Browsing: insurance in Tanzania

• The bulk of Tanzania’s population is not under any form of cover with industry statistics putting penetration at 1.68 percent.
• Gross premiums hit $486 million last year from $388 million in 2021, the Association of Tanzania Insurers (ATI) says.
• As of May 2023, a total of 34 insurers including three reinsurance companies had presence in Tanzania.

Insurance saves lives. This was how Sicola Enock, a mother summarised Tanzanian’s Community Health Fund (CHF), a social welfare cover that was introduced in 2001 to help families in rural areas.

“When my husband got sick, we incurred many consultation fees before treatment. But, when we acquired the CHF, things changed. Now the health insurance serves more than ten family members,” Sicola added.

Sicola is part of about 15 percent of Tanzania’s population now covered CHF health insurance.

However, the bulk of Tanzania’s population is not under any form of cover. Latest figures show …

• The project, launched in 2022, cuts across multiple services offering farmers a cushion to be stable and profitable.
• The project aims to support over 300,000 farmers in 2023 with the partnership.
• At least $140 million of loss is faced by Tanzania due to drought annually.

Ground-breaking crop insurance has been introduced in Tanzania to cover crop loss and safeguard farmer earnings. The crop insurance was introduced by a fertilizer manufacturing company, Yara Tanzania, in collaboration with Jubilee Insurance.

The transformative solution dubbed ‘AfricaConnect’, leverages technology to offer farming solutions as farmers in Africa grapple with the challenges of climate change.

The project, launched in 2022, cuts across multiple services offering farmers a cushion to be stable and profitable.

According to Yara Tanzania, Managing Director, Winstone Odhiambo, AfricaConnect has enrolled at least 83,000 so far, accessing crucial funding solutions, high-quality and dependable fertilizer, extension services, and a ready market for their …

Economies perform better when their fate is secured, in other words—sustainable growth performs better under the crucial reassurance of insurance.  

In this era of cutting-edge technology, insurance is a common necessity to possess, hence—the presence of mitigating losses, gaining financial stability, and promoting trade and commerce operations—as catered to by insurance, are the core building blocks of present-day economic success. 

Taking the youngest continent on the planet—Africa, into account—the simple concept of insurance stands to be an important pillar towards developing reliable development initiatives.  

According to Mckinsey, Africa’s insurance industry is valued at around $68 billion in terms of gross written premiums, standing as the eighth largest in the world. 

Faced with multiple natural hazards, insurance cover shields economies, businesses, and communities at large through supporting resiliency and disaster recovery.  

Several think tanks, including the US-based, Mckinsey Global Institute and Brookings, have marked Africa as one of the fastest-growing insurance …