Find Insurance and Reinsurance expertise in United Republic of Tanzania
- Regulatory body
- Professional body
Insurance business has grown rapidly during the 2000s, especially motor insurance, following reform of financial services. The World Bank reports that in 2011 insurance and financial services accounted for 1.47% of commercial service imports and 3.6% of commercial service exports.
The industry comprises several companies dominated by the state-owned National Insurance Corporation, which employs about 55% of some 1,000 people working for the insurance companies. A further 1,500 are employed by insurance agencies and brokers. One of the largest insurance companies operating in the country is the government-owned National Insurance Corporation of Tanzania (NIC) which is a subsidiary institution of the Ministry of Finance.
The Tanzania National Reinsurance Corporation (TAN-RE) is an important body working in the sector and operates in Tanzania and further afield in Africa. Operating since 2004, the corporation writes several kinds of reinsurance business including the marine, aviation and pension business.
The Tanzania Insurance Regulatory Body (TIRA) is the regulatory body for the sector established under the Insurance Act (2009) and lists around 20 licensed insurance companies, some 50 insurance brokers and over 30 loss adjusters and assessors.
The principal professional body operating in Tanzania is the Insurance Institute of Tanzania, a local branch of the Chartered Insurance Institute (CII) based in London. It was established under the Ministry of Home Affairs in 1996 and, in 2013 continued to be affiliated to the UK-based CII.