Life Insurance Reaches Historic Milestone in 2024 with 1 Billion Dinars in Contributions and 21% Growth
The life insurance sector has achieved a historic milestone in 2024, with 1 billion dinars in contributions and a growth rate of 21%. This record, announced on January 29, 2026, during the 40th anniversary of Hayett Assurances, should not obscure a deeper reality. Between the public system's inability to guarantee decent income for retirees and the state's vital need for long-term savings, this sector is no longer just a financial option but a pivot for a new social contract.
A Transformation in the Making
For Lotfi Ben Haj Kacem, General Manager of Hayett Assurances, these four decades mark a transformation where life insurance becomes a long-term commitment to serving the community, symbolized by a new visual identity focused on modernity and inclusion.
Social Emergency: The First Level of Transformation
Hafedh Lâamouri, former Minister of Social Affairs, revealed that three out of four private sector retirees live on less than 480 dinars per month, emphasizing that complementary insurance is no longer optional in a context where legal pensions barely allow for survival. This diagnosis is shared by Hedi Dahmen, a judicial expert, who denounces a blatant gap: an average pension of 1546 dinars in the public sector versus only 640 dinars in the private sector. According to him, the mechanisms inherited from the 1960s are obsolete, and life insurance now represents the only bulwark against the precariousness of former workers.
Macroeconomic Stakes: Sovereignty
On a macroeconomic level, the challenge is one of sovereignty. Habib Karaouli, CEO of CAP Bank, believes that Tunisia must shift from credit-related insurance to conviction-based insurance. He recalls that structuring projects require long-term resources that only life insurance can provide, similar to the Japanese model where domestic savings finance the state's debt over forty years. This vision is supported by economist Ahmed El Karam, who asserts that life insurance has the unique ability to organize uncertainty to better manage it. He also recommends implementing impact tests to ensure that regulatory reforms do not stifle national savings, the engine of investment.
Development of the Sector
The development of the sector will also depend on the lifting of strategic barriers, particularly fiscal ones. Abdelkader Boudriga, a financial expert, warns that the shadow of wealth tax risks affecting the profitability of products while the state prioritizes financing through the Central Bank, depriving insurers of essential assets. He sees bancassurance as the main driver of growth, estimating that aligning with international standards could inject an additional 25 billion dinars into the national economy. Jouda Khemiri, President of the General Insurance Committee, adds that this product offers valuable flexibility in succession, allowing for the protection of specific beneficiaries outside of classical rules and preventing family conflicts.
Democratization of the Offer
Finally, the future of the market rests on a real democratization of the offer. Jamil Rihane, Deputy General Manager of Hayett Assurances, advocates for universal access through microfinance and products dedicated to education. His goal is to break the elitist image of the sector to reach independent workers and populations with irregular incomes, thanks to increased territorial proximity. By betting on financial education and clarity of solutions, sector leaders aim to transform Tunisians' savings into a lever of collective resilience, capable of filling the structural gaps of the state while financing tomorrow's growth.
