Tunisia: Steady growth in insurance sector
Source: Middle East Insurance Review | Oct 2024
Twenty direct insurers in Tunisia whose financial statements are available achieved a combined turnover in 2023 (measured by net premiums written) of TND2.8bn ($923m), 6.9% higher compared to TND2,621m in 2022, according to an analysis by Tera Finances.
The five direct insurance companies listed on the Tunis Stock Exchange (Star, Maghrebia Non-Vie, Astree, BH Assurance and Maghrebia Vie) contributed 41.6% of the overall turnover compared to the combined 58.4% of the 15 unlisted companies in 2023, in an article published on the news site, IlBoursa.
The Tunisian insurance sector reported claims and benefit payouts totalling TND1.8bn in 2023, 3% higher than in 2022. The life insurance segment saw a 12% year-on-year reduction in claims and compensation to TND281.8m in 2023.
The combined profit of the 20 insurers increased by 9.3% compared to an increase of 13.8% a year earlier. The overall net income stood at TND248.5m, following TND227m in 2022 and TND200m in 2021.
Tunisian Insurance and Reinsurance Company (STAR) remained the insurance industry’s biggest company in terms of net written premiums while COMAR posted the highest net profits of TND44m.2 for 2023.
The direct insurance sector improved its ROE to 12% in 2023 compared to 11.8% in 2022 on a weighted average basis.
The country’s sole reinsurer, Tunis Re, posted a net profit of TND18.6m, the second-highest profit in its history. The company posted its highest ever net profit of TND19.9m in 2022. M