Top 10 Best Insurance Companies in Tanzania | BIMA

How Insurance companies are Termed Legit.

For an insurance company to be legit in Tanzania, it has to be registered by Tanzania Insurance Regulatory Authority (TIRA).

Tanzania Insurance Regulatory Authority:

The Insurance Act No.10 of 2009 established the Tanzania Insurance Regulatory Authority (TIRA). The Authority is a body that oversees insurance policies in the United Republic of Tanzania. The Minister of Economy and Infrastructure supervises the Authority.

The Authority is a corporate body with perpetual succession and a common seal. It will be responsible for coordinating policy and other issues related to insurance in the United Republic.

The Authority’s corporate name is as follows:

• To sue and be sued
• To borrow money, buy and sell property,
• To perform all other things that a corporate body can do.

 

The Top 10 Best Insurance Companies in Tanzania: A Comparison Table

The insurance industry has been growing in Tanzania for the past few years. The insurance penetration rate in the country is still low, but that has not stopped several new players from entering the market. With competition getting stronger and stronger, companies have been coming up with different strategies to stay ahead of the competition.

One such strategy is launching new products and services or expanding their existing product portfolio with new offerings. It goes without saying that customers should always do their due diligence before buying any product or service—that also goes double for insurance policies.

However, obtaining unbiased information about these companies can be a challenge given how fragmented this industry remains at this time. In order to make it easier for anyone looking to purchase insurance in Tanzania, we have compiled this list of the top 10 best insurance companies operating there as of January 2019:

 

Standard Tanzania Company Limited

Headquarters: Dar es Salaam, Tanzania Insurance Sub-Sectors: General insurance, life insurance Standard Tanzania Company Limited (STC) is one of the largest insurance companies in Tanzania. The company has been in operation since the 1940s. Today, it is the largest insurance company in the country and also the only company that has been on the insurance sector in the country.

STC has a diversified portfolio of insurance products, including life insurance, general insurance, health insurance, and others. The company has about a 25% share of the country’s insurance market. STC has a wide distribution network that includes a presence in all 26 regions of the country, employing over 2,000 people. The company has a network of 1,100 agents and 2,600 distributors, most of whom have their own offices.

Equity Group TZ Limited

Headquarters: Dar es Salaam, Tanzania Insurance Sub-Sectors: General insurance Equity Group TZ Limited is a subsidiary of the Equity Group Holdings Limited, one of the leading financial institutions in the East African region.

The company offers a wide range of general insurance products, including marine hull, motor, aviation, marine hull, engineering, and property insurance. Equity Group TZ Limited is among the 10 largest insurance companies in Tanzania, holding a market share of about 15%.

The company has a strong distribution network, with about 2,000 agents across all regions of the country. Equity Group TZ Limited is also the only insurance company in Tanzania to be audited under international accounting standards.

Chippings TZ Limited

Headquarters: Dar es Salaam, Tanzania Insurance Sub-Sectors: General insurance Chippings TZ Limited is a subsidiary of the Chippings Group, which is one of the largest industrial conglomerates in Tanzania. The group has interests in a wide range of industries, including manufacturing and service sectors.

Chippings TZ Limited offers a range of general insurance products, including marine hull, motor, engineering, aviation, marine hull, and property insurance. The company has a strong distribution network, with about 1,000 agents and distributors across all regions of the country.

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African Alliance TZ Limited

Headquarters: Dar es Salaam, Tanzania Insurance Sub-Sectors: General insurance African Alliance TZ Limited is a subsidiary of the African Alliance Holdings Limited, which is one of the largest diversified industrial conglomerates in Tanzania.

The company offers a wide range of general insurance products, including marine hull insurance, motor insurance, engineering insurance, aviation insurance, health insurance, and others. African Alliance TZ Limited is among the 10 largest insurance companies in Tanzania, holding a market share of about 10%.

The company has a strong distribution network, with around 1,400 agents and distributors across all regions of the country. African Alliance TZ Limited is also the only insurance company in Tanzania to be audited under IFRS (International Financial Reporting Standards).

 

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Sovereign TZ Ltd.

Headquarters: Dar es Salaam, Tanzania Insurance Sub-Sectors: General insurance, health insurance Sovereign TZ Limited is a subsidiary of the Sovereign Limited (SVL), which is one of the largest industrial conglomerates in Tanzania.

The group has interests in a wide range of industries, including real estate, manufacturing, oil and gas, banking and finance, and others. Sovereign TZ Limited offers a range of general insurance products, including marine hull, motor, aviation, engineering, and property insurance.

The company has a strong distribution network, with about 1,200 agents and distributors across all regions of the country.

AIG Africa PLC

Headquarters: Dar es Salaam, Tanzania Insurance Sub-Sectors: General insurance AIG Africa PLC is one of the largest insurance companies in the country. The company offers a wide range of general insurance products, including marine hull, motor, engineering, aviation, marine hull, and property insurance.

AIG Africa PLC is among the 10 largest insurance companies in Tanzania, holding a market share of about 10%. The company has a strong distribution network, with about 1,200 agents and distributors across all regions of the country. AIG Africa PLC is also the only insurance company in Tanzania to be audited under IFRS (International Financial Reporting Standards).

KCM Insurance Company Limited (KCM)

Headquarters: Dar es Salaam, Tanzania Insurance Sub-Sectors: General insurance, health insurance, life insurance KCM Insurance Company Limited is a subsidiary of the KCM Holdings Limited, which is one of the largest industrial conglomerates in Tanzania.

The group has interests in a wide range of industries, including real estate, manufacturing, energy, oil and gas, and others. KCM Insurance Company Limited offers a range of general insurance products, including marine hull, motor, aviation, engineering, marine hull, and property insurance.

The company has a strong distribution network, with about 1,000 agents and distributors across all regions of the country. KCM Insurance Company Limited is also one of the leading providers of health insurance plans in Tanzania. The company’s health insurance product portfolio includes medical and hospitalization insurance, medical insurance, and life assurance medical schemes.

Zurich TZ Ltd.

Headquarters: Dar es Salaam, Tanzania Insurance Sub-Sectors: General insurance Zurich TZ Ltd. is a subsidiary of the Zurich Insurance Group, which is one of the largest insurance providers in the world.

The company offers a wide range of general insurance products, including marine hull, motor, engineering, aviation, marine hull, and property insurance. Zurich TZ Ltd. is among the 10 largest insurance companies in Tanzania, holding a market share of about 9%.

The company has a strong distribution network, with about 1,000 agents and distributors across all regions of the country. Zurich TZ Ltd. is also the only insurance company in Tanzania to be audited under IFRS (International Financial Reporting Standards).

Hello TZ Ltd. and Hello Life Assurance Co. Ltd. (Hello!)

Headquarters: Dar es Salaam, Tanzania Insurance Sub-Sectors: General insurance, life insurance Hello TZ Ltd. and Hello Life Assurance Co. Ltd. are subsidiaries of the Hello Group, which is one of the largest industrial conglomerates in Tanzania.

The group has interests in a wide range of industries, including real estate, manufacturing, construction, and others. Hello TZ Ltd. and Hello Life Assurance Co. Ltd. offer a range of general insurance products, including marine hull, motor, aviation, engineering, marine hull, and property insurance.

The company has a strong distribution network, with about 1,000 agents and distributors across all regions of the country. Hello TZ Ltd. and Hello Life Assurance Co. Ltd. are also one of the leading providers of life insurance plans in Tanzania. The company’s life insurance product portfolio includes endowment assurance, money back assurance, and whole life assurance.

 

Milembe Insurance Consultants Limited

 

In January 1999, the Tanzanian insurance industry was deregulated, and we, Milembe Insurance Consultants, decided to enter the market as insurance brokers. We brokered insurance transactions for ten years, and during that time we saw a large increase in the number of insurance businesses. The insurance sector grew as the country experienced annual economic growth rates of 6% and substantial investment in key development sectors.

 

 

Products of Milembe Insurance: READ MORE

• Bonds Product: With bonds insurance products, you can strengthen its rating. They are accessible and can be customised to meet your specific demands.

Surety bonds known as advance payment bonds, bid bonds, customs bonds, and performance bonds are used to guarantee that a project will be completed according to the contract terms.

• Business Products: Your business is as unique as it was at the beginning. Risks and opportunities are constantly changing, making it difficult to anticipate the future. Let our business insurance products safeguard your interests.

Burglary, business interruption, fidelity guarantee, fire, fire & allied perils, goods in transit, liability, machinery breakdown, money, motor vehicle, personal injury, plate glass, and professional indemnity are all business risks.

• Personal Products: You’ve worked hard to achieve your dreams; a dream car, a dream home, and a dream family. Why not protect them with our personal insurance products?

Domestic packages can also be burgled; Machinery breakdowns can occur, endangering electronic equipment; Fires, and the perils associated with them, can happen; Personal accidents can also occur; Plate glass can be damaged; and travel risks can occur.

 

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Concluding Words: Wrapping up

The insurance industry has been growing at a fast pace in the past few years. The insurance penetration rate in the country is still low, but that has not stopped several new players from entering the market.

With competition getting stronger and stronger, companies have been coming up with different strategies to stay ahead of the competition. One such strategy is launching new products and services or expanding their existing product portfolio with new offerings.

 

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