Insurance is a form of financial loss protection in which one party agrees to compensate another party in the case of a certain loss, damage, or injury in exchange for a fee. It is a type of risk management that is primarily used to mitigate the risk of a contingent or uncertain loss. In this article, we will be going through the best insurance companies in Tanzania.
An insurer, insurance business, insurance carrier, or underwriter is a company that offers insurance. A policyholder is a person or entity who purchases insurance, whereas an insured is a person or entity who is covered by the policy.
In exchange for the insurer’s pledge to compensate the insured in the case of a covered loss, the policyholder assumes a guaranteed, known, and generally small loss in the form of a payment to the insurer (a premium).
The loss may or may not be pecuniary, but it must be quantifiable. Furthermore, it is frequently something in which the insured has an insurable interest as a result of ownership, possession, or a pre-existing relationship.
List Of Insurance Companies in Tanzania 2023/2024
1. Britam Insurance Tanzania
Britam is one of the insurance companies in Tanzania and it is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
The group offers a wide range of financial products and services in Insurance, Asset management, Banking, and Property.
2. Dextar Insurance Agency
At Dexter Insurance, we’re modernizing the insurance industry by delivering insurance services in a way that’s convenient for our customers. We’re always looking for new and innovative ways to make insurance easy and accessible for everyone.
Established in 2019, Dexter Insurance is a customer-centric insurance Agent that is focused on providing top-of-the-line insurance services and creating long-lasting relationships with our customers. We believe that insurance should be easy and leave nothing but comfort to our customers.
3. Jubilee Insurance Tanzania
Jubilee Insurance Ltd was established as the first incorporated Insurance Company based in Mombasa in August 1937.
We have since spread our wings and sphere of influence as the No. 1 Insurance Company in the region with offices in Kenya, Uganda, Tanzania, Burundi, and Mauritius, and are recognized as the largest Composite Insurer in East Africa with over 450,000 clients.
We are listed in the Nairobi Securities Exchange, Dar-es-Salaam Stock Exchange and the Uganda Securities Exchange having been rated highly on Leadership, Quality, and Risk Management and awarded an AA- rating in Kenya & Uganda and an A+ in Tanzania.
4. Bumaco Insurance Company Tanzania
In early 1980 the shareholders of BUMACO, a private firm of Business Management Consultants, conceived the idea of providing Insurance services to its clients as an added value to its core.
Bumaco Insurance Agency was established. In 1999 the agency was transformed into a broker. In 2008, Bumaco Insurance Brokers gave way to a fully-fledged Insurance Company, a fast-moving Insurance provider of all the time.
With over 30 years of experience in Insurance, Bumaco Insurance Company Ltd is duly registered, with 100% of its equity in Tanzania. The company exists to provide non-life insurance services with certainty.
Our long practice in the insurance business has given us an opportunity to build competency through intensive training and the application of worldwide best practices to our clients.
We have opened nine branches supported by a network of carefully selected brokers and agents all of whom ensure services to a large section of Tanzania.
5. Mayfair Insurance Tanzania
Our business performance has been on an upward trend since inception, experiencing phenomenal steady growth. This has marked us as a premier insurance provider and goes to show the level of satisfaction and trust that customers have in our service.
Our management comprises experienced professionals from various industries. This together with an expanding regional presence and solid backing from reputable international and local reinsurers has enabled us to provide innovative and efficient solutions.
6. Heritage Insurance Company Tanzania
The Heritage Insurance Company Tanzania Limited is incorporated in Tanzania under the Companies Act, No. 12 of 2002 as a limited liability company. The Company was registered under the Insurance Act No. 18 of 1996 on June 18, 1998, as a general insurance company.
The head office is located on the 4th Floor of the Masaki Ikon Building, Bains Avenue, Msasani Peninsular, Dar es Salaam, Tanzania.
The Heritage Insurance Company Tanzania Limited is a subsidiary of The Heritage Insurance Kenya Limited which has 60% ownership. MAC Group is a local shareholder of the Company with the remaining 40% ownership.
The Company satisfies the requirement of section 8 of the Insurance Act No. 18 of 1996 and its amendments of 2019, that one-third of the Company directors must be Tanzanian citizens.
The Heritage Insurance Company Tanzania Limited Tanzania is controlled by The Heritage Insurance Company Kenya Limited, incorporated in Kenya, which owns 60% of the Company, the other 40% is owned by MAC group incorporated in Tanzania.
The ultimate parent company is The Standard Bank of South Africa Limited which owns Heritage Kenya through Liberty Kenya Holding.
Historically Heritage has focused on corporate business, insuring non-life corporate risk, and has a fully qualified technical team to advise on Complete Risk Management Services.
Going forward we intend to enter growth markets in the retail sector with exciting new products and distribution channels
7. Howden Puri Insurance
Howden Puri are experienced local Insurance Brokers with access to a global network of industry specialists. We have the knowledge and expertise you need, whatever life brings.
8. Milmar Insurance Company
Incorporated in the year 1989, Milmar Insurance Consultants Ltd. is one of the oldest and most experienced Insurance intermediary service providers in the United Republic of Tanzania.
it was founded by Mr. Nitin Desai, Chairman and Managing Director who carries over 50 years of multi-line, multi-product experience in the insurance industry.
With a focused professional customer customer-centric business philosophy, Milmar is well-positioned to offer services for an entire range of insurance products backed by a knowledgeable, qualified, committed, and well-trained team.
Our services cover the entire gamut of insurance risk management services right from risk appraisal, risk assessment, and analysis leading to guidance on optimum insurance coverages at the most competitive prices with the best securities and personalized post-claims servicing keeping customers’ long-term effective safety and security in mind.
9. FNB Insurance Brokers
They provide world-class financial planning to individuals and businesses through risk transfer giving our clients a peace of mind that enables them to concentrate on their core business.
10. Impex Insurance Brokers
As a successful enterprising and entrepreneurial organization that has several decades of experience behind its name, Impex Insurance Brokers Limited is an organization that constantly evolves and develops to meet the volatile and demanding needs of its customers.
We have a history that speaks of achievements and success in the face of challenges, and an outlook that welcomes change and advancement in terms of improving the services we offer.
Our flexible culture encourages maximum involvement from employees within the organization, which allows innovative solutions to flow throughout the company, and consequently enables us to do what we do best -anticipate and satisfy the needs of our customers.