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Tanzania Insurance Report Q1 2016

  • December 2015
  • -
  • Business Monitor International
  • -
  • 52 pages

Includes 3 FREE quarterly updates

BMI View: Although small by global standards, Tanzania's insurance sector is expected to grow rapidly,with both life and non-life set to record double-digit growth annually, in local currency terms, throughoutour forecast period. In the short-term, currency movements against the strengthening US dollar mean wewill see a contraction in premiums written when measured in US dollar terms, before the market recoversfrom 2017 onwards. The market benefits from the presence of well-capitalised regional insurers, as well aslarge and well-established domestic insurers. Over the longer term, as the market expands and matures, weexpect to see more foreign insurers enter the competitive landscape.

Key Updates And Forecasts

- Government figures show around 10mn people, or 23% of the population, are accessing medical servicesthrough Tanzania's National Health Insurance Fund (NHIF) and the Community Health Fund (CHF). Thegovernment aims to have 50% of the population covered by 2050. Not only will improved healthcareaccess drive improvements in life expectancy, but it will also improve awareness of the benefits ofinsurance cover.

- We are forecasting healthy growth in life insurance premiums in local currency terms throughout ourforecast period, with gross life premiums written set to reach TZS120.3bn in 2019, up from TZS71.1bn in2015.

Table Of Contents

Tanzania Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Tanzania 2012-2019) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Tanzania 2012-2019) 11
Table: Life Insurance Claims (Tanzania 2007-2013) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Tanzania 2012-2019) 14
Table: Non-Life Insurance Claims (Tanzania 2008-2013) 15
Non-Life Sub-Sector Forecast 15
Table: Non-Life Insurance Premiums By Product Line (Tanzania 2012-2019) 23
Industry Risk Reward Index 24
Sub-Saharan Africa Risk/Reward Index 24
Table: Sub-Saharan Africa Insurance Risk/Reward Index 25
Market Overview 27
Life Market Overview 27
The Product Offering 27
The Competitive Landscape 28
Table: Tanzania Life Insurance Market, 2007-2013 (USDmn) 30
Non-Life Market Overview 31
The Product Offering 31
The Competitive Landscape 32
Table: Non-Life Insurance Market, 2007-2013 (USDmn) 33
Company Profile 35
African Life 35
Alliance 37
Heritage 39
Jubilee 42
National Insurance Corporation 44
Methodology 46
Industry Forecast Methodology 46
Risk/Reward Index Methodology 49
Table: Indicators 51
Table: Weighting of Indicators 52

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