The Tunisian insurance market in 2021

Profile

Population : 11 935 764 inhabitants
GDP : 46.84 billion USD
GDP per capita: 3 924 USD
GDP growth rate: 3.3%
Inflation rate: 5.7%

Data as at 31/12/2021, Source: World Bank

Tunisian insurance market: main indicators

	2021
Turnover	983 million USD
Penetration rate	2.1%
Insurance density	82.4 USD

Read also | Tunisia: Insurance companies' ranking

Structure of the Tunisian insurance market

Insurance and reinsurance companies
Composite companies	15
Life companies	7
Company specializing in credit insurance	1
Reinsurer	1
Off-shore companies	8
Total	32

Intermediaries
Insurance agents	1 099
Brokers	63
Actuaries	29
Total	1 191

Regulatory authority
The General Insurance Committee (CGA)	www.cga.gov.tn

Organisme professionnel
The Tunisian Federation of Insurance Companies (FTUSA)	www.ftusanet.org

Data as at 31/12/2021

Tunisian insurance market: evolution of premiums per class of business

Figures in thousands USD

Classes of business	2017	2018	2019	2020	2021	2021 shares
Motor	379 012	325 496	377 178	411 376	417 234	42.44%
Group health	118 607	106 948	122 216	140 840	145 302	14.78%
Fire and miscellaneous risks	121 874	104 423	114 863	121 800	123 681	12.58%
Marine	27 908	25 283	30 233	28 448	30 747	3.13%
Export and credit	6 775	6 545	7 639	6 716	6 802	0.69%
Agricultural risks	2 581	2 060	3 891	4 206	4 095	0.41%
Acceptances	6 816	8 771	6 104	5 055	4 789	0.49%
Total non-life	663 573	579 526	662 124	718 441	732 650	74.52%
Life	178 456	168 612	199 672	230 170	250 555	25.48%
Grand total	842 029	748 138	861 796	948 611	983 205	100%

Exchange rate as at 31/12/2017 : 1 TND = 0.40329 USD ; as at 31/12/2018 : TND= 0.33224 USD as at 31/12/2019 1 TND = 0.35694 USD ; 31/12/2020 : 1 TND = 0.36898 USD ; 31/12/2021 : 1 TND = 0.34703 USD.

Tunisian insurance market: evolutions of premiums and technical expenses

Figures in thousands USD

	2017	2018	2019	2020	2021	2020-2021 evolution ⁽¹⁾
Written premiums	842 029	748 138	861 796	948 611	983 205	10.2%
Management expenses ⁽²⁾	241 329	210 707	242 719	274 964	282 413	9.2%
Management expenses ratio	28.7%	28.2%	28.2%	29.0%	28.7%	-1.0%
Commissions and acquisition fees	106 267	96 915	114 970	129 992	137 216	12.2%
Acquisition fees ratio	12.6%	13.0%	13.4%	13.7%	13.9%	1.5%
General expenses ⁽³⁾	135 062	113 792	127 749	144 972	145 197	6.5%
General expenses ratio	16.1%	15.2%	14.8%	15.3%	14.8%	-3.3%

Tunisian insurance market: turnover breakdown per class of business

	Direct offices & branches	Insurance agents	Insurance brokers	Life insurance providers	Banks	Post office	Others	Total
Motor	34.2%	69.1%	26.1%	-	-	-	57.9%	42.4%
Group health	20.5%	8.6%	32.7%	-	-	-	1.5%	14.8%
Fire and miscellaneous risks	12.8%	10.5%	25.7%	-	4.1%	14.0%	3.0%	12.6%
Marine	4.5%	2.5%	4.8%	-	-	-	3.0%	3.1%
Export and credit	1.9%	0.1%	0.2%	-	-	-	-	0.7%
Agricultural risks	0.4%	0.2%	1.3%	-	0.1%	-	-	0.4%
Acceptances	1.3%	-	-	-	-	-	13.5%	0.5%
Total non life	75.6%	91.0%	90.8%	-	4.2%	14.0%	78.9%	74.5%
Life	24.4%	9.0%	9.2%	100%	95.8%	86.0%	21.1%	25.5%
Grand total	100%	100%	100%	100%	100%	100%	100%	100%

Tunisian insurance market: turnover breakdown per distribution network

	Direct offices & branches	Insurance agents	Insurance brokers	Life insurance providers	Banks	Post office	Others	Total
Motor	25.8%	64.5%	9.1%	-	-	-	0.6%	100%
Group health	44.3%	23.0%	32.6%	-	-	-	0.1%	100%
Fire and miscellaneous risks	32.8%	32.8%	30.0%	-	3.9%	0.4%	0.1%	100%
Marine	45.6%	31.5%	22.4%	-	-	-	0.5%	100%
Export and credit	87.2%	8.2%	4.6%	-	-	-	-	100%
Agricultural risks	29.4%	21.9%	46.2%	-	2.5%	-	-	100%
Acceptances	87.0%	-	-	-	-	-	13.0%	100%
Total non life	32.5%	48.3%	17.9%	-	0.7%	0.1%	0.5%	100%
Life	30.6%	14.0%	5.3%	3.7%	44.8%	1.2%	0.4%	100%
Grand total	32.0%	39.6%	14.7%	0.9%	11.9%	0.4%	0.5%	100%

Source: Comité Général des Assurances-CGA, Report 2021

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Wed, 23/11/2022 - 11:46