[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
[ Back To TMCnet.com's Homepage ]
|