Insurance Companies
List of Insurance Companies in Tanzania in 2024
The total number of insurance and reinsurance companies registered in Tanzania increased in 2021, 2022, and 2023 to reach 40 to date.
As of February 2023, there are 30 general insurance companies (of which two offer Islamic insurance), six (6 ) life insurance companies, and 4 reinsurance companies.
Tanzania Insurance Companies
| 1. Alliance Insurance | |
| 2. Alliance Life Assurance | |
| 3. Assemble Insurance | |
| 4. Beema Star Insurance | |
| 5. Britam Insurance | |
| 6. Bumaco Insurance | |
| 7. Bumaco Life Insurance | |
| 8. CRDB Insurance Company (CIC) | |
| 9. First Assurance | |
| 10. First United Takaful | |
| 11. GA Insurance | |
| 12. Heritage Insurance | |
| 13. ICEA Lion Insurance | |
| 14. Insurance Group of Tanzania (IGT) | |
| 15. Jubilee Allianz Insurance | |
| 16. Jubilee Health Insurance | |
| 17. Jubilee Life Insurance | |
| 18. Maxinsure | |
| 19. Mayfair Insurance | |
| 20. Meticulous Insurance | |
| 21. Metro Life Insurance | |
| 22. Mgen Insurance | |
| 23. Milembe Insurance | |
| 24. MO Assurance | |
| 25. National Insurance Corporation (NIC) | |
| 26. Newtan Insurance (formerly UAP Insurance) | |
| 27. NIC Life | |
| 28. MUA (formerly Phoenix Assurance) | |
| 29. Reliance Insurance | |
| 30. Resolution Insurance (under statutory management) | |
| 31. Sanlam General Insurance | |
| 32. Sanlam Life Insurance | |
| 33. Strategis Insurance | |
| 34. Tanzindia Assurance | |
| 35. Zanzibar Insurance Corporation (ZIC) | |
| 36. ZIC Takaful | |
Tanzania’s Reinsurance Companies
Four reinsurance companies are licensed in Tanzania: Tan-Re, and more recently Grand Re and PanAfrique Re which were licensed in 2022, and East Africa Reinsurance Company (EARe) which was licensed in 2023. In 2021, Tan-Re contributed to about 99.7% of the local reinsurance market and ranked as the 15th largest reinsurance company in Africa.
| 1. EARe | |
| 2. Grand Re | |
| 3. PanAfrique Re | |
| 4. Tan-Re | |
In addition, 32 foreign reinsurance companies are accredited to transact reinsurance business in Tanzania (22 in 2021).
| 1. AIG MEA | |
| 2. Cigna Global Insurance Company | |
| 3. Continental Reinsurance | |
| 4. East Africa Reinsurance Company | |
| 5. Emeritus Reinsurance Company | |
| 6. Factory Mutual Insurance Company | |
| 7. Ghana Reinsurance Company | |
| 8. GIC Re South Africa | |
| 9. Guardrisk International | |
| 10. Hannover Re South Africa | |
| 11. India Insure Risk Management & Insurance Broking Services | |
| 12. International General Insurance | |
| 13. Kenya Reinsurance Corporation | |
| 14. Klapton Reinsurance | |
| 15. Kuwait Reinsurance Company | |
| 16. Mapfre Asistencia | |
| 17. Munich Reinsurance Company of Africa | |
| 18. Northernlight Insurance Company Inc. | |
| 19. Ocean International Reinsurance Company | |
| 20. Optimum Global Insurance Company | |
| 21. Santam | |
| 22. Saudi Reinsurance Company | |
| 23. SCOR SE – Reinsurance | |
| 24. Société Centrale de Réassurance | |
| 25. Swan Reinsurance | |
| 26. The Hollard Insurance Company | |
| 27. Tunis Re | |
| 28. Uganda Reinsurance Company | |
| 29. Anda Reinsurance Company | |
| 30. Vitality International Health Insurance Company | |
| 31. WAICA Reinsurance | |
| 32. Zurich Insurance Company | |
Tanzania’s Insurance Intermediaries and Other Service Providers
Insurance Brokers
As of December 31, 2022, the total number of registered insurance brokers was 108, indicating a growth of 33.3% compared to the 81 brokers registered in 2021. The number of insurance brokers has further increased to 127 to date.
Insurance Agents
As of December 31, 2022, the total number of registered insurance agents was 922, showing a growth of 16.9% compared to the 789 agents registered in the previous year. At the moment of writing, the current number of registered insurance agents is 1,240.
Reinsurance Brokers
ln 2022, total number of registered reinsurance brokers were six compared to four in 2021. More recently a new reinsurance broker namely One Global, was registered. This brought the total number of reinsurance brokers to seven:
| 1. Afro-Asian Reinsurance Brokers | |
| 2. Aris London Reinsurance Brokers | |
| 3. Lighthouse Reinsurance Brokers | |
| 4. MIC Reinsurance Brokers | |
| 5. Minerva Risk Managers | |
| 6. Tapex Reinsurance Brokers | |
| 7. Willmars Reinsurance Brokers | |
In addition, 38 foreign reinsurance brokers are accredited to transact reinsurance business in Tanzania.
Bancassurance Agents
Twenty-eight (28) bancassurance agents were registered to operate in the insurance market as of 31 December 2022 compared to 23 in 2021 and 14 in 2020.
| 1. Access Microfinance Bank | |
| 2. Akiba Commercial Bank | |
| 3. Azania Bank | |
| 4. Bank of Africa (BOA) | |
| 5. Canara Bank | |
| 6. CRDB Bank | |
| 7. DCB Commercial Bank | |
| 8. Diamond Trust Bank | |
| 9. Ecobank | |
| 10. Equity Bank | |
| 11. Exim Bank | |
| 12. Faidika Microfinance | |
| 13. Finca Microfinance Bank | |
| 14. First Housing Finance | |
| 15. I & M Bank | |
| 16. KCB Bank | |
| 17. Letshego Bank | |
| 18. Maendeleo Commercial Bank | |
| 19. Mkombozi Commercial Bank | |
| 20. Mwalimu Commercial Bank | |
| 21. Mwanga Hakika Bank | |
| 22. National Bank of Commerce (NBC) | |
| 23. NCBA Bank | |
| 24. NMB Bank | |
| 25. Stanbic Bank | |
| 26. Standard Chartered Bank | |
| 27. Tanzania Commercial Bank (TCB) | |
| 28. Vision Fund Microfinance Bank | |
Insurance Digital Platforms (IDPs)
Local mobile operators and other licensed digital platforms (IDPs) sell insurance products in Tanzania. At the end of 2022, five lDPs were registered compared to four in 2021. The number has increased to 11 and currently. Four out of the five mobile operators active in Tanzania sell insurance products namely Vodacom, Tigo, Airtel, and TTCL. Other licensed digital platforms include specialized companies.
| 1. Axieva Africa Lab | |
| 2. Bimatime | |
| 3. Honora Tanzania Mobile Solutions (Tigo) | |
| 4. I Link | |
| 5. Infomats Technologies | |
| 6. M-Pesa (Vodacom) | |
| 7. Macho Technologies | |
| 8. Sandrox Company | |
| 9. BimaTime (SmartX) | |
| 10. T-Pesa (TTCL) | |
| 11. Wakandi Tanzania | |
