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CRDB Insurance Company: Pioneering a new era in regional insurance

The CRDB Insurance Company Managing Director, Mr Wilson Mnzava.


What you need to know:

  • Armed with a robust business model, market-driven products, and a commitment to financial inclusion, CRDB Insurance Company is poised to become one of Africa’s leading insurers delivering innovative solutions that meet the evolving needs of the continent’s diverse populations.

CRDB Bank, in May 2023, made a historic move becoming the first Tanzanian financial institution to establish its own insurance subsidiary, CRDB Insurance Company (CIC).

This bold move reflects not only strategic foresight but also the Bank’s long-term vision of regional leadership and innovation in financial services. The seeds of CIC were sown years earlier, driven by regulatory change and visionary leadership.

At the heart of this transformation is Mr Wilson Mnzava, a seasoned expert in the insurance industry. Mr Mnzava joined CRDB Bank in March 2020 during a pivotal period when the Bank operated a thriving insurance brokerage arm amid shifting regulatory landscapes.

Shortly thereafter, Tanzania introduced the Insurance (Bancasurrance) Regulations, 2019, mandating that banks with brokerage operations either wind them down or transition into regulated Bancasurrance models.

CRDB Bank took this challenge as an opportunity. Mr Mnzava, then Head of Business at CRDB Insurance Broker, played a key role in navigating this transition.

His leadership helped elevate the brokerage to one of Tanzania’s top performers, earning him a promotion to Acting General Manager. At a time when many institutions retrenched. CRDB Bank looked forward.

However, a significant regulatory shift in 2019 marked by the enactment of the Insurance (Bancassurance) Regulations posed both challenges and opportunities.

These regulations required banks with insurance brokerages to either shut down their subsidiaries or transition into Bancasurrance services under strict compliance standards.

In response, CRDB Bank swiftly assembled a dedicated team including Mnzava to navigate these regulatory changes. The bank established a Bancasurrance department responsible for migrating clients and staff from the brokerage subsidiary.

About 95% of the staff were seamlessly transferred to the new setup, while a core team of five, led by Mr Mnzava, focused on building a new insurance arm from the ground up.

To ensure strategic compliance and sustainability, CRDB Bank engaged the expertise of KPMG. The consultancy evaluated the regulatory landscape and presented three options: maintain the status quo, develop a Bancasurrance department, or establish a fully-fledged insurance underwriting company.

After careful deliberation, the bank’s board approved the ambitious decision to create its own insurance company CRDB Insurance Company. “So, we had a Bancasurrance platform and a new insurance company,” Mnzava explains.

“Despite being new, both entities hit the ground running. In our first year, the Bancasurrance business even registered a profit.”

CRDB Insurance Company officially commenced operations with a mission aligned to Tanzania’s Financial Inclusion Framework 2023-2028: to provide affordable, accessible insurance solutions tailored to diverse needs especially targeting rural communities, farmers, and livestock keepers.


Leveraging CRDB Bank’s extensive network of branches, agents, brokers, and digital platforms, the company aims to reach even the most remote areas. Despite being a newcomer in Tanzania’s competitive insurance landscape, CRDB

Insurance Company benefits from the deep industry expertise of its leadership team.


With a solid foundation, the company is now eyeing regional expansion, aiming to become a key player across Africa. Future plans include diversifying into life insurance and reinsurance, positioning itself for long-term growth over the next three decades.

Reflecting on this journey, Mr Mnzava, now the founding Managing Director of CRDB Insurance Company, expresses pride in the company’s achievements.

Building this subsidiary from scratch and navigating regulatory changes has been a rewarding experience,” he shares. “With a clear vision and strategic focus, CRDB Insurance Company is set for sustained success and regional growth.”

Armed with a robust business model, market-driven products, and a commitment to financial inclusion, CRDB Insurance Company is poised to become one of Africa’s leading insurers delivering innovative solutions that meet the evolving needs of the continent’s diverse populations.