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  4. > Tanzania Insurance Report Q4 2016

Tanzania Insurance Report Q4 2016

  • August 2016
  • -
  • Business Monitor International
  • -
  • 57 pages

Includes 3 FREE quarterly updates

BMI View: We have a positive long-term outlook for Tanzania's insurance sector. While small by regionaland global standards, both life and non-life insurance are expected to grow at double-digit rates throughoutthe forecast period. The increasing uptake of insurance policies is driven by a number of factors, includingthe distribution of products to households via mobile phones and other online services as well as thegrowing availability of more affordable microinsurance products, targeting households in the lowestincome brackets. In response to these developments, increasingly more foreign insurers are attracted byTanzania's growing insurance market.Key Updates & Forecasts

- Due to currency movements and inflation, the expansion of Tanzania's insurance sector will be higher inlocal currency terms than in USD terms throughout the forecast period. Total insurance premiums shouldgrow by 16.4% on average between 2016 and 2020, equating to 10.3% in USD terms.

- With only 10% market share, life insurance in Tanzania is at the early stage of development. Marketpenetration (0.1%) and density (USD0.6) are particularly low in the life segment. Over the next fiveyears, however, we are expecting life insurance to become more demanded as household disposableincomes rise and customer awareness improves. Life premiums should grow from TZS77.5bn in 2016 toTZS127.5 in 2020, at an average rate of 13.3%.

- Tanzania's non-life insurance segment is considerably larger and developed. The market is expected togrow at an average annual rate of 16.8% over the 2016-2020 period, from TZS672.9bn to TZS1,224.8bn.This growth will be driven primarily by motor insurance.

Table Of Contents

Tanzania Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Tanzania 2013-2020) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Tanzania 2013-2020) 11
Table: Life Insurance Claims (Tanzania 2008-2015) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Tanzania 2013-2020) 16
Table: Non-Life Insurance Claims (Tanzania 2009-2015) 17
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (Tanzania 2013-2020) 26
Insurance Risk/Reward Index 27
Sub-Saharan Africa Risk/Reward Index 27
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q416 27
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 30
Table: Tanzania Life Insurance Market, 2007-2013 (USDmn) 32
Non-Life Market Overview 33
The Product Offering 33
The Competitive Landscape 33
Table: Non-Life Insurance Market, 2007-2014 (USDmn) 35
Company Profile 37
African Life 37
Alliance 39
Heritage 42
Jubilee 45
National Insurance Corporation 48
Methodology 51
Industry Forecast Methodology 51
Risk/Reward Index Methodology 54
Table: Indicators 56
Table: Weighting of Indicators 57

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