Resolution says 'big opportunity' exists in Tanzanian health insurance market
Resolution Insurance believes there is considerable room for growth in the health cover market in Tanzania.Resolution Insurance believes there is considerable room for growth in the health cover market in Tanzania.
According to Peter Nduati, chief executive of the firm, the middle class demographic currently offers particularly strong opportunities for companies in the industry.
Speaking to the Daily News, he said this is because the area is "not fully tapped" at the moment.
"We are targeting to have 12,000 family clients by 2013 from the current 1,700," Mr Nduati commented.
The organisation is concerned that the insurance penetration level in Tanzania is relatively low when compared with other leading members of the East African Community.
Whereas the figure stands at three per cent of gross domestic product in Kenya and one per cent in Uganda, it is just 0.86 per cent in Tanzania.
Mr Nduati believes this is mainly because there is a lack of awareness regarding insurance across the country, which means educating the public could help to address this issue.