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Tanzania Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 54 pages

Includes 3 FREE quarterly updates

BMI View: Tanzania's insurance market is set to grow rapidly, albeit from a very low base. A number oflarge regional providers have positioned themselves to take advantage of growth potential, primarily in thenon-life sector, and we are gradually seeing a broadening in the product offering, including moremicroinsurance products, which will make insurance more accessible for the large sections of thepopulation which fall into lower income brackets. In the life sector, significant education is needed in orderto raise awareness of the benefits of various life products, and though the market is currently small, futuregrowth potential is substantial.

Key Updates And Forecasts

- Limited knowledge and understanding of the benefits of insurance coverage remains a hindrance togrowth in Tanzania. Commissioner of Insurance and Chief Executive Officer of the Tanzania InsuranceRegulatory Authority (TIRA) Israel Kamuzora recently noted that certain non-life subsectors, such ashealth and crop/agriculture insurance, are two areas which would benefit from educational programmesand expanded distribution.

- Tanzania's insurers are proving adept at utilising technology, such as mobile phone payments and claims,to expand insurance coverage. This will support steady double-digit growth in the non-life insurancesector (in local currency terms) throughout the forecast period between 2016 and 2020, with non-lifepremiums increasing from TZS587.2.bn in 2016 to TZS958.3bn in 2020.

- We are also forecasting healthy growth in the nascent life sector. Life premiums are forecast to grow byan average of 14.1% annually between 2016 and 2020, meaning by the end of the forecast period lifeinsurance will account for some 12.6% of premiums written in the Tanzanian insurance market.

Table Of Contents

Tanzania Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Tanzania 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Tanzania 2013-2020) 11
Table: Life Insurance Claims (Tanzania 2008-2013) 12
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Tanzania 2013-2020) 15
Table: Non-Life Insurance Claims (Tanzania 2009-2013) 15
Non-Life Sub-Sector Forecast 16
Table: Non-Life Insurance Premiums by Product Line (Tanzania 2013-2020) 24
Industry Risk Reward Index 25
Sub-Saharan Africa Risk/Reward Index 25
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q216 26
Market Overview 28
Life Market Overview 28
The Product Offering 28
The Competitive Landscape 29
Table: Tanzania Life Insurance Market, 2007-2013 (USDmn) 31
Non-Life Market Overview 32
The Product Offering 32
The Competitive Landscape 33
Table: Non-Life Insurance Market, 2007-2013 (USDmn) 34
Company Profile 36
African Life 36
Alliance 39
Heritage 41
Jubilee 44
National Insurance Corporation 46
Methodology 48
Industry Forecast Methodology 48
Risk/Reward Index Methodology 51
Table: Indicators 53
Table: Weighting of Indicators 54

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