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Mar 2024

Tanzania: Insurance sector crosses TZS1bn-premium threshold for the first time

Source: Middle East Insurance Review | May 2023

Gross premiums written in Tanzania crossed the TZS1tn ($428m) for the first time to reach TZS1.154tn in 2022 from TZS919.28bn in 2021, according to provisional data released by the Association of Tanzania Insurers (ATI).
 
This represented a growth of 25.5% in total premiums, which were boosted by the construction and banking industries, reported newspaper The Citizen, citing the data. For the purpose of analysis, in 2022, the average annual headline inflation in Tanzania was 4.3%.
 
ATI chairman Khamis Suleiman said that the growth showed that the economy was now doing well following the devastating impact of the global COVID-19 pandemic, which was at its peak in 2020 and 2021.
 
“What this means is that the economy is growing and this has contributed to a rise in demand for insurance services.”
 
Mr Suleiman said the construction sector, and especially mega government projects, including the standard gauge railway, and revival of some stalled undertakings, had played a key role in boosting the insurance sector’s growth.
 
He was optimistic about the sector doing even better this year when the execution of other major projects such as the construction of the East African Crude Oil Pipeline would begin.
 
Mr Suleiman said bancassurance was also an important factor in raising premiums. M 
 
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