Insurance Sector Sees Robust Growth in 2024
According to the latest statistics from the CGA, the insurance sector has confirmed its good health in 2024, with net premiums totaling 3,818.6 billion Tunisian dinars (Mtnd), a 10.8% increase compared to 2023.
Automobile Insurance Leads the Way
The Automobile insurance segment is the largest contributor to this performance, representing 39.1% of the sector's total turnover with 1,494.1 Mtnd. It is followed by Life Insurance and Capitalization, which recorded premiums of 1,146.9 Mtnd, a 20.1% increase, the fastest growth rate of all segments.
Other Segments Perform Well
The Group Health insurance segment came in third with 585.9 Mtnd, followed by Fire insurance (218.2 Mtnd), Miscellaneous Risks (263.4 Mtnd), and Transport insurance (110.1 Mtnd).
Reinsurance Premiums Rise
Premiums accepted by the Tunisian Reinsurance Company reached 234.7 Mtnd.
Indemnification Payments Increase
Insurance companies paid out 2,052.8 Mtnd in indemnification in 2024, a 10.4% increase year-over-year. The largest share of indemnification payments went to Automobile insurance (879.9 Mtnd), followed by Life Insurance and Capitalization (483.8 Mtnd), and Group Health insurance (483.8 Mtnd). The year saw a total of 1,917 million claims filed, including 316,551 in Automobile insurance.
Technical Provision Investments Reach New High
The assets invested to represent technical provisions exceeded 10 billion dinars for the first time, reaching 10,110.5 Mtnd by the end of 2024. This provides significant financial solidity to the sector. These investments are primarily concentrated on fixed-income products, mainly government bonds and sovereign and private bonds, in line with the regulator's requirements. These investments will significantly improve the profitability of sector companies. In 2023, they generated a net return of 559 Mtnd, equivalent to a mean return rate of 6.08%.
