STAR Reports 9.5% Increase in Premiums Issued in First Half of 2024
At the end of the first half of 2024, STAR reports a 9.5% increase in premiums issued, totaling 235,264 million dinars (Mtnd), compared to 214,780 Mtnd at the end of June 2023.
This growth is primarily driven by the increase in premiums issued in the non-life sector, with a 13.5% rise in the health branch, fueled by the development of new business subscriptions and the revaluation of premium bases.
The fire, technical risks, miscellaneous, and transport branches have also benefited from a favorable dynamic, with respective increases of 25% and 8.5%, thanks to increased commercial efforts in terms of new business realization, particularly for individual and professional risks.
The automobile branch has experienced a more modest growth of 1.5%, mainly due to the growth of fleet subscriptions.
In terms of the life branch, it has recorded an impressive 28.5% increase, driven by savings activity and individual temporary death contracts.
Acquired premiums have also seen an 8.3% increase, reaching 207,236 Mtnd at the end of June 2024, compared to 191,266 Mtnd at the same period in 2023. Meanwhile, ceded premiums have increased by 16% compared to the previous year.
Regarding indemnities paid, STAR has totaled 140,347 Mtnd at the end of June 2024, an increase of 2.9% compared to the previous year, where they stood at 136,406 Mtnd.
This increase is primarily attributed to the rise in settlements in the health branch. On the other hand, the automobile branch has seen a 7.6% decrease in indemnities paid, due to a decrease in the frequency of bodily injury claims during the first half of 2024.
The fire and miscellaneous branches have also experienced a 34.6% reduction in indemnities paid, due to the absence of major claims.
Transport insurance settlements have decreased by 1.3 Mtnd, and in life insurance, indemnities paid have decreased by 1.3 Mtnd.
Finally, the total gross financial products amount to 55.4 Mtnd, compared to 59.6 Mtnd in 2023, representing a 7% decrease. This decline is due to the capital gain on the sale of securities recorded at the end of June 2023, which was around 4.6 Mtnd.