Country Dashboards

60 mn
US$70 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 22 mn
Non-life premium volume (USD) 181 mn
Total premium volume 204 mn
Total premium volume (TZS) 287 bn
Insurance penetration: Premiums in % of GDP 0.65%
Insurance density: Premium / capita USD 4.73
Local currency TZS
Market Composition
Domestic life insurers 3
Domestic non-life insurers 19
Domestic composite insurers 0
Foreign life insurers 2
Foreign non-life insurers 8
Foreign composite insurers 0
Domestic reinsurers 1
Foreign reinsurers 1
State-owned insurers 2
State-owned reinsurers 1
Insurance intermediaries 1400
Reinsurance intermediaries 5
Insurance Regulatory Authority
Africa St, Dar es Salaam, Tanzania

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed No
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions Yes
Minimum capital requirement TZS 2,248.45B
Minimum paid-up share capital 0
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied Yes
Ceded reinsurance is regarded as a permissible asset No
Compulsory insurance lines Motor, WCA
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: