DAR ES SALAAM: THE SanlamAllianz General Insurance Tanzania is projecting to close the year with over 140bn/- in gross written premium, a milestone expected to position the company’s run in insurance market.
The projection follows the company’s recent rebranding and consolidation under the SanlamAllianz joint venture, which brings together the strengths of Africa’s leading insurer, Sanlam and global financial services giant, Allianz.
SanlamAllianz General Insurance Tanzania Chief Executive Officer Mr Jaideep Goel said the strong target reflects growing market confidence and expanding opportunities being created for insurance agents and other distribution partners across the country.
“We are still one month away from the close of the year, but we are confident of closing above this target. “This growth is driven by our strong partnerships with distribution network, improved products and services and the global expertise we now bring through this joint venture,” Mr Goel said during a rebranding and agents’ engagement event held on Friday.
The initiative marks the completion of the integration of the former Jubilee, Allianz and Sanlam General Insurance operations into a single unified entity operating under the SanlamAllianz brand. The move is aimed at strengthening service delivery, operational efficiency and market reach.
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The country’s insurance market has recorded robust growth, with gross written premium rising by 20.2 per cent to 1.52tri/- in 2024, up from 1.24tri/- in 2023, according to the the Tanzania Insurance Regulatory Authority (TIRA)’s latest data.
The report also showed general insurance accounted for 952.2bn/-, equivalent to 63.1 per cent of total GWP, while life insurance contributed 309bn/- and health insurance stood at 187.5bn/-.
He added that “Reaching number one is not the end of the journey. Staying there requires us to continuously uplift the quality of our services and strengthen our relationships with our stakeholders,” he said.
Operating in more than 26 countries across Africa, SanlamAllianz continues to expand its footprint in the country. The event brought together over 300 insurance agents from across the country.
According to Mr Goel, the company aims to increase its agency force to about 350 agents by the end of next year. SanlamAllianz Retail Business General Manager, Mr Geofray Masige said the company will soon launch a digital platform that will enable agents to reach customers online, while allowing customers to access services through self-service digital channels without compromising agents’ benefits.
“This system will simplify service delivery, increase customers’ freedom to purchase insurance digitally, while ensuring that agents continue to earn their rightful commissions,” said Mr Masige.