NIC Insurance

What NIC Insurance does

NIC Insurance (National Insurance Corporation of Tanzania Limited) is a state-owned insurance company incorporated on October 16, 1963 as Tanzania's first insurer. Following the Arusha Declaration in February 1967, the company was fully nationalized and operated as the country's sole insurer for approximately 30 years. Headquartered at NIC Insurance House on Samora Avenue/Pamba Road in Dar es Salaam, the company offers a full-spectrum insurance portfolio — motor (Third Party Only Cover, Comprehensive Motor), life (BeamLife, Flex Life, SuperLife, Super Education, Group Credit Life, Malengo Life, Group Life, Individual Life Endowment, Hekima, Fanaka), property and fire (Linda Mjengo, Fire, Bond), marine (Cargo and Hull), engineering (Contractors All Risks, Machinery Breakdown, Electronic Equipment), employee liability, agricultural (Crop and Livestock), and miscellaneous covers — to individual consumers, families, and corporate clients including over 200 companies.

The company's technology infrastructure centers on the NIC Kiganjani mobile application (Android and iOS, branded 'iMIS' on the backend), the NIC Customer Portal at portal.nicinsurance.co.tz, and WhatsApp-based sales channels (NMB JIRANI at 0747 333 444 and NIC Rafiki at 0684 598 912). Distribution combines direct sales agents (70+ currently being recruited), the mobile and web self-serve stack, bancassurance partnerships with Coop Bank Tanzania (3-year MOU covering Dodoma, Moshi, Tandahimba, Tabora branches), NMB Bank (UMEBIMA campaign), and Equity Bank Tanzania (agricultural micro-insurance), plus intermediaries, brokers, and trade-show pavilions (ZITF, Sabasaba, Nanenane).

Financially, gross profit grew 43.91% from TZS 33.65 billion in FY 2019/20 to TZS 63.21 billion in FY 2021/22, capital increased 408.47% to TZS 15 billion by April 2022, and accumulated profit reached TZS 45.74 billion by June 2022 (a turnaround from a TZS 19.31 billion loss). The company is ISO 9001:2015 certified, holds Superbrand status for two consecutive years (2025-2026), and operates under Tanzania Insurance Regulatory Authority (TIRA) oversight. Dividend of TZS 2.0 billion was paid to the government in June 2022 (vs TZS 1.5 billion in June 2021). Employee count is reported at 51-100.

Name

NIC Insurance

Legal name

National Insurance Corporation of Tanzania Limited

Website

https://nicinsurance.co.tz

Company type

Private

Founded year

1963

Operating status

Operating

Headcount range

51–100 employees

Short description

NIC Insurance (National Insurance Corporation of Tanzania Limited) is a government-owned insurer established in 1963, offering life, motor, property, marine, engineering, and agricultural insurance products to individuals, families, and 200+ corporate clients across Tanzania via mobile, WhatsApp, and bank-partnership channels.

Ownership category

akta.pro rank

Headquarters

HQ city

Kinondoni

HQ country

Tanzania

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Collection: NIC Insurance generates revenue primarily through collecting premiums from policyholders across its diverse product portfolio including life insurance, motor insurance, property/fire insurance, marine insurance, engineering insurance, and agricultural insurance. Premiums are collected through various payment modes including semi-annual, quarterly, monthly, lump sum, and salary deduction. The company also offers products like BeamLife with compound interest investment returns (7% per annum), combining insurance protection with savings benefits.
2. Bancassurance Distribution Fees: Revenue is generated through bancassurance partnerships where NIC products are distributed via bank branch networks (Coop Bank, NMB, Equity). This channel extends distribution reach and generates fee income from policy sales through partner institutions.
3. Reinsurance and Co-insurance: NIC Insurance transacts insurance business of all forms and participates in reinsurance and co-insurance arrangements, as stated in its founding mandate under Companies Ordinance Act CAP 212.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels6 records

Core offering

NIC Insurance provides life, health, and general insurance products across motor, property/fire, marine, engineering, agricultural, and bond categories, serving individual consumers, families, and over 200 corporate clients in Tanzania. Products are distributed through a proprietary mobile app (NIC Kiganjani), WhatsApp sales channels, a customer portal, and a bancassurance network spanning Coop Bank, NMB Bank, and Equity Bank Tanzania.

Product overview

NIC Insurance (National Insurance Corporation Tanzania Ltd) is a government-owned insurance company established in 1963, offering a comprehensive portfolio of insurance products through both traditional channels and digital platforms. The product portfolio includes motor insurance (Third Party Only Cover, Comprehensive Motor), life insurance products (BeamLife, Flex Life Provider, SuperLife, Super Education, Group Credit Life, Malengo Life, Fanaka Life, Individual Life Endowment, Group Life, Group Clinical Drug Trial, Group Life Endowment, Hekima Life), general insurance (Engineering Insurance, Linda Mjengo Fire Insurance, Marine Insurance, Fire Insurance, Bond Insurance, Employee Liability Insurance, Miscellaneous Insurance, Crop and Livestock Agriculture Insurance), and digital platforms (NIC Mobile App for Android/iOS, NIC Customer Portal). The company serves individuals, families, and corporate clients with over 200 companies and 3,500+ insurances issued, operating with ISO 9001:2015 certification.

Differentiator

Problem solved

Functional benefit

Brands

• BeamLife: Financial investment product offering savings benefits with financial return upon maturity and funeral benefit to family members. Policy tenure: 5-15 years, minimum lump sum TZS 2,000,000, 7% per annum compound interest.

Products and services

• Third Party Only Cover

Quantifiable outcome

• Gross profit grew from TZS 33.65 billion (FY 2019/20) to TZS 63.21 billion (FY 2021/22) — 43.91% year-over-year increase
• +4 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Coop Bank TanzaniacoreChannel Partner/ Reseller/ Distributor · 11 September 2025A 3-year MOU signed at Coop Bank headquarters in Dodoma enables Coop Bank to distribute NIC insurance products (motor, fire, health, life) through its branch network. Initial coverage includes branches in Dodoma, Moshi, Tandahimba, and Tabora. This partnership aims to increase financial inclusion by making insurance accessible to rural populations through existing bank infrastructure.
• NMB BankcoreChannel Partner/ Reseller/ Distributor · 29 April 2025Joint UMEBIMA campaign launched at NMB headquarters enables customers to purchase insurance via WhatsApp through NMB JIRANI (0747 333 444) and NIC Rafiki (0684 598 912) channels. This digital-first partnership aims to increase insurance penetration in Tanzania through convenient mobile-based sales.
• Equity Bank TanzaniacoreStrategic or Co-development Partner · 16 January 2025NIC and Equity Bank launched a strategic partnership for affordable micro insurance targeting farmers and traders. The collaboration provides digital financial solutions protecting assets against fire, theft, and drought. NIC MD stated that the partnership would enable Equity to increase its capital base while NIC benefits from loan insurance coverage and investment returns.
• Yanga Sports ClubminorGTM or Marketing PartnerNIC Insurance sponsors Yanga Sports Club through initiatives including the 'NIC Player of the Month' award, sports awards sponsorship (WANAMICHEZO/BMT Awards), and joint 60th anniversary celebrations. This marketing partnership leverages the popularity of Tanzania's major football clubs for brand visibility.
• Tanzania Insurance Regulatory Authority (TIRA)coreGTM or Marketing PartnerTIRA collaborates with NIC at national exhibitions including the Insurance Village (Kijiji cha Bima) at the National Mining Technology Exhibition in Geita, providing a platform for NIC to deliver insurance education and services under regulatory coordination.
• Rural Energy Agency (REA)minorGTM or Marketing PartnerNIC MD Kaimu Abdi Mkeyenge visited REA during a working tour of Dodoma region as part of strengthening relationships with government stakeholders in the financial sector.
• National Health Insurance Fund (NHIF)minorGTM or Marketing PartnerNIC MD visited NHIF during a working tour of Dodoma to strengthen business relationships with key financial sector stakeholders.
• Charaj Insurance AgencyminorChannel Partner/ Reseller/ DistributorNIC MD visited Charaj Insurance Agency during a Dodoma working tour to strengthen partnerships within the insurance distribution ecosystem.
• Tanzania Shipping Agencies (TASAC)minorStrategic or Co-development PartnerNIC and TASAC collaborate to provide insurance education to communities on Lake Victoria regarding marine insurance and maritime safety. The Kagera Regional Administration directed both organizations to strengthen public education on insurance importance and safe maritime transportation.
• Munich-Re and Swiss-ReminorOthersOriginally held 49% ownership stake (along with Colin Hood Insurance Brokers Limited) at incorporation in 1963. Post-1967 Arusha Declaration nationalization, NIC became 100% government-owned. Historical reinsurance partners.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Jubilee Insurance: Pan-East African composite insurer with explicit Tanzania operations offering life, health, motor, property and engineering products through bank and broker channels. Directly comparable to NIC in product breadth, target segments, and multi-channel distribution including digital.
• Britam Holdings: Kenya-listed multi-line insurer with East African subsidiaries (including Tanzania) selling life, general, and health products via bancassurance and digital channels. Comparable in scale and product mix, and directly competes with NIC in both life and non-life lines.
• AAR Insurance: East African insurer (originating in Uganda) with Tanzania operations focused on health, motor, and general lines, distributed via agents and digital channels. Direct overlap with NIC's health, motor and general insurance offerings in the Tanzanian market.

Broad incumbents

• Allianz Africa: Global insurer with a growing African footprint (including East Africa) offering life, motor and general lines with strong digital and bank-partnership distribution. Competes with NIC for corporate and SME business and brings deeper reinsurance capacity.
• Prudential Africa: International life-and-savings specialist operating in Tanzania with comparable savings-linked life products (akin to NIC's BeamLife) and bancassurance partnerships. Direct competitor in the individual and group life segment.
• Old Mutual (East Africa): Major pan-African composite insurer operating in Tanzania (via UAP Old Mutual legacy) across life, savings, general insurance and asset management. Larger and more diversified than NIC but competes head-to-head in life, motor, property, and bancassurance distribution.
• AXA Africa: Global composite insurer with select African presence offering life, motor and general insurance via digital and partner channels. Comparable product set to NIC but with significantly larger capital base and international reinsurance support.
• Sanlam: Large South African-headquartered pan-African life and general insurer with East African distribution and group life expertise. Competes with NIC in life/savings products (BeamLife analogue) and corporate group schemes across the region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nic_tanzania
• LinkedInlinkedin.com/company/nicinsurance
• Instagraminstagram.com/nic_insurance
• Facebookfacebook.com/nictanzanialtd

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 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 NIC Insurance