Financial Services & Insurance Research News

Tanzania's insurance market forecast to 2022 made available by top research firm

The global Insurance market is valued at XX million USD in 2016 and is expected to reach XX million USD by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. This report studies the Insurance development status and future trend in Tanzania, focuses on top players in Tanzania, also splits Insurance by type and by applications, to fully and deeply research and reveal the market general situation and future forecast.

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The report also analyzes distribution channels operating in the industry, gives a comprehensive overview of the Tanzanian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

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The major players in Tanzania market include The Jubilee Insurance Company of Tanzania Ltd, The Heritage Insurance Company of Tanzania Ltd, AAR Insurance (T) Ltd, Alliance Insurance Corporation Ltd, Sanlam Life Insurance (T) Ltd (African Life)

Scope

This report provides a comprehensive analysis of the insurance industry in Tanzania:

- It provides historical values for the Tanzanian insurance industry for the report's 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

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- It offers a detailed analysis of the key segments in the Tanzanian insurance industry, along with market forecasts until 2019.

- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

- It analyzes the various distribution channels in Tanzania.

- It profiles the top insurance companies in Tanzania and outlines the key regulations affecting them.

Reasons To Access

- Make strategic business decisions using in-depth historic and forecast market data related to the Tanzanian insurance industry and each segment and category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Tanzanian insurance industry.

- Assess the competitive dynamics in the Tanzanian insurance industry.

- Identify the growth opportunities and market dynamics in key segments.

- Gain insights into key regulations governing the Tanzanian insurance industry and their impact on companies and the industry's future.

Key Highlights

- As of 2013, there were five life insurers, 25 general insurers and one reinsurer operational.

- Tanzanian insurance penetration stood at 0.65% in 2014, which is low compared to other African countries such as Kenya (3.2%), Uganda (0.85%) and Rwanda (1.0%).

- The personal accident and health segment registered a review-period CAGR of 18.5%, while the non-life segment recorded a CAGR of 15.0%.

- The adoption of multi distribution strategy will enhance the growth of the insurance industry over the forecast period.

- Factors such as economic growth, government investments in infrastructure, and a rising population will drive the industry over the forecast period.

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