New Insurance research report from Timetric is now available from Fast Market Research

Boston, MA -- (SBWire) -- 07/10/2013 --The United Republic of Tanzania is the largest country in East Africa with a population of 46.2 million at the end of 2011. The Tanzanian economy, the second-largest in the East African region after Kenya, remained relatively unaffected by the global financial crisis with real GDP growth averaging at 7.0% during 2001-2010, according to government statistics. Driven by accelerated investment by the government on infrastructure under Tanzania Development Vision 2025 and a proposed investment on mining and natural gas projects, real GDP is expected to maintain growth in the coming years. Boosted by robust economic growth, the country's insurance industry gross written premium (GWP) registered a cumulative annual growth rate (CAGR) of 17.5% during the review period (2008-2012). Over the forecast period (2012-2017), growing public investment in infrastructure, expansion of distribution channels, new product development and rising healthcare expenditure will be the major drivers of the insurance industry.

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Key Highlights

- In Tanzania, brokers are the main channel of distribution of insurance products
- Furthermore, third party entities such as banks and agricultural cooperatives which have an existing client base can provide insurers with access to new customers and can help to overcome current challenges in distribution infrastructure
- According to the Tanzania Insurance Regulatory Authority (TIRA) annual report in December 2011, the number of licensed insurers in the non-life insurance segment increased from 10 in 2006 to 20 in 2010
- The majority of insurance products are focused on traditional markets, serving the needs of large corporations and high income individuals, with limited product developments for the lower income population
- The rising population in Tanzania encouraged the demand for life and health insurance products during the review period

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 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Tanzanian insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Tanzania and outlines the key regulations affecting them

Reasons to Get This Report

- Make strategic business decisions using in depth historic and forecast industry data related to the Tanzanian insurance industry and each segment within it
- Assess the competitive dynamics in the Tanzanian insurance industry

Companies Mentioned in this Report: Heritage Insurance Co. (T) Ltd, The Jubilee Insurance Co. (T) Ltd, Alliance Insurance Corporation Ltd, Phoenix of Tanzania Assurance Co. Ltd, National Insurance Corporation of Tanzania Limited (NIC)

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