The Tunisian insurance market grew by 10.65% reaching TND1.86 billion (US$752 million) in premiums last year, according to the annual insurance report published by the Tunisian Federation of Insurance Companies (FTUSA).
Insurance companies posted profit of TND133.9 millon in 2016 against TND157.9 million in 2015. This result was due to increased claims. Compensation claims increased by 7.87% to TND1.02 billion last year, reported L'Economiste citing the annual report.
The average insurance premium per capita increased from TND151,056 in 2015 to TND162,897 in 2016. This premium has grown steadily over the past three years. It includes a significant share of automobile insurance. The penetration rate rose from 1.96% in 2015 to 2.04% in 2016.
The market structure remains unchanged, with motor business still occupying the top place contributing 44.91% of the total insurance market in 2016 against 45.64% in 2015. It is followed by life insurance which represents 20.26% of total premiums in 2016 against 18.00% in 2015.
The amount of claims paid in respect of the automobile and sickness insurance segments represented 78.03% of the total claims payments in 2016 compared with 74.75% in 2015, whereas the combined premiums collected for these two branches stood at 59.20% in 2016 against 59.83% in 2015.