One of the focal points of the Tanzanian government’s long-term development strategy is industrialisation. In the five-year development plans (FYDPs) that serve as the foundation for the Tanzania Development Vision 2025, manufacturing is a key component. The second FYDP – covering 2016 to 2021 – set a sectoral growth target of over 10%...
While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-...
There are currently 31 insurance companies in Tanzania, and as the regulator of the sector we do not necessarily see the need for consolidation. Insurance companies have expressed, however, that there are significant barriers to consolidation, including the application of the 18% value-added tax (VAT). There is a charge on signed premiums, but...
Widening the tax net is an important part of the government’s attempt to reduce its fiscal deficit and balance the books. Its principal tool in this effort is value-added tax (VAT), which accounted for 63% of consumption taxes in 2013/14, according to the Ministry of Finance and Planning. Adjusting the VAT schedule typically has an immediate...
Located on the east coast of Africa and south of the equator, Tanzania was home to some of the world’s first human settlements. Indeed, in 1959 some of the oldest human fossils were unearthed by an anthropologist in Olduvai Gorge in northern Tanzania. Also known as the “Cradle of Mankind”, this area is home to some of the oldest evidence of...
Brokers have played a dominant role in the distribution of insurance products since the birth of the modern sector. In important lines, such as accident, fire and aviation, they account for over 70% of underwriting activity, according to the Tanzania Insurance Regulatory Authority (TIRA).
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