Tanzania is located in Eastern Africa with a population of 61.5m. The country's eastern border is the Indian Ocean with a coastline of 1,424km. Zanzibar is also part of Tanzania and consists of two main islands: Unguja and Pemba, and a number of smaller islands located 40km off the mainland coast. The country relies heavily on agriculture which accounts for more than 40% of GDP, 60% of exports (cashew nuts, sesame seeds, tobacco) and 65% of the total workforce, although gold production has increased to about 35% of exports in recent years. Apart from agriculture, tourism, mining (gold, iron and diamonds) and small-scale industries are increasingly contributing to national economic growth. According to the World Bank, following two decades of sustained growth, Tanzania reached an important milestone in July 2020, when it formally graduated from low-income country to lower-middle-income country status. Tanzania’s achievement reflects sustained macroeconomic stability that has supported growth, in addition to the country’s rich natural endowments and strategic geographic position.
EADB is a regional MDB that is mandated to strengthen socio-economic development and regional integration. It has ownership by 4 African member states and a few institutional shareholders. Headquartered in the Republic of Uganda, EADB was established in 1967 under the treaty for East African Community which was disbanded in 1977 and later revived in 1980. Following this, the Bank was re-established under its own charter, with an expanded potential membership, mandate, and operational scope. As such, EADB is accorded preferred creditor status equivalent to that of the AfDB including privileges and immunities such as diplomatic and tax-exempt status.
GCR introduces the Peer Comparatives for Tanzania Short Term Insurance. The report forms part of the Short Term Insurance Peer Comparatives series, containing key metric comparatives and summarised financial synopses of insurance entities that operate within select markets, and are publicly rated by GCR. Each report provides statistical tables and graphs reflecting collated trends and relative metrics for premium income, underwriting & net profitability, and solvency & liquidity, and provides a comparison of balance sheet and income statement data over the past five years.
This bulletin was compiled and collated in order to:
- Summarise credit views on the 20 short-term insurance companies in East Africa publicly rated by GCR.
- Indicate trends in premium income and underwriting performance across the different countries and individual insurers.
- Present solvency and liquidity levels reflected by the various insurers.
- Present a direct comparison of balance sheet and income statement data over the past five years of operation.