Tunisia: Tunis Re's total premiums increased 13.6% to $45m in 2018
Source: Middle East Insurance Review | Apr 2019
Societe Tunisienne de Reassurance (Tunis Re) has posted a 13.6% increase in total premiums to TND138.2m ($46m) in 2018, compared to 2017, according to indicative figures released by the reinsurer. The growth was driven by life reinsurance and retakaful operations whose premium growth rates were far higher than that of its non-life business.
Non-life premiums rose by 11% to TND116.1m, while life premiums surged by 32% to TND8.5m. Retakaful contributions jumped by 26%, climbing from TND10,834m in 2017 to TND13,628m in 2018.
Financial income was up sharply by 29% to TND21.8m in 2018 compared to 2017. This income included the interest accrued and not yet paid.
Net incurred losses increased by 21% to TND53.8m in 2018. The company reported an exceptional loss experience mainly in the Tunisian market in the marine and aviation classes (CTN: Ulysse and Tunis Air) and natural events (floods occurred in Nabeul and Grand Tunis). These loss expenses were also impacted by the effects of a weaker dinar against foreign currencies, the company said.
Meanwhile, Fitch Ratings has assigned Tunis Re a financial strength rating of ‘AA-(tun)’ (Very Strong). The outlook is stable.
The rating of Tunis Re reflects its leading position in the Tunisian reinsurance market and increasing international diversification, as well as its strategic role within the Tunisian economy, underpinned by its strong ties with its cedants, retrocessionaires and the Tunisian state, the rating agency said. M
TND1 = $0.33