Tanzania’s Insurance Market Surges by 19.11%, Poised for Significant Growth in 2024
Tanzania’s insurance sector demonstrated robust growth in 2024, with gross premiums rising to 1.47 trillion shillings, representing a substantial 19.11 percent increase from the previous year. The market expansion is driven by innovative insurance solutions and the entry of new companies.
Key Market Highlights:
– Total Gross Premium Written (GPW) reached 1.47 trillion shillings
– 30 non-life insurance companies analyzed
– Most insurance firms reported positive performance
Emerging Market Trends:
The insurance landscape is experiencing dynamic transformation, with notable growth in multiple segments. One standout performer, a recently established insurance company, dramatically increased its GPW from 1.8 billion to 26.8 billion shillings.
Market experts highlight that while the current growth is promising, the sector aims to achieve a 5 percent insurance premium-to-GDP penetration by 2030. The market has seen significant interest in emerging areas like Islamic insurance (Takaful) and increased uptake of individual and group life insurance products.
Strategic Growth Recommendations:
– Strengthen public-private partnerships
– Implement tax incentives for life and health insurance
– Remove VAT on general insurance
– Enforce mandatory insurance regulations
Industry specialists remain optimistic about Tanzania’s insurance sector, projecting potential growth to reach 2 trillion shillings in the near term. The supportive regulatory environment and economic stability are expected to further propel market expansion.
With continued strategic interventions and government support, Tanzania’s insurance industry is positioned for substantial economic contribution and sustained growth.
