Tunisia:Insurance market grows by nearly 11% in 2024

Net insurance premiums for insurance companies in Tunisia reached TND3.82bn ($1.24bn) in 2024, up from TND3.45bn in the previous year, a 10.8% increase, according to preliminary figures released by the General Insurance Committee (CGA), the insurance sector's regulatory authority.

Life insurance business in 2024 witnessed the fastest growth as the size of its operations reached TND1.15bn against TND955m in the past year, a jump of 20.1%. The life branch commanded a share of 30% of the market premium volume in 2024, up from 27.7% in 2023.

Non-life insurance lines of business grew by 7.3% in 2024 to TND2.67bn compared with TND2.49bn in the previous year and accounted for 70% of market operations, down from 72.3% in 2023.

Gross paid claims in the market reached TND2.1bn in 2024 against TND1.9bn in the preceding year, an increase of 10.4%. Life insurance paid claims in 2024 grew by 43.3% to TND484m, up from TND338m in 2023, whereas non-life insurance paid claims stood at TND1.57bn against TND1.52bn, an increase of 3.1%.

Motor dominates insurance market

Motor insurance premiums accounted for the largest share (39%) of the insurance market as they reached TND1.5bn in 2024 against TND1.4bn in the past year. Paid claims for motor insurance business in 2024 amounted to TND880m, accounting for 43% of the market’s gross paid claims.

Group medical insurance was the second largest line of business with premiums reaching TND586m in 2024 versus TND530m in the past year. Paid claims for this line of business grew by 4.2% in 2024 as they reached TND484m, accounting for 23.6% of the market’s gross paid claims.