The Tanzania Insurance Report 2023 has been researched at source and features Fitch Solutions’ independent assessment and forecasts for the insurance sector.
It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
Fitch Solutions’ Tanzania Insurance Report 2023 provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Tanzania insurance industry.
Despite the impact of Covid-19, the Tanzanian economy expanded by 4.3% in 2021, compared to 2% at the peak of the pandemic, and 5.8% in 2019 prior to the start of the pandemic.
About Tanzania Insurance Report 2023
The Tanzanian insurance industry gross written premiums (GWP) amounted to TZS 911.5 billion for the year ended 31 December 2021, representing a nominal increase of 11% from TZS 824 billion written in 2020. The growth in GWP in 2020 was 1.2%.
General insurance business recorded a total GWP of TZS 746.4 billion which represents an increase of 8.4% compared to a gross premium written of TZS 688.6 billion during 2020.
Life assurance business volume has increased by 21.6% from TZS 135.7 billion in 2020 to TZS 165.0 billion in 2021
The insurance penetration (GWP / GDP) for the insurance business provided by insurance companies only for 2021 was 0.58% (GWP TZS 911.5 billion / GDP TZS 157,798.5 billion)
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However overall insurance penetration which includes public and private insurance as a percentage of GDP was approximately 1.68% in 2021. The ratio slightly increased compared to a penetration ratio of 1.55% in 2020 and 1.58% in 2019.
In 2021, there were six million Tanzanians who used insurance services nationwide, out of a total population of about 60 million.
Tanzania Insurance Report 2023 data
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The total assets for the insurance industry increased by 8.4% from TZS 1,180 billion in 2020 to TZS 1,279 billion as of 31 December 2021. Total assets grew by 12.6% in 2020 compared to the value of total assets in 2019.
the Tanzania Insurance Report 2023 of Investment assets increased by 7.8% from TZS 872 billion in 2020 to TZS 940 billion in 2021. During 2019 investments assets were TZS 751 billion, resulting in a growth of 16.1% in 2020.
The financial soundness of the industry was enhanced as a result of minimum capital improvement which increased by 4.3% from 2020 to 2021.
