The Insurance Industry in Tanzania, Key Trends and Opportunities to 2018

Published: Jul, 2014 | Pages: 161 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Tanzania, including:
The Tanzanian insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Tanzanian insurance industry
The current trends and drivers of the Tanzanian insurance industry
Challenges facing the Tanzanian insurance industry
The detailed regulatory framework of the Tanzanian insurance industry

Summary
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 supported by efficiency in the regulatory structure, economic stability, and rising customer awareness of the benefits of insurance.
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 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Tanzanian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Tanzania, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Tanzanian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Tanzanian insurance industry.
Assess the competitive dynamics in the Tanzanian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Tanzanian insurance industry and its impact on companies and the industry's future.
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.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Tanzanian Insurance Industry Overview
3.1 Tanzanian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 Group life insurance
4.1.3 Other insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.3.1 Persol accident insurance
4.3.2 Health insurance
4.3.3 Travel insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Social insurance system
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors (IAIS)
5.4.2 African Insurance Organization (AIO)
5.4.3 Tanzania Insurance Regulatory Authority (TIRA)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 African Life Assurance (Tanzania) Ltd
6.2.2 tiol Insurance Corporation of Tanzania Ltd
6.2.3 Jubilee Insurance
6.2.4 Heritage Insurance Co. Tanzania Ltd
6.2.5 Alliance Life Assurance Ltd
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation Rate
7.5 Life Expectancy
7.6 Labor Force
7.7 Total Number of Households
7.8 Total Number of Internet Users
7.9 Total Population
7.1 Rural and Urban Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions 
Table 2: Tanzanian Insurance Overall Written Premium by Segment (TZS Billion), 2009-2013 
Table 3: Tanzanian Insurance Overall Written Premium by Segment (US$ Million), 2009-2013 
Table 4: Tanzanian Insurance Overall Written Premium by Segment (TZS Billion), 2013-2018 
Table 5: Tanzanian Insurance Overall Written Premium by Segment (US$ Million), 2013-2018 
Table 6: Tanzanian Insurance Segmentation (Percentage Share), 2009-2018 
Table 7: Tanzanian Life Insurance - Written Premium by Category (TZS Billion), 2009-2013 
Table 8: Tanzanian Life Insurance - Written Premium by Category (US$ Million), 2009-2013 
Table 9: Tanzanian Life Insurance - Written Premium by Category (TZS Billion), 2013-2018 
Table 10: Tanzanian Life Insurance - Written Premium by Category (US$ Million), 2013-2018 
Table 11: Tanzanian Life Insurance - Paid Claims (TZS Billion), 2009-2013 
Table 12: Tanzanian Life Insurance - Paid Claims (TZS Billion), 2013-2018 
Table 13: Tanzanian Life Insurance - Incurred Loss (TZS Billion), 2009-2013 
Table 14: Tanzanian Life Insurance - Incurred Loss (TZS Billion), 2013-2018 
Table 15: Tanzanian Life Insurance - Loss Ratio (%), 2009-2013 
Table 16: Tanzanian Life Insurance - Loss Ratio (%), 2013-2018 
Table 17: Tanzanian Life Insurance - Combined Ratio (%), 2009-2013 
Table 18: Tanzanian Life Insurance - Combined Ratio (%), 2013-2018 
Table 19: Tanzanian Life Insurance - Total Assets (TZS Billion), 2009-2013 
Table 20: Tanzanian Life Insurance - Total Assets (TZS Billion), 2013-2018 
Table 21: Tanzanian Life Insurance - Total Investment Income (TZS Billion), 2009-2013 
Table 22: Tanzanian Life Insurance - Total Investment Income (TZS Billion), 2013-2018 
Table 23: Tanzanian Life Insurance - Retentions (TZS Billion), 2009-2013 
Table 24: Tanzanian Life Insurance - Retentions (TZS Billion), 2013-2018 
Table 25: Tanzanian Individual Life Insurance - Written Premium (TZS Billion), 2009-2013 
Table 26: Tanzanian Individual Life Insurance - Written Premium (TZS Billion), 2013-2018 
Table 27: Tanzanian Group Life Insurance - Written Premium (TZS Billion), 2009-2013 
Table 28: Tanzanian Group Life Insurance - Written Premium (TZS Billion), 2013-2018 
Table 29: Tanzanian Other Insurance - Written Premium (TZS Billion), 2009-2013 
Table 30: Tanzanian Other Insurance - Written Premium (TZS Billion), 2013-2018 
Table 31: Tanzanian Non-Life Insurance - Written Premium by Category (TZS Billion), 2009-2013 
Table 32: Tanzanian Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013 
Table 33: Tanzanian Non-Life Insurance - Written Premium by Category (TZS Billion), 2013-2018 
Table 34: Tanzanian Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018 
Table 35: Tanzanian Non-Life Insurance - Paid Claims (TZS Billion), 2009-2013 
Table 36: Tanzanian Non-Life Insurance - Paid Claims (TZS Billion), 2013-2018 
Table 37: Tanzanian Non-Life Insurance - Incurred Loss (TZS Billion), 2009-2013 
Table 38: Tanzanian Non-Life Insurance - Incurred Loss (TZS Billion), 2013-2018 
Table 39: Tanzanian Non-Life Insurance - Loss Ratio (%), 2009-2013 
Table 40: Tanzanian Non-Life Insurance - Loss Ratio (%), 2013-2018 
Table 41: Tanzanian Non-Life Insurance - Combined Ratio (%), 2009-2013 
Table 42: Tanzanian Non-Life Insurance - Combined Ratio (%), 2013-2018 
Table 43: Tanzanian Non-Life Insurance - Total Assets (TZS Billion), 2009-2013 
Table 44: Tanzanian Non-Life Insurance - Total Assets (TZS Billion), 2013-2018 
Table 45: Tanzanian Non-Life Insurance - Total Investment Income (TZS Billion), 2009-2013 
Table 46: Tanzanian Non-Life Insurance - Total Investment Income (TZS Billion), 2013-2018 
Table 47: Tanzanian Non-Life Insurance - Retentions (TZS Billion), 2009-2013 
Table 48: Tanzanian Non-Life Insurance - Retentions (TZS Billion), 2013-2018 
Table 49: Tanzanian Property Insurance - Written Premium (TZS Billion), 2009-2013 
Table 50: Tanzanian Property Insurance - Written Premium (TZS Billion), 2013-2018 
Table 51: Tanzanian Motor Insurance - Written Premium (TZS Billion), 2009-2013 
Table 52: Tanzanian Motor Insurance - Written Premium (TZS Billion), 2013-2018 
Table 53: Tanzanian Liability Insurance - Written Premium (TZS Billion), 2009-2013 
Table 54: Tanzanian Liability Insurance - Written Premium (TZS Billion), 2013-2018 
Table 55: Tanzanian Marine, Aviation and Transit Insurance - Written Premium (TZS Billion), 2009-2013 
Table 56: Tanzanian Marine, Aviation and Transit Insurance - Written Premium (TZS Billion), 2013-2018 
Table 57: Tanzanian Persol Accident and Health Insurance - Written Premium by Category (TZS Billion), 2009-2013 
Table 58: Tanzanian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2009-2013 
Table 59: Tanzanian Persol Accident and Health Insurance - Written Premium by Category (TZS Billion), 2013-2018 
Table 60: Tanzanian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2013-2018 
Table 61: Tanzanian Persol Accident and Health Insurance - Paid Claims (TZS Billion), 2009-2013 
Table 62: Tanzanian Persol Accident and Health Insurance - Paid Claims (TZS Billion), 2013-2018 
Table 63: Tanzanian Persol Accident and Health Insurance - Incurred Loss (TZS Billion), 2009-2013 
Table 64: Tanzanian Persol Accident and Health Insurance - Incurred Loss (TZS Billion), 2013-2018 
Table 65: Tanzanian Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013 
Table 66: Tanzanian Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018 
Table 67: Tanzanian Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013 
Table 68: Tanzanian Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018 
Table 69: Tanzanian Persol Accident and Health Insurance - Total Assets (TZS Billion), 2009-2013 
Table 70: Tanzanian Persol Accident and Health Insurance - Total Assets (TZS Billion), 2013-2018 
Table 71: Tanzanian Persol Accident and Health Insurance - Total Investment Income (TZS Billion), 2009-2013 
Table 72: Tanzanian Persol Accident and Health Insurance - Total Investment Income (TZS Billion), 2013-2018 
Table 73: Tanzanian Persol Accident and Health Insurance - Retentions (TZS Billion), 2009-2013 
Table 74: Tanzanian Persol Accident and Health Insurance - Retentions (TZS Billion), 2013-2018 
Table 75: Tanzanian Persol Accident Insurance - Written Premium (TZS Billion), 2009-2013 
Table 76: Tanzanian Persol Accident Insurance - Written Premium (TZS Billion), 2013-2018 
Table 77: Tanzanian Health Insurance - Written Premium (TZS Billion), 2009-2013 
Table 78: Tanzanian Health Insurance - Written Premium (TZS Billion), 2013-2018 
Table 79: Tanzanian Travel Insurance - Written Premium (TZS Billion), 2009-2013 
Table 80: Tanzanian Travel Insurance - Written Premium (TZS Billion), 2013-2018 
Table 81: Tanzanian Reinsurance Ceded by Insurance Industry (TZS Billion), 2009-2013 
Table 82: Tanzanian Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013 
Table 83: Tanzanian Reinsurance Ceded by Insurance Industry (TZS Billion), 2013-2018 
Table 84: Tanzanian Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018 
Table 85: Tanzanian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013 
Table 86: Tanzanian Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018 
Table 87: Tanzanian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013 
Table 88: Tanzanian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018 
Table 89: Tanzanian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013 
Table 90: Tanzanian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018 
Table 91: Tanzania - Life Insurance Regulatory Framework 
Table 92: Tanzania - Property Insurance Regulatory Framework 
Table 93: Tanzania - Motor Insurance Regulatory Framework 
Table 94: Tanzania - Liability  Insurance Regulatory Framework 
Table 95: Tanzania - Investment Limits for Insurance Companies 
Table 96: Tanzania - Corporate Tax Rates for the Fincial Year 2013 
Table 97: Tanzanian Life Insurance - Segment Shares, 2011 and 2012 
Table 98: Tanzanian Non-Life Insurance - Segment Shares, 2011 and 2012 
Table 99: African Life Assurance (Tanzania) Ltd, Main Products 
Table 100: African Life Assurance (Tanzania) Ltd - Key Employees 
Table 101: tiol Insurance Corporation of Tanzania Ltd, Main Products 
Table 102: tiol Insurance Corporation of Tanzania Ltd - Key Employees 
Table 103: Jubilee Insurance, Main Products 
Table 104 Jubilee Insurance - Key Employees 
Table 105: Heritage Insurance Co. Tanzania Ltd, Main Products 
Table 106: Heritage Insurance Co. Tanzania Ltd - Key Employees 
Table 107: Alliance Life Assurance Ltd, Main Products 
Table 108 Alliance Life Assurance - Key Employees