One of the reasons Tanzanians buy insurance is to protect themselves in addition to their properties against unforeseen circumstances.
These events can take up a large chunk of their finances, and they’d want to avoid that. Hence, the need for buying insurance.
Insurance helps individuals and companies safeguard their investments and properties against potential risks that could make them lose everything.
There are top insurance companies in Tanzania that help individuals looking to secure their future from such misfortune. However, you have to know what you are looking for to pick the right one. In order to do that, there are factors to take into consideration before choosing an insurance company.
These factors are necessary to avoid being swayed by -for instance- fancy branding.
Factors to Consider Before Choosing an Insurer
1. The Company’s Image
You should surf the internet for reviews and top news about the brand. This is because the company’s track record should give you an idea about their strengths and capabilities.
2. Legal Accreditation
The insurance company you decided to go with must be legally accredited and certified by Tanzania Insurance Regulatory Authority (TIRA).
3. The Coverage
This is a vital and necessary factor in selecting an insurance company. Select the coverage that best suits your needs. For instance, if the insurance company does not cover certain circumstances like business ideas you’d require, that’s a sign to take your business elsewhere.
4. Financial Strength and Price Factor
It’s important to find out how the insurance company fares during a bad economy and how that can affect you. Go through stock ratings and business resources to get the information you are searching for.
You may also want to consider the price factor when searching and eventually choosing your insurance company. In other words, if the price is affordable, go for it. If it’s not, go elsewhere.
List of The Best Insurance Companies in Tanzania
This list is arranged in no particular order!
1. Jubilee Life Insurance Company Ltd.
Short Name: JubileeLife Principal Officer: Mr. Kumar Sumit GauravAddress: Amani Place, Ohio Street, 9th Floor P.O. Box 20524 DAR ES SALAAMCategory: Insurance CompanyTelephone: 255 22 2135121, 255 22 2135124, 255 22 2135129Region: Dar es salaamStatus: ActiveClass Of Bussiness: LIfe
2. Mayfair Insurance Co. Tanzania Ltd.
Short Name: MayfairPrincipal Officer: Mr. Sanjay SinghAddress: Tan-Re House, 2nd Floor, Plot No. 406 Longido Street Upanga P.O. Box 38353 DAR ES SALAAMCategory: Insurance CompanyMobile: 255715317371/255785317371Region: Dar es salaamStatus: ActiveClass Of Bussiness: Non-Life
3. The Jubilee Insurance Company of Tanzania Limited
Short Name: JubileePrincipal Officer: Mr. Dipankar AcharyaAddress: Amani Place 4th Floor Ohio Street P.O. Box 20524 DAR ES SALAAMCategory: Insurance CompanyFax: +255(22)2135116Telephone: +255 22 213 5121/124Website: www.jubileeinsurance.comRegion: Dar es salaamStatus: ActiveClass Of Bussiness: Non-Life
4. Sanlam General Insurance
Short Name: SanlamPrincipal Officer: Mr. Manasseh KawolokaAddress: 4th Floor, Amani Place, Ohio Street PO Box 21228 Dar es SalaamCategory: Insurance CompanyMobile: +255 786 524 277Fax: +255 22 212 0193Telephone: +255 22 212 0188Website: www.sanlam.co.tzRegion: Dar es salaamStatus: ActiveClass Of Bussiness: Non-Life
5. Sanlam Life Insurance (T) Limited
Short Name: SanlamPrincipal Officer: Mr. Julius MagabeAddress: 9th Floor, Amani Place, Ohio Street P.O. Box 22229 DAR ES SALAAMCategory: Insurance CompanyTelephone: +255 22 212 7151-3Website: www.sanlam.co.tzRegion: Dar es salaamStatus: ActiveClass Of Bussiness: LIfe
6. Zanzibar Insurance Corporation
Short Name: ZICPrincipal Officer: Mr. A. AbdulrahamanAddress: Mpiran – Maisara Zanzibar P.O. Box 432 Zanzibar – TanzaniaCategory: Insurance CompanyFax: +255(24)2232422Telephone: 255 24 2232676Website: www.zic.co.tzRegion: ZanzibarStatus: ActiveClass Of Bussiness: Non-Life
7. Britam Insurance Tanzania Ltd.
Short Name: BRITAMPrincipal Officer: Mr. Steven LokonyoAddress: 2nd Floor PPF Towers Ohio Street/Ghana Avenue P.O. Box 75433 DAR ES SALAAMCategory: Insurance CompanyFax: +255 22 213 8059Telephone: +255 22 213 8058 /212 9384-7Region: Dar es salaamClass Of Bussiness: Non-Life
8. Alliance Life Assurance Limited.
Short Name: Alliance LifePrincipal Officer: Byford MutimusakwaAddress: 5th floor EXIM Tower Ghana Avenue P.O. Box 11522 DAR ES SALAAMCategory: Insurance CompanyFax: +255 22 2103305Telephone: +255 22 2103300 +255 22 2103301Website: www.alliancelife.co.tzRegion: Dar es salaamClass Of Business: LIfe
9. Bumaco Insurance Company Ltd
10. Milembe Insurance
Short Name: MILEMBE INSURANCEPrincipal Officer: Lenox MakundiAddress: 2nd Floor Viva Towers, Ali Hassan Mwinyi Road Dar es Salaam – City Centre P.O. Box 14548 Dar es Salaam, TanzaniaCategory: Insurance CompanyMobile: +255 767 149 149Telephone: +255 222 103 412Website: milembeinsurance.co.tzRegion: Dar es salaam
11. National Insurance Corp. (T) Ltd
12. The Heritage Insurance Company Tanzania Limited
Short Name: HeritagePrincipal Officer: Mr. Anil ChopraAddress: OysterBay Office Complex 368 Msasani Road, P.O. Box 7390 Dar es salaamCategory: Insurance CompanyFax: +255(22)2138696Telephone: +255 22 2664210, 255 22 2664204, 255 22 2664209, 255 774 783318Website: www.heritagetanzania.comRegion: Dar es salaamClass Of Bussiness: Non-Life
13. MO Assurance Company Limited
Short Name: MOPrincipal Officer: Mr. Pulin BihariAddress: 8th Floor, CRDB Building Azikiwe Street P.O. Box 20660 DAR ES SALAAMCategory: Insurance CompanyFax: +255 22 212 7268Telephone: +255 22 212 7398Website: www.moassurance.co.tzRegion: Dar es salaamStatus: ActiveClass Of Bussiness: Non-Life
14. Reliance Insurance Co. Tanzania Ltd
Short Name: ReliancePrincipal Officer: Mr. Parameswaran RajaramAddress: Reliance House 3rd & 4th Floor, Plot No 356 United Nation Road UpangaCategory: Insurance CompanyFax: +255(22)2112903Telephone: +255 22 212 0088-90Website: www.reliance.co.tzRegion: Dar es salaamStatus: Active
15. Metropolitan Tanzania Insurance Company Limited
Short Name: MetropolitanPrincipal Officer: AG. Mr. Amani BomaAddress: Diamond Plaza, 6th Floor P.O. Box 77016 DAR ES SALAAMCategory: Insurance CompanyFax: +255 22 219 7601
16. Metropolitan Tanzania Life Assurance Company Limited
Short Name: Metropolitan Tanzania Life Assurance Company LimitedPrincipal Officer: Amani BomaAddress: 5th Floor, Diamond Plaza,Crn of Mirambo and Samora AvenueCategory: Insurance CompanyFax: (+255) 22 212 0114Telephone: (+255) 22 212 0113Website: www.metropolitantz.comRegion: Dar es salaamClass Of Bussiness: LIfe
17. ICEA Lion General Insurance Company (T) Limited
Short Name: ICEA LionPrincipal Officer: Mr. Ravinarayanan KrishnamurthyAddress: Plot No. 331, Kambarage Road Mikocheni A P.O. Box 1948 DAR ES SALAAMCategory: Insurance CompanyMobile: +55 754 244333Fax: +255 22 277 5094Telephone: +255 22 277 4999/277 5039Website: www.icealion-tz.comRegion: Dar es salaamStatus: ActiveClass Of Bussiness: Non-Life
18. Insurance Group of Tanzania Limited
Short Name: IGTPrincipal Officer: Mr. Samuel MuhindiAddress: 12th floor NIC Investment House Samora Avenue/Mirambo street P.O. Box 605 DAR ES SALAAMCategory: Insurance CompanyFax: +255 22 2131482Telephone: +255 22 2131481 +255 22 2122064Website: www.igt.co.tzRegion: Dar es salaamStatus: ActiveClass Of Bussiness: Non-Life
19. GA Insurance Tanzania Limited
Short Name: GAPrincipal Officer: Mr. Amit SrivastavaAddress: 401, 4th Floor IT Plaza Ohio Street/Garden Avenue P.O. Box 75908 Dar Es SalaamCategory: Insurance CompanyMobile: +255 788 969 945Telephone: +255 22 2110311/2Website: www.gakenya.com/ga-tanzania/Region: Dar es salaamClass Of Bussiness: Non-Life
20. First Assurance
Short Name: First AssurancePrincipal Officer: Mr. Bosco BugaliAddress: Amani Place, 10th floor,Ohio Street Opp Serena Hotel. Dar Es Salaam, TanzaniaCategory: Insurance CompanyMobile: +255222198500Telephone: +255767818101Website: http://www.firstassurance.co.tzRegion: Dar es salaam
21. Phoenix of Tanzania Assurance Co. Ltd
Short Name: PhoenixPrincipal Officer: Mr. P.K. KathuriaAddress: I.P.S. Bld, 8th Floor Samora Avenue/Azikiwe Street P.O. Box 5961 DAR ES SALAAMCategory: Insurance CompanyFax: +255 22 212 2761Telephone: +255 22 212 2777Website: www.phoenixtanzania.comRegion: Dar es salaamStatus: Active