Zanzibar Insurance

What Zanzibar Insurance does

Zanzibar Insurance Corporation (ZIC) is a government-owned parastatal insurance company established on June 20, 1969 under the President's Office of Finance and Planning of Zanzibar and licensed by the Commissioner of Insurance Tanzania. It offers a broad portfolio of more than 25 personal and commercial lines — including motor, home, fire, travel, cargo, marine, money, burglary, electronics equipment, group personal accident, bond, fidelity guarantee, professional indemnity, workmen's compensation, public liability, tour operators' liability, contractor all risk, engineering, and machine breakdown coverage — targeted at both individuals and corporate clients across Tanzania Mainland and the Zanzibar Islands.

The company distributes through a multi-channel model comprising more than 10 physical branches (headquartered in Zanzibar with offices in Dar es Salaam, Mwanza, Arusha, Dodoma, Mbeya, Pemba, Unguja, Tanga, Mtwara, and Kahama), an agent and broker network using its Smart Policy broker terminal, and a digital channel launched in 2024 via the Tigo Pesa mobile money platform for motor insurance. Its technology stack is primarily administrative: a broker portal for policy management, a USSD/app-based consumer channel, and related entities (ZIC Takaful for Sharia-compliant products and TiraMis as a digital platform subsidiary) extending its brand across product variants. Marketing is conducted through its corporate website, email newsletters, social media, and earned media.

Zanzibar Insurance generates revenue by collecting premiums across its product lines under a recurring subscription-style insurance model with quote-based, non-publicly disclosed pricing. Strategic positioning rests on state backing, 55 years of continuous operation, a wide national distribution footprint, and government-aligned partnerships (Tigo Pesa, Mwanamke Initiative Foundation, Zanzibar Standards Institute). The corporation is led by CEO Jape U. Khamis under a board of directors, operates as a private (non-listed) state entity, and reports no private equity, venture, or external institutional investment in the available data.

Name

Zanzibar Insurance

Legal name

Zanzibar Insurance Corporation

Website

https://zic.co.tz

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

101–250 employees

Short description

Zanzibar Insurance Corporation is a government-owned parastatal insurer established in 1969, offering 25-plus personal and commercial insurance products across Tanzania through a network of 10+ branches, agents, brokers, and digital channels including Tigo Pesa mobile payments.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers (5241), Direct Life, Health, and Medical Insurance Carriers (52411), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Carriers, Nec (6399), Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321)

akta.pro primary industry

Travel & Accident (Non-Life) Insurance (FSAJAMAN)

akta.pro secondary industries

Consumer Electronics & Mobile Device Protection Plans (FSAJALAH), Group Travel & Corporate Travel Accident Insurance (FSAJAJAK), Fine Art, Jewelry & Specie (FSAJAGAL)

Keywords

• General insurance services
• Motor insurance coverage
• Commercial insurance products
• Takaful insurance solutions
• Insurance brokerage platform

Headquarters

HQ city

Zanzibar

HQ country

Tanzania

HQ region

Africa

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Insurance Premiums: ZIC generates revenue through collecting insurance premiums from individuals and corporate clients across multiple insurance product lines including motor, fire, marine, travel, and liability coverage.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Zanzibar Insurance Corporation (ZIC) is a government-owned parastatal general insurance provider that underwrites and distributes a broad portfolio of personal and commercial insurance products in Tanzania, including motor, fire, marine, cargo, travel, burglary, electronics equipment, money, group personal accident, workmen's compensation, bond, professional indemnity, fidelity guarantee, public liability, contractor all risk, machine breakdown, engineering, and commercial vehicle coverage. The company distributes these products through its own branch network, agents, brokers using the Smart Policy terminal, and Tigo Pesa mobile money digital channel.

Product overview

Zanzibar Insurance Corporation (ZIC) offers a comprehensive portfolio of insurance products under two main categories: Individual and Corporate. The Individual products include Motor Insurance, Home Insurance, Travel Insurance, Fire Insurance, Cargo Insurance, Burglary Insurance, Electronics Equipment Insurance, Goods in Transit, Workmen's Compensation Insurance, Bond Insurance, Professional Indemnity Insurance, Fidelity Guarantee Insurance, ZIC Queen Motor Insurance, and Inbound Travel Insurance. The Corporate offerings include Money Insurance, Group Personal Accident Insurance, Engineering Insurance, Marine Insurance, Public Liability Insurance, Tour Operators' Liability Insurance, Contractor All Risk, Performance Custom Bid Bond, Machine Breakdown Insurance, Goods in Transit, Fire Insurance, Commercial Vehicle Insurance, and Workmen's Compensation Insurance. The company also operates Smart Policy (Broker Terminal), an online portal for insurance intermediaries. The 55-year-old government-owned insurer serves customers through branches across Tanzania with the Head Office in Zanzibar.

Differentiator

Problem solved

Functional benefit

Brands

• ZIC Queen Motor Insurance: Comprehensive private motor insurance providing protection against loss or damages to vehicles due to accident, fire, or theft
• ZIC Takaful

Products and services

• Motor Insurance

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• Tigo PesacoreTechnology or IntegrationPartnership with Tigo Pesa mobile money service enables customers to purchase motor vehicle insurance through USSD or Tigo Pesa App, providing accessible digital insurance solutions.
• Mwanamke Initiative FoundationminorStrategic or Co-development PartnerCollaboration with Mwanamke Initiative Foundation for women's empowerment through insurance awareness. ZIC recognizes female ambassadors in insurance and supports women's economic empowerment.
• Zanzibar Standards Institute (ZBS)minorStrategic or Co-development PartnerZIC opened a new sales office at the ZBS One Stop Centre to provide integrated government services, improving accessibility for citizens.
• ZIC TakafulminorOthersRelated entity offering Islamic/sharia-compliant insurance products under the ZIC brand umbrella.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Jubilee Insurance Tanzania: One of the largest general insurers in Tanzania offering motor, fire, marine, personal accident, and liability products. Jubilee is ZIC's most direct domestic competitor with a comparable multi-line portfolio and similar broker-led distribution model.
• Old Mutual Tanzania (formerly UAP Old Mutual): Major East African insurance carrier offering general and life insurance across Tanzania. Direct competitor to ZIC in motor, fire, marine, and corporate lines, with deeper regional integration across Kenya, Uganda, and Rwanda.
• Britam Holdings: Kenya-headquartered insurance group with established Tanzanian operations offering general insurance products (motor, fire, marine, personal accident). Britam competes head-to-head with ZIC for both individual and corporate clients in Tanzania.
• NIC General Insurance Tanzania: Local Tanzanian general insurance carrier offering similar multi-line products including motor, fire, and marine insurance. Direct competitor with overlapping customer segments and product breadth.
• ICEA LION Insurance: East African insurance group with general insurance operations spanning motor, fire, marine, and personal lines. Comparable multi-line insurance model and similar corporate/individual customer targeting as ZIC, with broader regional reach.
• AAR Insurance Tanzania: East African insurance provider offering health, motor, and general insurance products in Tanzania. Direct competitor for personal lines customers, particularly health-adjacent segments like group personal accident.

Broad incumbents

• Allianz Insurance Tanzania: Global insurance leader with established Tanzanian operations offering overlapping general insurance products including motor, fire, and corporate lines. Allianz has substantially greater capital and reinsurance capacity, positioning it as a broad incumbent competitor to ZIC.
• Sanlam East Africa: Pan-African insurance and financial services group with East African operations offering general insurance products. Broad incumbent with significant capital backing and digital capabilities competing against ZIC for premium clients.

Emerging players

• BIMA Mobile: Mobile-based microinsurance provider operating across Africa and Asia. BIMA represents the emerging digital-first distribution model that competes with ZIC's traditional branch network, particularly relevant given ZIC's Tigo Pesa partnership strategy.
• Inclusivity Solutions (formerly MicroEnsure): Digital insurance platform focused on emerging markets in Africa and Asia. Inclusivity Solutions provides mobile-based insurance products targeting underserved segments, representing the digital-native competitive threat to traditional carriers like ZIC.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/zictz
• LinkedInlinkedin.com/company/zanzibar-insurance-corporation
• Xx.com/Zic_znz

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zanzibar Insurance