|[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.
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
Tanzania allows 66% foreign direct investment (FDI) in the insurance
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.
African Life Assurance (Tanzania) Ltd
National Insurance Corporation of Tanzania Ltd
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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