Market Research Report
Strategic Market Intelligence: Insurance Industry in Tanzania - Key Trends and Opportunities to 2022
|Published by||GlobalData||Product code||800134|
|Published||Content info||34 Pages
Delivery time: 1-2 business days
|Strategic Market Intelligence: Insurance Industry in Tanzania - Key Trends and Opportunities to 2022|
|Published: March 1, 2019||Content info: 34 Pages||
For the period 2010-2018, Tanzania was among the fastest-growing nations in the East African region; estimates suggest GDP growth in 2018 was 6.7%. As of 2017, services accounted for 41% of GDP, followed by agriculture at 32%. As per the World Bank's projections, the country's GDP growth in 2019 will be 6.8%, supported by public investment and agricultural growth. Investments in infrastructure contributed to growth in the industrial sector, which otherwise does not account for a key role in the economy. There are, however, concerns related to the weaker position of banks and the possible unsustainability of fiscal expansion.
As of 2017, the insurance industry GWP was valued at TZS637.1 billion (US$279.9 million), and is expected to reach TZS863.4 billion (US$327.8 million) by 2022. The general segment dominated the insurance industry, with a share of 87.3%, and is expected to grow at a forecast-period (2017-2022) CAGR of 6.1%. Mandatory classes such as motor third-party liability, aircraft passenger liability and workers' compensation insurance supported the industry's growth.
The general segment dominated the insurance industry, with a share of 87.3%, and is expected to grow at a forecast-period (2017-2022) CAGR of 6.1%. Retail insurance was the dominant consumer sub-segment in the general segment, compared to commercial, accounting for 65.3% of its GWP in 2017. Motor and property insurance have collectively contributed 58.5% towards the general insurance GWP.
In 2017, the top five insurers accounted for 45.8% of the total industry GWP. Among the top five insurers, National Insurance Corporation registered the highest growth during 2013-2017. Industry reports point to a huge scope for automated claims management systems due to the incidence of frauds. For Tanzania's insurers, it is estimated that about one-third of the cost of premiums is attributed to fraud.
The report "Strategic Market Intelligence: Insurance Industry in Tanzania - Key Trends and Opportunities to 2022", provides a detailed outlook by product category for the Tanzanian insurance industry. It provides values for key performance indicators such as written premium, incurred loss, claims paid, commissions and expenses, combined ratio, total assets and total investment income during the review period (2013-2017) and forecast period (2017-2022). The report gives a comprehensive overview of the Tanzanian economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages of insurers operating in the country.