Tunisia: New insurance law to introduce simplified contracts
Source: Middle East Insurance Review | Nov 2019
Tunisia’s new insurance law will introduce personalised pricing and simplified contracts, according to Mr Kamel Chibani, executive director of the Tunisian Federation of Insurance Companies (FTUSA).
He said customised pricing, such as in motor insurance, would take into account factors such as the driver’s experience, the number of users of the vehicle to be insured and others.
In addition, he said an electronic platform is being launched to speed up the claims settlement process, stressing the importance of digitalisation.
In recent years, more and more prudential measures have been implemented by the regulatory authorities to protect policyholders and ensure the sustainability of businesses, he said.
The authorities are working on the new insurance law that aims to align the legal framework of the insurance sector with international standards to promote the competitiveness of insurers which play an important role in the mobilisation of national savings. The proposed new law also aims to strengthen the financial base of insurers through increasing the required minimum capital. M