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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
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Strategic Market Intelligence: Insurance Industry in Tanzania - Key Trends and Opportunities to 2022
Published: March 1, 2019 Content info: 34 Pages
Description

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.

Scope

  • This report provides a comprehensive analysis of the Insurance Industry in Tanzania.
  • It provides historical values for the Tanzanian insurance industry for the report's 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key categories in the Tanzanian insurance industry, and market forecasts to 2022.

Reasons to buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Tanzanian insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Tanzanian insurance industry.
  • Assess the competitive dynamics in the insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.
Table of Contents
Product Code: GDIS1839MR

Table of Contents

  • Executive Summary
  • Industry - Snapshot
    • Penetration and Premium Trend
    • Assets and Investments
    • Composition
  • Life Insurance
    • Premium and Density
    • Key Indicators
    • General Insurance
      • Premium and Profitability
      • Claims and Investments
      • Lines of Business
        • Property
        • Motor
        • Marine, Aviation and Transit
        • Personal Accident
        • Health
        • Miscellaneous
    • Reinsurance
    • Competitive Landscape
      • Composition of Top Five Insurers
      • Market Share
    • Appendix
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