The company traces its origins back to 1908 when the Norwich Union Fire Insurance Society started its operations in Kenya. Another company, The Legal & General Insurance Company, commenced their Kenyan operations in 1924. The parent company in Kenya is part of Liberty Africa group and is one of highly regarded insurance companies in South Africa and has an AAA credit rating. Operations
We commence
d our operations in Tanzania in 1998 following the liberalization of insurance market and have established ourselves as market leader among the insurance companies operating in Tanzania. In a span of twelve years of our operations, our premium income has grown from under Tanzanian Shillings 2 billion in 1999 to Tanzanian Shillings 35 billion in 2010 with a premium growth rate of around 24%. Thus the company continues to enjoy a pre eminent position in the general insurance market in Tanzania with a market share of around 18%. The Company offers a very broad range of non-life insurance products to meet the requirements of our customers in a very competitive environment and has a fully qualified technical team to offer complete risk management services. Our reinsurance program is managed by Aon Re, South Africa and Swiss Re, one of the top reinsurance companies in the world, is the leading reinsurance company in our reinsurance treaties. To further improve the quality of our services, the Company has made significant investment in the new IT system during 2007 and the management team has also been further strengthened. All these achievements can be attributed to a very prudent and professional management, financial strength, a highly developed strategic focus and sustained support and patronage from our business partners. Constant attention to our core values-honesty, professionalism, efficient customer service and technical competency have made us the insurer of choice by most of leading business houses in
Tanzania, who have been doing business with us since inception of our operations. Underlining our commitment to Tanzanian insurance market is our strategic investment in Strategies Insurance-the first health insurance company in Tanzania. In 2004, we also made a substantial investment in Alliance Insurance Corporation-on of the two private insurance companies engaged in Life business. Tanzania is blessed with a stable political environment. Good economic growth, low inflation, prudent fiscal and monetary policies of the Government, and increased foreign investment in a liberalized economic environment with market discipline maintained by insurance regulator, the future of insurance industry looks definitely bright and with our commitment to customer service, we are confident of maintaining our position of Market Leader.
