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The Tunisian insurance market : 2010-2014

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Magazine Issue: 
The insurance of connected items [3]
Magazine date: 
Mar 2016
tunisian insurance market

Tunisian insurance market features

  • Regulatory authority: Ministry of finance, General insurance committee (CGA)
  • Life and non life premiums(2014): 837 million USD
  • Insurance density (2014): 76 USD
  • Insurance penetration rate (2014): 1.7%

Insurance market structure

Actors
Number
Reinsurance company
1
Company specialized in credit insurance
1
Life and non life insurance companies
16
Life insurance companies
4
Actuaries
25

Identity

  • Area: 163 610 km2
  • Population (2014): 10 982 800 inhabitants
  • GDP (2014): 49 billion USD
  • GDP per capita(2014): 4 462 USD
  • GDP growth rate (2014): 2.3%
  • Inflation rate(2014): 5.4%
  • Main economic sectors: Phosphate extraction and conversion, agricultural products (olive oil, dates, citrus and cereals), food industry, textile, tourism and services.
Major cities
(per number of inhabitants in 2014)
  • Tunis (capital): 1 056 247
  • Sfax: 330 440
  • Sousse: 239 124
 

Evolution of life and non life premiums in the Tunisian insurance market 2010-2014

in USD
 20102011201220132014
Non life
671 770 827669 596 473700 500 840727 087 150691 955 269
Life
113 487 621118 374 914129 372 092135 065 445145 396 556
Total
785 258 448 787 971 387 829 872 932 862 152 595 837 351 825

Evolution of non life incurred losses and life benefits: 2010-2014

in USD
 20102011201220132014
Non life
468 710 368619 790 046503 439 953499 651 247459 921 994
Life
98 777 65690 873 653103 247 532106 209 096120 890 201
Total
567 488 024 710 663 699 606 687 485 605 860 343 580 812 195

Premiums and incurred losses: 2010-2014

in thousands USD tunisian insurance market-premiums

Evolution of turnover per insurance class of business of the Tunisian market

in USD
 20102011201220132014% 2014
Motor
362 607 185360 101 286379 427 080391 498 636380 420 40345.4%
Group health insurance
102 511 681112 110 147119 516 424123 510 115117 178 58114%
Technical and miscellaneous risks
88 072 41981 450 81581 943 05990 155 33678 967 0609.4%
Fire
44 339 48047 411 45652 081 59958 070 32657 509 4946.9%
Marine
53 097 30349 159 74647 549 10744 198 56338 974 8354.7%
Credit
7 085 3366 328 9477 022 1006 921 1446 216 1310.7%
Agricultural risks
6 522 1254 879 1514 404 1403 533 8154 049 9860.5%
Workmen’s compensation
-269 37779-106 219---
Acceptances
7 804 6758 154 8468 663 5509 199 2158 638 7791%
Total non life
671 770 827 669 596 473 700 500 840 727 087 150 691 955 269 82.6%
Life
113 487 621118 374 914129 372 092135 065 445145 396 55617.4%
Grand total
785 258 448787 971 387829 872 932862 152 595837 351 825100%

Breakdown of turnover per class of business in 2014

tunisian insurance market-turnover

Evolution of incurred losses per insurance class of business of the Tunisian market

in USD
 20102011201220132014% 2014
Motor
285 448 940314 851 649313 405 334316 925 532286 414 41549.3%
Group health insurance
92 945 19795 122 928107 324 713113 242 522105 572 84618.2%
Technical & miscellaneous risks
26 437 64642 959 80022 655 77623 764 70823 269 0704%
Fire
35 181 165145 865 49644 270 32820 282 26220 915 0293.6%
Marine
20 251 0605 628 7776 581 13910 688 31312 310 6002.1%
Credit
+4 039 4954 298 690+1 090 3504 185 8273 462 5330.6%
Agricultural risks
5 282 1574 894 8353 204 6983 019 5492 695 8240.5%
Workmen’s compensation
1 080 7571 147 061871 5521 048 5521 006 7950.2%
Acceptances
6 122 9415 020 8126 216 7636 493 9824 274 8820.7%
Total non life
468 710 368 619 790 046 503 439 953 499 651 247 459 921 994 79.2%
Life (1)
98 777 65690 873 653103 247 532106 209 096120 890 20120.8%
Grand total
567 488 024710 663 699606 687 485605 860 343580 812 195100%
(1) life benefits

Breakdown of incurred losses per class of business in 2014

tunisian insurance market-losses

Loss ratios per class of business: 2010-2014(1)

 20102011201220132014
Motor
81.1%89.4%85.1%83.8%77.1%
Group health insurance
90.4%84.8%89.7%91.8%90.3%
Technical & miscellaneous risks
31.2%53%28.1%27.2%30.7%
Fire
82.2%311.4%88.1%36.7%36.6%
Marine
40.3%11.4%13.3%24.5%31.7%
Credit
57.6%70.3%15.1%61.1%55.6%
Agricultural risks
80.7%99.4%73.4%84%69.8%
Total non life
71.5% 94.1% 73% 70.4% 67.8%
(1) Loss ratio = incurred losses / earned premiums

Loss ratios per class of business in 2014

tunisian insurance market-loss ratio

The Tunisian insurance market: evolution of turnover(1) per company

in USD
 201020112012201320142013/2014 evolution% in 2014
STAR
149 129 686137 628 482150 801 046158 181 899155 090 521-1.95%18.5%
COMAR
90 867 76292 623 05093 466 89894 265 84384 739 244-10.11%10.1%
GAT
66 833 65371 577 14977 746 39280 549 42571 530 163-11.20%8.5%
AMI
64 897 53261 051 46869 732 82172 621 06266 665 177-8.20%8%
Maghrebia
60 357 04063 122 16064 613 26767 960 86864 796 906-4.66%7.7%
Astrée
63 644 95767 716 40567 745 57266 843 22063 454 067-5.07%7.6%
MAE
47 151 71546 167 23146 986 22547 187 18246 061 505-2.39%5.5%
CARTE
62 337 64150 061 64849 376 47451 880 80843 985 530-15.22%5.3%
Groupe CTAMA
15 592 36014 558 58535 753 68636 527 72339 582 5468.36%4.7%
Lloyd Tunisien
34 160 37435 056 01436 643 57338 900 93437 584 686-3.38%4.5%
Assurance BIAT
42 223 00442 475 02842 276 03240 034 81337 350 187-6.71%4.5%
SALIM
25 775 15527 114 67026 941 15026 308 87226 973 7332.53%3.2%
Attijari Assurances
---9 944 24821 750 398118.72%2.6%
Maghrebia Vie
18 684 94319 858 58521 956 42622 234 11621 196 585-4.67%2.5%
Assurance Hayett
14 451 52315 552 65817 545 35116 815 44016 443 243-2.21%2%
CARTE Vie
-15 450 24818 080 68416 556 09815 108 088-8.75%1.8%
Zitouna Takaful
--1 071 9755 398 57410 387 88792.42%1.2%
COTUNACE
4 460 4663 646 6053 911 9206 006 9635 185 011-13.68%0.6%
GAT Vie
---3 879 5094 196 7688.18%0.5%
El Amana Takaful
---54 9982 847 0855076.67%0.4%
At-Takafulia
----2 422 495-0.3%
Mutuelle Générale d'Assurances (2)
21 022 19320 315 641-----
AMINA (3)
1 955 5292 154 7142 984 568----
AssurCredit (4)
1 712 9151 841 0462 238 874----
Grand total
785 258 448 787 971 387 829 872 932 862 152 595 837 351 825 -2.9% 100%
(1) including acceptances
(2) is part of CTAMA group
(3) renamed GAT Vie in 2011
(4) absorbed by COTUNACE in 2013

Market share of the ten main companies in 2014

tunisian insurance market-company * 11 companies
Exchange rate
TND/USD as at 31/12
2010
2011
2012
2013
2014
0.7009
0.66896
0.64558
0.6103
0.53812
Source: Tunisian federation of insurance companies(FTUSA)
Mon, 13/05/2013 - 12:51

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