The General Insurance Committee (CGA) has just published its annual report, which takes stock of the Tunisian insurance market for the year 2021.
According to this report, total premiums written in 2021 recorded a significant growth of 10.2% compared to 6.5% the previous year and an average rate recorded over the last five years (2017-2021) which is of the order of 8.8%, and exceeded 2833 MD (against 2571 MD in 2020).
As for the Tunisian reinsurer “TUNIS-RE”, its revenue registered a return to growth of 3.1%, against a decline of around 2.3% over the past year (after its significant positive growth of 14.2% by the end of 2019). thus over 163 MD compared to 158 MD and 162 MD respectively in 2020 and 2019. This relative improvement is mainly explained by the company’s success in overcoming the consequences of the “Covid-19” health pandemic, which significantly affected the level of accepted premiums, which registered a significant decrease, especially under optional agreements, for each of the two branches of transport insurance (aircraft and ship hulls and faculties) and engineering and construction insurance.
As a result, the total turnover of the market, taking “TUNIS-RE” into account, reached more than 2996 MD against 2729 MD in 2020, that is, a growth of 9.8% (against 5.9% in 2020) (Annex 4-1).
The growth rate of life and endowment insurance premiums thus continued to rise, reaching 15.7% against 11.5% in 2020 and 10.2% in 2019, following its downward trend in recent years (from 24% in 2016 to 18.1 % in 2017 and 14.7% in 2018).
In addition, the share of the life and endowment insurance category has continued to improve over the past few years, despite its limited pace, to reach 25.5% this year compared to 24.3% in 2020, 23.2% in 2019, 22.5% in 2018 and 21.2% in 2017. However, it is still modest and low compared to the world average of around 43.7% in 2021.
On the other hand, non-life insurance premiums increased by 8.4% against 5% in 2020 (6.3% in 2019, 6% in 2018 and 11.1% in 2017), with a significant difference between the different branches of this category. At the same time, the share of non-life insurance remained high at around 74.5% compared to 75.7% in 2020 and a global average of 56.3% in 2021.
STRUCTURE OF THE INSURANCE MARKET AND ITS ACTIVITY