%	6.30%
Heritage	43 041 000	18 507.63	35 780 000	15 743.20	20.30%	6.20%
Strategis	42 554 000	18 298.22	38 992 000	17 156.48	9.10%	6.20%
Phoenix	25 739 000	11 067.77	21 508 000	9 463.52	19.70%	3.70%
Britam	24 105 000	10 365.15	22 548 000	9 921.12	6.90%	3.50%
UAP	21 741 000	9 348.63	27 930 000	12 289.20	-22.20%	3.10%
ZIC	21 188 000	9 110.84	19 778 000	8 702.32	7.10%	3.10%
Reliance	19 914 000	8 563.02	18 920 000	8 324.80	5.30%	2.90%
Mayfair	19 434 000	8 356.62	14 303 000	6 293.32	35.90%	2.80%
Sanlam General	17 910 000	7 701.30	20 213 000	8 893.72	-11.40%	2.60%
Bumaco	14 025 000	6 030.75	11 359 000	4 997.96	23.50%	2.00%
Resolution	13 411 000	5 766.73	13 079 000	5 754.76	2.50%	1.90%
Metropolitan	13 263 000	5 703.09	7 817 000	3 439.48	69.70%	1.90%
Tanzindia	12 651 000	5 439.93	14 307 000	6 295.08	-11.60%	1.80%
Maxinsure	10 605 000	4 560.15	12 089 000	5 319.16	-12.30%	1.50%
IGT	10 280 000	4 420.40	12 439 000	5 473.16	-17.40%	1.50%
MO	7 978 000	3 430.54	5 962 000	2 623.28	33.80%	1.20%
ICEA Lion	7 408 000	3 185.44	7 521 000	3 309.24	-1.50%	1.10%
Mgen	5 863 000	2 521.09	9 063 000	3 987.72	-35.30%	0.90%
GA	5 296 000	2 277.28	6 036 000	2 655.84	-12.30%	0.80%
First	5 080 000	2 184.40	4 356 000	1 916.64	16.60%	0.70%
Milembe	2 277 000	979.11	2 388 000	1 050.72	-4.60%	0.30%
Star General	1 509 000	648.87	2 193 000	964.92	-31.20%	0.20%
Total non life	587 631 000	252 681.33	556 298 000	244 771.12	5.60%	84.90%
Sanlam Life	70 802 000	30 444.86	48 413 000	21 301.72	46.20%	10.20%
Alliance Life	12 176 000	5 235.68	9 715 000	4 274.60	25.30%	1.80%
NIC	11 276 000	4 848.68	15 505 000	6 822.20	-27.30%	1.60%
Jubilee Life	7 434 000	3 196.62	6 194 000	2 725.36	20.00%	1.10%
Metropolitan Life	2 584 000	1 111.12	1 016 000	447.04	154.30%	0.40%
Total life	104 272 000	44 836.96	80 843 000	35 570.92	29.00%	15.10%
Grand total	691 903 000	297 518.29	637 141 000	280 342.04	8.60%	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

Company	Motor	Health	Fire	Accident	Marine ⁽¹⁾	Other risks ⁽²⁾	Total non life
Jubilee	10 182.83	13 196.27	8 800.38	4 105.21	1 736.77	971.37	38 992.83
Alliance	12 832.92	716.81	4 175.30	155.66	2 282.01	6 941.06	27 103.76
NIC	7 023.19	-	3 994.70	886.66	3 964.60	3 534.17	19 403.32
AAR	-	18 700.70	-	-	-	13.76	18 714.46
Heritage	2 703.41	716.81	8 590.54	3 716.49	1 102.52	1 677.86	18 507.63
Strategis	180.17	17 610.65	350.45	43.86	6.02	107.07	18 298.22
Phoenix	4 288.39	-	3 552.23	976.10	2 033.47	217.58	11 067.77
Britam	4 778.59	43.43	2 493.57	1 825.35	341.85	882.36	10 365.15
UAP	5 201.28	-	1 673.56	120.40	263.59	2 089.80	9 348.63
ZIC	7 993.27	-	453.65	129.43	534.49	-	9 110.84
Reliance	3 299.39	-	2 532.70	88.58	778.30	1 864.05	8 563.02
Mayfair	3 628.34	-	2 436.81	114.38	693.59	1 483.50	8 356.62
Sanlam General	2 673.74	-	1 673.56	3 166.95	25.80	161.25	7 701.30
Bumaco	5 670.84	-	152.22	2.58	-	205.11	6 030.75
Resolution	1 782.35	3 515.68	207.26	54.18	27.09	180.17	5 766.73
Metropolitan	2 002.94	-	870.75	1 532.52	408.93	887.95	5 703.09
Tanzindia	1 434.05	-	1 968.97	86.00	802.81	1 148.10	5 439.93
Maxinsure	2 065.72	285.09	831.62	319.06	584.37	474.29	4 560.15
IGT	3 873.87	-	323.36	127.71	-5.16	100.62	4 420.40
MO	725.84	-	1 280.54	859.57	351.31	213.28	3 430.54
ICEA Lion	1 035.87	-	595.55	512.13	248.54	793.35	3 185.44
Mgen	1 622.82	-	678.54	101.48	53.32	64.93	2 521.09
GA	504.39	190.06	668.22	338.84	203.39	372.38	2 277.28
First	703.48	-	553.41	82.56	207.69	637.26	2 184.40
Milembe	724.12	-	117.82	12.47	-	124.70	979.11
Star General	423.12	-	85 .40	-	-	140.61	648.87
Total non life	87 354.93	54 975.50	49 060.85	19 358.17	16 645.30	25 286.58	252 681.33

⁽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

Company	Individual life insurance	Group life insurance	Others	Total life
Sanlam Life	3 659.73	26 696.12	89.01	30 444.86
Alliance Life	171.57	5 064.11	-	5 235.68
NIC	3 709.18	1 074.57	64.93	4 848.68
Jubilee Life	715.52	2 481.10	-	3 196.62
Metropolitan Life	707.35	403.77	-	1 111.12
Total life	8 963.35	35 719.67	153.94	44 836.96

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

Figures in thousands of USD

Class of business	2014	2015	2016	2017	2018	2018 shares
Motor	103 807.20	92 861.55	90 398.25	83 555.56	87 354.93	29.36%
Health	51 484.16	46 447.20	53 728.20	57 335.08	54 975.50	18.48%
Fire	48 006.00	47 494.35	49 898.25	46 888.60	49 060.85	16.49%
Accident	27 877.92	27 045.00	24 701.85	18 852.68	19 358.17	6.51%
Marine ⁽¹⁾	18 617.20	14 170.95	16 814.25	14 064.60	16 645.30	5.59%
Other risks ⁽²⁾	26 836.88	19 556.55	28 068.30	24 074.60	25 286.58	8.50%
Total non life	276 629.36	247 575.60	263 609.10	244 771.12	252 681.33	84.93%
Life	33 829.60	30 910.95	33 412.05	35 570.92	44 836.96	15.07%
Grand total	310 458.96	278 486.55	297 021.15	280 342.04	297 518.29	100%

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

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

Figures in thousands

Class of business	Net incurred losses		Net earned premiums		Net loss ratio
Class of business	In TZS	In USD	In TZS	In USD	Net loss ratio
Motor	72 324 000	31 099.32	157 267 000	67 624.81	45.99%
Health	66 607 000	28 641.01	77 947 000	33 517.21	85.45%
Fire	5 437 000	2 337.91	27 370 000	11 769.10	19.86%
Accident	5 871 000	2 524.53	15 822 000	6 803.46	37.11%
Marine ⁽¹⁾	3 289 000	1 414.27	7 864 000	3 381.52	41.82%
Other risks ⁽²⁾	4 028 000	1 732.04	14 213 000	6 111.59	28.34%
Total non life	157 556 000	67 749.08	300 483 000	129 207.69	52.43%

⁽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 business	Net management expenses		Net written premiums		Net management expenses ratio
Class of business	In TZS	In USD	In TZS	In USD	Net management expenses ratio
Motor	88 938 000	38 243.34	176 715 000	75 987.45	50.33%
Health	27 184 000	11 689.12	77 889 000	33 492.27	34.90%
Fire	20 741 000	8 918.63	23 183 000	9 968.69	89.47%
Accident	11 896 000	5 115.28	16 493 000	7 091.99	72.13%
Marine ⁽¹⁾	8 734 000	3 755.62	9 234 000	3 970.62	94.59%
Other risks ⁽²⁾	10 742 000	4 619.06	14 543 000	6 253.49	73.86%
Total non life	168 235 000	72 341.05	318 057 000	136 764.51	52.89%

⁽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 ratio	Net management expenses ratio	Net 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 life	52.43%	52.89%	105.32%

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

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

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