Société Tunisienne de Réassurance (Tunis Re) showed an average return-on-equity ratio of 7.6% from 2019 to 2023, says AM Best.
Tunis Re, the locally-incorporated reinsurer with a leading position in the Tunisian reinsurance market, is working on adopting and developing technology, including a massive data management project, according to Ms Lamia Ben Mahmoud, CEO of the reinsurer.
The Tunisian Federation of Insurance Companies (FTUSA) is developing a digital platform which will centralise insurance industry information, according to Mr Hatim Amira, executive director of the organisation.
The Tunisian Insurance and Reinsurance Company (STAR), Tunisia's biggest insurer, has announced that its net profit fell by 15.47% to TND26.97m ($8.64m) in 2023 from TND31.90m in 2022, according financial statements lodged with the Tunis bourse.
Net premiums of direct insurers grew at 6.4% in 2023 to TND3,389m ($1,092m), according to the General Insurance Committee (CGA).
Investment income continued to be the main source of profit for insurers in 2023, on the back of increases in the key interest rate due to the restrictive monetary policy pursued by the Central Bank of Tunisia (BCT).
The insurance sector has in recent years seen an increase in instances of fraud and misappropriation, leading to continued increases in the amount of compensation and damages which exceeded TND800m ($255m) in 2022, the director-general of the Tunisian Federation of Insurance Companies (FTUSA), Mr Hatem Amira, said.
The World Bank Group says that combined adaptation and mitigation measures to address climate change and decarbonise the electricity sector in Tunisia could boost GDP growth to 8.8% by 2030, reduce poverty and slash energy-related emissions.
The number of road accidents caused by foreigners on Tunisian territory totalled 744 in the nine months to 30 September 2023, an increase of 37% year on year.
Insurance companies in Tunisia may have to pay a new temporary 4% tax on their profits under the draft 2024 Finance Bill (PLF 2024).