The projection comes after the company’s recent rebranding and consolidation under the SanlamAllianz joint venture, which merges the strengths of Africa’s leading insurer, Sanlam, with global financial services giant Allianz.
Dar es Salaam. SanlamAllianz General Insurance Tanzania says it expects to close the year with more than Sh140 billion in Gross Written Premium (GWP), a milestone that will strengthen its position in the country’s insurance market.
The projection comes after the company’s recent rebranding and consolidation under the SanlamAllianz joint venture, which merges the strengths of Africa’s leading insurer, Sanlam, with global financial services giant Allianz.
SanlamAllianz General Insurance Tanzania Chief Executive Officer, Mr Jaideep Goel, said the improved performance reflects rising market confidence and expanding opportunities for insurance agents and other distribution partners nationwide.
“We are still one month away from the close of the year, but we are confident of surpassing this target.
This growth is driven by our strong partnerships with our distribution network, enhanced products and services, and the global expertise we now bring through this joint venture,” Mr Goel said during a rebranding and agents’ engagement event on Friday.
The rebranding marks the completion of the integration of the former Jubilee, Allianz and Sanlam general insurance operations into a single unified entity under the SanlamAllianz banner. The consolidation aims to strengthen service delivery, improve operational efficiency and widen market reach.
Tanzania’s insurance sector continues to record strong growth, with GWP rising by 20.2 percent to Sh1.52 trillion in 2024, up from Sh1.24 trillion in 2023, according to data from the Tanzania Insurance Regulatory Authority (TIRA).
General insurance accounted for Sh952.2 billion, or 63.1 percent of total GWP, while life insurance contributed Sh309 billion and health insurance Sh187.5 billion.
“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,” Mr Goel said.
SanlamAllianz, which operates in more than 26 African countries, is expanding its footprint in Tanzania. The Friday event brought together over 300 insurance agents from across the country.
According to Mr Goel, the company aims to grow its agency force to about 350 agents by the end of next year.
To improve public access to insurance services, the insurer is now focusing on enhancing service delivery, addressing operational challenges and strengthening the working environment to support agents in growing their businesses.
SanlamAllianz Retail Business General Manager, Mr Geofray Masige, said the company will soon introduce a digital platform that will allow agents to reach customers online, while enabling customers to access services through self-service digital channels without affecting agents’ commissions.
“This system will simplify service delivery, give customers more freedom to purchase insurance digitally, and ensure that agents continue to earn their rightful commissions,” Mr Masige said.
