Tunisia: Tunis Re strong earnings underpinned by underwriting results
Source: Middle East Insurance Review | Aug 2024
Societe Tunisienne de Reassurance’s (Tunis Re) earnings are strong, underpinned by solid underwriting performance, said Fitch Ratings.
The reinsurer reported a robust net combined ratio of 92.7% in 2023 (2022: 91.7%) despite the February 2023 earthquake in Türkiye, which caused the company’s Fitch-calculated gross loss ratio to surge to 65.2% in 2023 from 43% the prior year as Tunis Re’s conservative reinsurance practices helped contain the net impact. M