Bancassurance accounts for 20% of the insurance activity in Tanzania

According to a report issued by the Tanzania Insurance Regulatory Authority (TIRA), bancassurance has generated a turnover of 40.361 billion TZS (17.33 million USD) during the period between 1 April and 30 June 2021.

The bancassurance issued premiums for the life class of business amounted to 24.392 billion TZS (10.47 million USD) while those of the non-life activity amounted to 15.969 billion TZS (6.85 million USD).

During the period under review, bancassurance accounted for 20% of the Tanzanian insurance market. The sector's total premiums amounted to 202.712 billion TZS (87.01 million USD) at the end of June 2021.

Only 20 local banks out of a total of 40 are authorized to carry out this activity.