The insurance sector on substantial growth

The insurance industry has posted a growth rate of 24% in 2011. This figure is three times as high as GDP which is about 6%. Despite its low-income population, Tanzania has proved to be particularly successful in microinsurance. This achievement is partially due to the use of mobile phones as a means of distribution of insurance products. Mobile phones are widely used by all social classes. This success is also accounted for by the measures taken by the authorities to speed up claim settlements.