The Heritage Insurance Company Tanzania’s national scale financial strength rating reflects a strong financial profile, which is complemented by implicit group support from its parent, The Heritage Insurance Company Kenya Limited. These positives are, however, partially offset by a limited business profile. Risk adjusted capitalisation registered at very strong levels, underpinned by a capital base that comfortably caters for the quantum of insurance and market risk exposures.
The insurer is an established player in the domestic short term insurance market with a 6% share in FY18. Despite the shift in competitive dynamics, following a regulatory directive to move all government business to the National Insurance Corporation, GCR expects the insurer to continue to defend its current competitive position over the outlook horizon, underpinned by entrenched market relationships, strong brand recognition and expanded distribution channels.