A developing market

The increase of 21.2% of the market turnover in 2009 has confirmed the good performance of the insurance companies. Premiums reached 231.2 billion TZS (175 million USD). The GDP growth of 6.2% in the first quarter of 2010 is a good sign for the current year. A buoyant economy is likely to boost demand for insurance. The penetration rate is improving year-on-year. These encouraging figures should not conceal the difficulties faced by the insurance sector, including the deterioration of the financial capacities of many companies.