Riots, compensation procedures are initiated

According to the FTUSA (Tunisian federation of insurance companies), the Tunisian insurers have begun the indemnification procedures for damages resulting from riots and civil commotion.

These procedures apply to the policyholders who underwrote a riots and civil commotion cover in their insurance contracts. This is an extension of covers which represents between 25% and 50% of the sums insured for direct damages. For small companies which have not purchased this cover , the State's liability should be engaged. According to preliminary estimates, the social unrest that has mainly affected the retail industry and finance, is going to cost insurers 500 million TND (357 million USD).