Government reluctant to privatise state-owned insurers

The increase in non-life gross written premium income in Tanzania in recent years (the market expanded by 29.7% in 2007) is attributed to a number of factors, not least the improvement in the economic environment that has inevitably led to more demand for insurance. In addition, the public is gradually regaining confidence in the insurance sector, together with greater compliance of the non-admitted insurance regulation by the business community. Although these regulations continue to be flouted, Tanzania’s Insurance Supervisory Department (ISD) is forging ahead with its programme to educate the public and increase its efforts to seek out and impose penalties on those not complying

There are currently 12 non-life companies (including three health insurers) registered and four composites, including two that are state-owned. There is also one registered life only company.