Tunis Re affected by the January 2011 events
On March 31, 2011, Tunis Re has set aside net sums 32 million TND (23 million USD) to cover the January 2011 events. The gross incurred losses before retrocession amounts to 48 million TND (34 million USD), 15 million TND (10.8 million) of which are allocated to the underwriting year 2010.
Riots and civil commotion losses are mainly related to fire insurance policies. Estimates of the insured losses for the entire market amounted to 200 million TND (144 million USD) against 250 to 300 million TND (180 to 216 million USD), during the first assessments.
Damages affected 71 industrial units, 144 commercial centers, 322 bank agencies and 33 telecommunication agencies.
Tunis Re plans to impose tariff increases on the coverage of socio-political risks. The company posted a profit of 4.758 million TND (3.430 million USD) in 2010.
