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The Tanzanian insurance industry is in a growth phase, and a large proportion of the population is untapped. The industry registered a review-period (2009–2013) compound annual growth rate (CAGR) of 18.8%. The growth was due to the strong performance of the life segment, which registered a review-period CAGR of 22.2%. The personal accident and health insurance segment registered a review-period CAGR of 18.8%, while the non-life insurance segment registered a CAGR of 18.4%. The industry’s growth was supported by efficiency in the regulatory structure, economic stability, and rising customer awareness of the benefits of insurance.