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Life Report

Product Insurance Market Reports Life Rev Syria

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Tanzania's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Tanzania's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Tanzania

The Tanzania life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Tanzania.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Tanzania and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Tanzania’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Tanzania is available.

Axco’s report describes the regulatory framework that applies to the Tanzania domestic life insurance sector, including whether non-admitted insurance is permitted in Tanzania; as well as the legislation necessary to know regarding Tanzania’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show local insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Tanzanian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Tanzania, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Tanzanian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Tanzania report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Tanzania Life and Benefits Report Extract

Below are brief extracts of information from the Tanzania Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The Tanzanian market continues to show one of the lowest penetration rates in the world, along with several other countries in the region. In 2017 the country ranked 122nd in the world after Uganda. The market continues to suffer from insufficient numbers of qualified experienced insurance professionals and reliance is placed on attracting suitable employees on an expatriate basis largely from regional markets such as Kenya, Zimbabwe and South Africa.

Gross written life premiums in 2017 amounted to TZS 80.84bn (USD 36.27mn), representing an increase ....

Pensions

There is an insignificant level of private pension provision in Tanzania, and this is essentially limited to multinational companies.

Tanzania's pension sector is essentially based around mandatory social security schemes and supplementary social security schemes. After the amalgamation of the four public service pension funds, there remain only two pension funds, both of which are mandatory. The Public Service Social Security Fund (PSSSF) for public service employees ....

Healthcare

Health premiums written by non-life companies in 2017 amounted to TZS 130.31bn (USD 58.46mn), an increase of 9.14% from the previous year. Each of the life insurance companies has an associated non-life insurance company and so do not write health insurance either on a stand-alone basis or as a rider.

In terms of the insurance act, personal accident (PA) business is included in the definition of non-life business ....

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