The insurance sector is recovering

According to Lamia Ben Mahmoud, Tunis Re’s chairman, Tunisian insurance is back on its feet. Premium income increased by 9% during the first six months of 2012, compared to 5% previously reported. With the exception of the marine class which is strained by the economic crisis in the euro zone, all other classes of business have reported growth. As far as Tunis Re is concerned, gross written premiums have grown by 8% at 35 million TND (22 million USD) in the first semester of 2012. This figure accounts for 46% of the annual objective. Gradual return to normality in Libya partly explains these good figures. In conformity with its strategic plan, the company proceeded to the second phase of capital increase at 75 million DZD (50 million USD). The ultimate objective of the Tunisian reinsurer is to attract a strategic partner and raise capital to 100 million TND (62 million USD) or more. Despite the events, A.M. Best has maintained Tunis Re’s rating, B+ (Good) with stable outlooks.