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TMCNet:  Research and Markets: Insurance Industry in Tanzania, Key Trends and Opportunities to 2018

[August 08, 2014]

Research and Markets: Insurance Industry in Tanzania, Key Trends and Opportunities to 2018

DUBLIN --(Business Wire)--

Research and Markets (http://www.researchandmarkets.com/research/w7m8xz/the_insurance) has announced the addition of the "The Insurance Industry in Tanzania, Key Trends and Opportunities to 2018" report to their offering.

The Tanzanian insurance industry is in a growth phase, and a large proportion of the population is untapped. The industry registered a review-period (2009-2013) compound annual growth rate (CAGR) of 18.8%. The growth was due to the strong performance of the life segment, which registered a review-period CAGR of 22.2%. The personal accident and health insurance segment registered a review-period CAGR of 18.8%, while the non-life insurance segment registered a CAGR of 18.4%. The industry's growth was upported by efficiency in the regulatory structure, economic stability, and rising customer awareness of the benefits of insurance.


Key Highlights

  • The industry was served by 28 insurance companies, including reinsurers, as well as 79 brokers, 260 agents and 39 loss assessors and loss adjusters as of 2012.
  • Health insurance is booming in Tanzania. Its gross written premium represents 57.7% of the total personal accident and health insurance segment's share.
  • Tanzania allows 66% foreign direct investment (FDI) in the insurance industry.
  • Tanzania is one of the world's largest producers of gold, which accounts for 3.6% of the country's tax revenues.
  • Coffee exports have led to the country's economic growth and development, supporting overall insurance industry growth, marine and transit insurance in particular.
  • Tanzania is one of the world's poorest countries in terms of per capita income, and poverty has been a major obstacle to growth in the Tanzanian economy and insurance industry.
  • The insurance industry in Tanzania is facing a challenge in terms of shortage of skilled local talent and the increasing cost of acquiring and retaining talented resources.

Companies Mentioned

  • African Life Assurance (Tanzania) Ltd
  • National Insurance Corporation of Tanzania Ltd
  • Jubilee Insurance
  • Heritage Insurance Co. Tanzania Ltd
  • Alliance Life Assurance Ltd

For more information visit http://www.researchandmarkets.com/research/w7m8xz/the_insurance


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