Country Dashboards

49 mn
US$47 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 0.66%
Insurance density: Premium / capita USD 4.75
Local currency TZS
Market Composition
Domestic life insurers 2
Domestic non-life insurers 7
Domestic composite insurers 1
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers 17
Domestic reinsurers 1
Foreign reinsurers
State-owned insurers
State-owned reinsurers
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
TIRA House, Block 33, Plot No. 85/2115, Mtendeni Street, P.O.Box 9892, Dar Es Salaam

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed Yes
Bancassurance is allowed No
Allowed ownership structures Stock Companies
Foreign ownership restrictions Yes
Minimum capital requirement TZS 1.5bn (Insurnace Companies) - TSZ 5bn (Reinsurance Companies)
Minimum paid-up share capital TZS 1.5bn (Insurnace Companies) - TSZ 5bn (Reinsurance Companies)
Requirement for independent audits Yes
Requirement to appoint actuaries No
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: