Insurance premiums written in the insurance market increased to TZS1.42tn ($565.7m) in 2024 from TZS911.5bn in 2021, equivalent to a growth of 55.6% over the four years, averaging an annual increase of 11.7%, according to a report released by the Tanzania Insurance Regulatory Authority (TIRA).
Additionally, during the period from January to June 2025, insurance premiums written totaled TZS831.8bn.
The “Insurance Market Performance Report for the Four Years from 2021 to 2024” covers the 2021-2024 period and the half year to 30 June 2025.
The contribution of insurance to GDP increased from 1.68% in 2021 to 2.01% in 2023 and is expected to rise to 3% by 2030, according to the report.
The insurance retention rate in the country in the general insurance branch increased from 55.9% in 2021 to 58.5% in 2024. The life insurance retention rate increased from 85.9% in 2021 to 86.2% in 2024.
Claims
Insurance claims paid increased from TZS397.6bn in 2021 to TZS592.1bn in 2024, equivalent to a total increase of 48.9 % over the four years, an average increase of 10.5% per year. In addition, the average time taken by insurance companies to pay undisputed insurance claims improved from an average of 73 days to an average of 45 days.
Numbers
The total number of insurance service providers expanded to 2,425 as of 30 June 2025, representing a 144.2% increase from 993 in 2021, including a rise in the number of reinsurance companies from one to four.
Formal employment in the insurance market rose to 6,916 employees as of 30 June 2025, a 96.1% increase from 3,527 at the start of 2021.