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 supported 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 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.
- 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