๐๐๐ง๐ณ๐๐ง๐ข๐ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐๐๐๐ญ๐จ๐ซ ๐๐จ๐ฌ๐ญ๐ฌ ๐๐% ๐๐ซ๐จ๐ฐ๐ญ๐ก, ๐๐ฒ๐๐ฌ ๐๐๐๐๐ญ๐ง ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฅ๐ฎ๐.
Tanzania's insurance market achieved a 19.11% growth in 2024, with Gross Premium Written (GPW) reaching TZS1.47 trillion from TZS1.24 trillion in the previous year, driven by market expansion and new insurance products.
The Association of Tanzania Insurers reports strong performance across the sector, with only three out of 30 non-life insurance companies showing decline.
Notable developments include CRDB Insurance's remarkable growth from TZS1.8 billion to TZS26.8 billion in two years, and a 7% increase in life insurance uptake during 2023.
However, the sector's current growth remains below the 22% target needed to achieve 5% insurance penetration by 2030.
Industry experts, project potential TZS2 trillion market growth, citing President Samia Suluhu Hassan's pro-investment policies and proposing strategic interventions including public-private partnerships, tax incentives, and mandatory insurance regulations to accelerate sector expansion.
