It reaffirmed that it was now consolidating its position in the insurance industry in Tanzania and beyond. Speaking during the official launch of ARIS in Dar es Salaam late Tuesday, the ARIS Board Chairman, Mr Andy Chande, said the company’s rebranding exercise represents a significant milestone in the company’s history with exceptional phenomenal growth.
“Re-branding to ARIS represents so much more than a change in a brand. The new identity aims to characterise the company’s dynamic path and reflects its market leading position.
“This new look represents a burst of momentum from our team of experts as we look to leverage ARIS’s core competencies and provide a greater range of products and services to our customers. “We look forward to working with our current and new customers under the new brand and further develop our scale within the market place,” added Mr Chande.
Mr Chande said the company that started with a premium turnover of 900m/- in 2002 now boasts a turnover of over 53bn/- consolidating itself as a market leader, contributing more than one fourth of the industry business for the past several years. He further added that the company is planning to extend its footprint to neighbouring countries that include Kenya, Uganda, Mozambique and later Ghana.
The Prime Minister, Mr Mizengo Pinda in a speech read by the Finance and Economic Affairs Minister, Dr William Mgimwa, said Tanzania’s economy in particular has been resilient to global shocks. He said the country was expected to remain on a positive trajectory with GDP growth forecast of 6.8 per cent in 2012 and 7.1 per cent in 2013 - well above the regional averages.
“The role of the insurance market in supporting these levels of growth cannot be overemphasised since the sector over the years has played an important role in enhancing the efficient functioning of the financial systems in many African economies including Tanzania,” Mr Pinda said.
Mr Pinda said that according to the Annual Insurance Performance Report for the year ending 31st December 2011, the Tanzania insurance industry had a total of 26 insurance companies 89 broker, 572 agents and 47 loss assessors and adjusters.
“General Insurance Business showed a growth of 21 per cent in gross premium income from 256bn/- in 2010 to 308bn/- in 2011. General Insurance Net Loss Ratio slightly improved to 58 per cent in 2011 compared to 59 per cent in 2010,” he added.
The Commissioner of Insurance and the Tanzania Insurance Regulatory Authority (TIRA) Chief Executive Officer, Mr Israel Kamuzora during the event said Tanzania’s insurance industry is generally efficient and well developing, notwithstanding the low penetration ratio of one per cent.
“The insurance industry generates Annual Gross Premiums of 400bn/. The Low Penetration Ratio of Insurance Industry indicates that there are still vast untapped opportunities for players in the industry to expand their business,” he added.