The insurance sector contributes 2.4% to Tunisia's GDP, estimating that this share could reach 5% in the medium term, subject to improved governance, increased skills and accelerated digital transformation, according to Mr Hatem Amira, director general of the Tunisian Federation of Insurance Companies (FTUSA).
Speaking on the radio station Express FM, he said that the average annual spending on insurance per inhabitant remains modest at TND318 ($110), while the objective set by the FTUSA is to raise this level to TND500.
The insurance industry's overall turnover amounted to TND3.82bn ($1.32bn) in 2024, 11% higher compared to TND3.45bn in 2023. This trajectory represents an average annual growth rate of 9% over the past five years.
The market breakdown shows that the motor insurance branch commands 40% of total revenue, making it the biggest branch. Life insurance follows with a 30% share, reflecting a gradual rise in long-term savings. Health insurance ranks third, signalling growing needs in the field of health protection.
Challenges
The insurance sector faces significant challenges, including a 10% increase in compensation payments that reached TND2.05bn in 2024. This increase is explained by rising inflation, but also by the impact of fraud, estimated at TND200m, 50% of which occurred in the motor branch.
The insurance sector employs more than 1,000 specialised experts, nearly 1,200 insurance agents and 60 brokers. It generates more than 10,000 direct and indirect jobs, Mr Amira said.
On the technological front, the sector is accelerating its digital transformation. In 2024, a data exchange system between insurance companies was launched to reduce claim settlement times. An electronic platform called "E-constat FTUSA", currently in the pilot phase, will soon replace hard-copy accident reports with digital documents, with deployment planned for November.