The insurance market in Tunisia managed to score double digit growth in the first three quarters of 2024, according to the General Insurance Authority (CGA).
Net written premiums for the insurance business in Tunisia reached TND2.83bn ($879.3m) in the first three quarters of 2024 compared to TND2.55bn in the corresponding period of the previous year, an increase of 11%, revealed the market regulator CGA.
Life and saving insurance business registered 15.7% growth rate as premiums reached TND744m by the end of September 2024, versus TND642.8m in the same period of the past year, making it the fastest growing line of business in the first three quarters of 2024. Life and saving business accounted for 26.3% of the gross market income by end of 3Q2024.
For the same period, non-life insurance business grew by 9.4% to TND2.1bn compared to TND1.9bn, accounting for around 75% of the market operations. Motor insurance business, the largest branch with around 41% share of the market premium income, reached TND1.17bn, almost10% increase compared to the same period of 2023.
Group health insurance business grew by almost 11% to TND434m by end of the third quarter 2024 against TND392m by the end of September 2023, while the turnover of fire insurance recorded a slight increase of 3.2% to TND195m compared to TND188.6m. The transport insurance branch increased to TND81m from TND72m.
According to the CGA, total acceptances (by the country’s national reinsurer “Tunis Re”) climbed by 15.3% to TND174.6 by the end of 3Q2024 from TND151.4m in the same period of the preceding year.
Claims paid up by 20%
Total paid claims for the first three months of 2024 reached TND1.47bn compared to TND1.23bn in the same period of 2023, an increase of 19.7%.
Life and saving insurance paid claims jumped by 80% to TND382m in the first nine months of 2024, up from TND212m. Its share of the market’s gross claims paid stood at 26% of the up from 17% in 3Q2023.
For the same period, non-life insurance paid claims reached TND1.9bn up from TND1.02bn, an increase of around 7%, commanding around 74% of the market paid claims in 3Q2024, down from almost 83% in 3Q2023.
Motor insurance paid claims controlled the largest share among non-life insurance branches (40% of the market gross paid claims) as they reached TND TND593m, against TND583m, 1.8% increase.
Group health insurance paid claims reached TND343m compared to TND319m in the first nine months of 2023. Fire insurance paid claims stood at TND75m, up by 19.2%.