Synopsis
Tunisia has a small insurance industry that is gradually recovering from the 2011 Tunisian revolution and the 2009 global financial crisis. The economy is driven by service sector which accounts for 61.0% of the GDP, followed by agriculture with 8.6% and mining, manufacturing, petroleum and other industrial products together accounted for 30.4% in 2013. The Tunisian insurance industry grew at a compound annual growth rate (CAGR) of 7.1% during the review period (2009–2013). The introduction of FDI in insurance and other sectors supported the insurance industry’s growth. The Tunisian life insurance segment was primarily driven by savings insurance products.
Insurance penetration in Tunisia was 1.8% in 2013, much lower than Morocco with 3.0% and Lebanon with 2.9%. The Tunisian government is implementing a new law on public-private partnerships (PPPs), with assistance from the OECD, African Development Bank and International Finance Corporation. The new investment code is expected to increase transparency, openness and predictability for investors.
Scope
This report provides a comprehensive analysis of the insurance industry in Tunisia:
• It provides historical values for the Tunisian insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
• It offers a detailed analysis of the key segments and categories in the Tunisian insurance industry, along with forecasts until 2018.
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
• It profiles the top insurance companies in Tunisia, and outlines the key regulations affecting them.
Summary
The report provides in-depth industry analysis, information and insights into the insurance industry in Tunisia, including:
• The Tunisian insurance industry’s growth prospects by insurance segment and category
• The competitive landscape in the Tunisian insurance industry
• The current trends and drivers in the Tunisian insurance industry
• Challenges facing the Tunisian insurance industry
• The detailed regulatory framework of the Tunisian insurance industry
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast industry data related to the Tunisian insurance industry and each segment within it.
• Understand the demand-side dynamics, key trends and growth opportunities in the Tunisian insurance industry.
• Assess the competitive dynamics in the Tunisian insurance industry.
• Identify the growth opportunities and market dynamics in key segments.
• Gain insights into key regulations governing the Tunisian insurance industry, and their impact on companies and the industry's future.
Key highlights
• The Tunisian insurance industry grew recording a CAGR of 7.1% during the review period (2009–2013)
• The non-life segment was led by motor insurance, which was also the largest category in the overall insurance industry, followed by property insurance in 2013
• Insurance penetration in Tunisia was 1.8% in 2013, much lower than Morocco with 3.0% and Lebanon with 2.9%.
• The insurance industry is moderately consolidated, comprising 22 insurance and reinsurance providers as of 2012
• Tunisia is seeking foreign investment worth TND11 billion (US$6.8 billion) in infrastructure and development projects in over 22 projects in the energy, telecom, transport, tourism, water and sewerage sectors
• The insurance industry is regulated by the General Insurance Committee (CGA), which is authorized by the Ministry of Finance
Table Of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Tunisian Insurance Industry Overview
3.1 Tunisian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Workmen’s compensation insurance
5.3.3 Shipping, air and land goods import insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors (IAIS)
5.4.2 African Insurance Organization (AIO)
5.4.3 General Insurance Committee (CGA)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 STAR – company overview
6.2.2 Comar SA – company overview
6.2.3 GAT Assurance – company overview
6.2.4 AMI Assurance – company overview
6.2.5 Astree Insurance – company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation
7.5 Life Expectancy
7.6 Labor Force
7.7 Unemployment Rate
7.8 Total Number of Internet Users
7.9 Urban and Rural Populations
7.1 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric’s Services
8.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Tunisian Insurance Gross Written Premium by Segment (TND Million), 2009–2013
Table 3: Tunisian Insurance Gross Written Premium by Segment (US$ Million), 2009–2013
Table 4: Tunisian Insurance Gross Written Premium by Segment (TND Billion), 2013–2018
Table 5: Tunisian Insurance Gross Written Premium by Segment (US$ Billion), 2013–2018
Table 6: Tunisian Insurance Segmentation by Gross Written Premium (% Share), 2009–2018
Table 7: Tunisian Insurance Direct Written Premium by Segment (TND Billion), 2009–2013
Table 8: Tunisian Insurance Direct Written Premium by Segment (US$ Billion), 2009–2013
Table 9: Tunisian Insurance Direct Written Premium by Segment (TND Billion), 2013–2018
Table 10: Tunisian Insurance Direct Written Premium by Segment (US$ Billion), 2013–2018
Table 11: Tunisian Insurance Segmentation by Direct Written Premium (% Share), 2009–2018
Table 12: Tunisian Life Insurance – Gross Written Premium (TND Million), 2009–2013
Table 13: Tunisian Life Insurance – Gross Written Premium Forecast (TND Million), 2013–2018
Table 14: Tunisian Life Insurance – Direct Written Premium (TND Million), 2009–2013
Table 15: Tunisian Life Insurance – Direct Written Premium Forecast (TND Million), 2013–2018
Table 16: Tunisian Life Insurance – Paid Claims (TND Million), 2009–2013
Table 17: Tunisian Life Insurance – Paid Claims (TND Million), 2013–2018
Table 18: Tunisian Life Insurance – Incurred Loss (TND Million), 2009–2013
Table 19: Tunisian Life Insurance – Incurred Loss (TND Million), 2013–2018
Table 20: Tunisian Life Insurance – Loss Ratio (%), 2009–2013
Table 21: Tunisian Life Insurance – Loss Ratio (%), 2013–2018
Table 22: Tunisian Life Insurance – Combined Ratio (%), 2009–2013
Table 23: Tunisian Life Insurance – Combined Ratio (%), 2013–2018
Table 24: Tunisian Life Insurance – Total Assets (TND Billion), 2009–2013
Table 25: Tunisian Life Insurance – Total Assets (TND Billion), 2013–2018
Table 26: Tunisian Life Insurance – Total Investment Income (TND Million), 2009–2013
Table 27: Tunisian Life Insurance – Total Investment Income (TND Million), 2013–2018
Table 28: Tunisian Life Insurance – Retentions (TND Million), 2009–2013
Table 29: Tunisian Life Insurance – Retentions (TND Million), 2013–2018
Table 30: Tunisian Non-Life Insurance – Gross Written Premium by Category (TND Million), 2009–2013
Table 31: Tunisian Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2009–2013
Table 32: Tunisian Non-Life Insurance – Gross Written Premium by Category (TND Million), 2013–2018
Table 33: Tunisian Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2013–2018
Table 34: Tunisian Non-Life Insurance – Direct Written Premium by Category (TND Million), 2009–2013
Table 35: Tunisian Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2009–2013
Table 36: Tunisian Non-Life Insurance – Direct Written Premium by Category (TND Million), 2013–2018
Table 37: Tunisian Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2013–2018
Table 38: Tunisian Non-Life Insurance – Paid Claims (TND Billion), 2009–2013
Table 39: Tunisian Non-Life Insurance – Paid Claims (TND Billion), 2013–2018
Table 40: Tunisian Non-Life Insurance – Incurred Loss (TND Million), 2009–2013
Table 41: Tunisian Non-Life Insurance – Incurred Loss (TND Billion), 2013–2018
Table 42: Tunisian Non-Life Insurance – Loss Ratio (%), 2009–2013
Table 43: Tunisian Non-Life Insurance – Loss Ratio (%), 2013–2018
Table 44: Tunisian Non-Life Insurance – Combined Ratio (%), 2009–2013
Table 45: Tunisian Non-Life Insurance – Combined Ratio (%), 2013–2018
Table 46: Tunisian Non-Life Insurance – Total Assets (TND Billion), 2009–2013
Table 47: Tunisian Non-Life Insurance – Total Assets (TND Billion), 2013–2018
Table 48: Tunisian Non-Life Insurance – Total Investment Income (TND Million), 2009–2013
Table 49: Tunisian Non-Life Insurance – Total Investment Income (TND Million), 2013–2018
Table 50: Tunisian Non-Life Insurance – Retentions (TND Billion), 2009–2013
Table 51: Tunisian Non-Life Insurance – Retentions (TND Million), 2013–2018
Table 52: Tunisian Property Insurance – Gross Written Premium (TND Million), 2009–2013
Table 53: Tunisian Property Insurance – Gross Written Premium (TND Million), 2013–2018
Table 54: Tunisian Motor Insurance – Gross Written Premium (TND Million), 2009–2013
Table 55: Tunisian Motor Insurance – Gross Written Premium (TND Billion), 2013–2018
Table 56: Tunisian Liability Insurance – Gross Written Premium (TND Thousand), 2009–2013
Table 57: Tunisian Liability Insurance – Gross Written Premium (TND Million), 2013–2018
Table 58: Tunisian Marine, Aviation and Transit Insurance – Gross Written Premium (TND Million), 2009–2013
Table 59: Tunisian Marine, Aviation and Transit Insurance – Gross Written Premium (TND Million), 2013–2018
Table 60: Tunisian Personal Accident and Health Insurance – Paid Claims (TND Million), 2009–2013
Table 61: Tunisian Personal Accident and Health Insurance – Paid Claims (TND Million), 2013–2018
Table 62: Tunisian Personal Accident and Health Insurance – Incurred Loss (TND Million), 2009–2013
Table 63: Tunisian Personal Accident and Health Insurance – Incurred Loss (TND Million), 2013–2018
Table 64: Tunisian Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Table 65: Tunisian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Table 66: Tunisian Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Table 67: Tunisian Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Table 68: Tunisian Personal Accident and Health Insurance – Total Assets (TND Billion), 2009–2013
Table 69: Tunisian Personal Accident and Health Insurance – Total Assets (TND Billion), 2013–2018
Table 70: Tunisian Personal Accident and Health Insurance – Total Investment Income (TND Million), 2009–2013
Table 71: Tunisian Personal Accident and Health Insurance – Total Investment Income (TND Million), 2013–2018
Table 72: Tunisian Personal Accident and Health Insurance – Retentions (TND Million), 2009–2013
Table 73: Tunisian Personal Accident and Health Insurance – Retentions (TND Million), 2013–2018
Table 74: Tunisian Reinsurance Accepted – By Category (TND Million), 2009–2013
Table 75: Tunisian Reinsurance Accepted – By Category (US$ Million), 2009–2013
Table 76: Tunisian Reinsurance Accepted – By Category (TND Million), 2013–2018
Table 77: Tunisian Reinsurance Accepted – By Category (US$ Million), 2013–2018
Table 78: Tunisian Reinsurance – Ceded by Insurance Segment (TND Million), 2009–2013
Table 79: Tunisian Reinsurance – Ceded by Insurance Segment (US$ Million), 2009–2013
Table 80: Tunisian Reinsurance – Ceded by Insurance Segment (TND Million), 2013–2018
Table 81: Tunisian Reinsurance – Ceded by Insurance Segment (US$ Million), 2013–2018
Table 82: Tunisian Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 83: Tunisian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 84: Tunisian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 85: Tunisian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 86: Tunisian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 87: Tunisian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 88: Tunisia – Life Insurance Regulatory Framework
Table 89: Tunisia – Property Insurance Regulatory Framework
Table 90: Tunisia – Motor Insurance Regulatory Framework
Table 91: Tunisia– Corporate Tax Rates for the Financial Year 2013
Table 92: Tunisia Insurance Market Share, 2012
Table 93: STAR, Main Products
Table 94: STAR, Key Employees
Table 95: Comar SA, Main Products
Table 96: Comar SA, Key Employees
Table 97: GAT Assurance, Main Products
Table 98: GAT Assurance, Key Employees
Table 99: AMI Insurance, Main Products
Table 100: AMI Insurance, Key Employees
Table 101: Astree Insurance, Main Products
Table 102: Astree Insurance, Key Employees
List Of Figures
Figure 1: Tunisian Insurance Gross Written Premium by Segment (TND Billion), 2009–2018
Figure 2: Tunisian Insurance Gross Written Premium Market Dynamics by Segment, 2009–2018
Figure 3: Tunisian Insurance Direct Written Premium by Segment (TND Billion), 2009–2018
Figure 4: Tunisian Insurance Direct Written Premium Market Dynamics by Segment, 2009–2018
Figure 5: Tunisian Life Insurance – Gross Written Premium (TND Million), 2009–2013
Figure 6: Tunisian Life Insurance – Gross Written Premium Forecast (TND Million), 2013–2018
Figure 7: Tunisian Life Insurance – Direct Written Premium (TND Million), 2009–2013
Figure 8: Tunisian Life Insurance – Direct Written Premium Forecast (TND Million), 2013–2018
Figure 9: Tunisian Life Insurance – Paid Claims (TND Million), 2009–2013
Figure 10: Tunisian Life Insurance – Paid Claims (TND Million), 2013–2018
Figure 11: Tunisian Life Insurance – Incurred Loss (TND Million), 2009–2013
Figure 12: Tunisian Life Insurance – Incurred Loss (TND Million), 2013–2018
Figure 13: Tunisian Life Insurance – Loss Ratio (%), 2009–2013
Figure 14: Tunisian Life Insurance – Loss Ratio (%), 2013–2018
Figure 15: Tunisian Life Insurance – Combined Ratio (%), 2009–2013
Figure 16: Tunisian Life Insurance – Combined Ratio (%), 2013–2018
Figure 17: Tunisian Life Insurance – Total Assets (TND Billion), 2009–2013
Figure 18: Tunisian Life Insurance – Total Assets (TND Billion), 2013–2018
Figure 19: Tunisian Life Insurance – Total Investment Income (TND Million), 2009–2013
Figure 20: Tunisian Life Insurance – Total Investment Income (TND Million), 2013–2018
Figure 21: Tunisian Life Insurance – Retentions (TND Million), 2009–2013
Figure 22: Tunisian Life Insurance – Retentions (TND Million), 2013–2018
Figure 23: Tunisian Life Insurance – Total Investment (TND Billion), 2009–2013
Figure 24: Tunisian Life Insurance – Penetration (% of GDP), 2009–2013
Figure 25: Tunisian Life Insurance – Premium per capita (TND), 2009–2013
Figure 26: Tunisian Non-Life Insurance – Gross Written Premium by Category (TND Million), 2009–2018
Figure 27: Tunisian Non-Life Insurance – Gross Written Premium by Category (%), 2013 and 2018
Figure 28: Tunisian Non-Life Insurance – Gross Written Premium Dynamics by Category, 2009–2018
Figure 29: Tunisian Non-Life Insurance – Direct Written Premium by Category (TND Billion), 2009–2018
Figure 30: Tunisian Non-Life Insurance – Direct Written Premium by Category (%), 2013 and 2018
Figure 31: Tunisian Non-Life Insurance – Direct Written Premium Dynamics by Category, 2009–2018
Figure 32: Tunisian Non-Life Insurance – Paid Claims (TND Billion), 2009–2013
Figure 33: Tunisian Non-Life Insurance – Paid Claims (TND Billion), 2013–2018
Figure 34: Tunisian Non-Life Insurance – Incurred Loss (TND Million), 2009–2013
Figure 35: Tunisian Non-Life Insurance – Incurred Loss (TND Billion), 2013–2018
Figure 36: Tunisian Non-Life Insurance – Loss Ratio (%), 2009–2013
Figure 37: Tunisian Non-Life Insurance – Loss Ratio (%), 2013–2018
Figure 38: Tunisian Non-Life Insurance – Combined Ratio (%), 2009–2013
Figure 39: Tunisian Non-Life Insurance – Combined Ratio (%), 2013–2018
Figure 40: Tunisian Non-Life Insurance – Total Assets (TND Billion), 2009–2013
Figure 41: Tunisian Non-Life Insurance – Total Assets (TND Billion), 2013–2018
Figure 42: Tunisian Non-Life Insurance – Total Investment Income (TND Million), 2009–2013
Figure 43: Tunisian Non-Life Insurance – Total Investment Income (TND Million), 2013–2018
Figure 44: Tunisian Non-Life Insurance – Retentions (TND Billion), 2009–2013
Figure 45: Tunisian Non-Life Insurance – Retentions (TND Million), 2013–2018
Figure 46: Tunisian Non-Life Insurance – Total Investment (TND Billion), 2009–2013
Figure 47: Tunisian Non-Life Insurance – Penetration (% of GDP), 2009–2013
Figure 48: Tunisian Non-Life Insurance – Premium Per Capita (TND), 2009–2013
Figure 49: Tunisian Property Insurance – Gross Written Premium (TND Million), 2009–2013
Figure 50: Tunisian Property Insurance – Gross Written Premium (TND Million), 2013–2018
Figure 51: Tunisian Motor Insurance – Gross Written Premium (TND Million), 2009–2013
Figure 52: Tunisian Motor Insurance – Gross Written Premium (TND Billion), 2013–2018
Figure 53: Tunisian Liability Insurance – Gross Written Premium (TND Thousand), 2009–2013
Figure 54: Tunisian Liability Insurance – Gross Written Premium (TND Million), 2013–2018
Figure 55: Tunisian Marine, Aviation and Transit Insurance – Gross Written Premium (TND Million), 2009–2013
Figure 56: Tunisian Marine, Aviation and Transit Insurance – Gross Written Premium (TND Million), 2013–2018
Figure 57: Tunisian Personal Accident and Health Insurance – Paid Claims by Category (TND Million), 2009–2013
Figure 58: Tunisian Personal Accident and Health Insurance – Paid Claims (TND Million), 2013–2018
Figure 59: Tunisian Personal Accident and Health Insurance – Incurred Loss (TND Million), 2009–2013
Figure 60: Tunisian Personal Accident and Health Insurance – Incurred Loss (TND Million), 2013–2018
Figure 61: Tunisian Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Figure 62: Tunisian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Figure 63: Tunisian Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Figure 64: Tunisian Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Figure 65: Tunisian Personal Accident and Health Insurance – Total Assets (TND Billion), 2009–2013
Figure 66: Tunisian Personal Accident and Health Insurance – Total Assets (TND Billion), 2013–2018
Figure 67: Tunisian Personal Accident and Health Insurance – Total Investment Income (TND Million), 2009–2013
Figure 68: Tunisian Personal Accident and Health Insurance – Total Investment Income (TND Million), 2013–2018
Figure 69: Tunisian Personal Accident and Health Insurance – Retentions (TND Million), 2009–2013
Figure 70: Tunisian Personal Accident and Health Insurance – Retentions (TND Million), 2013–2018
Figure 71: Tunisian Personal Accident and Health Insurance – Total Investment (TND Million), 2009–2013
Figure 72: Tunisian Personal Accident and Health Insurance – Penetration (% of GDP), 2009–2013
Figure 73: Tunisian Personal Accident and Health Insurance – Premium Per Capita (TND), 2009–2013
Figure 74: Tunisian Reinsurance Accepted – By Category (TND Million), 2009–2018
Figure 75: Tunisian Reinsurance Accepted – By Category (% Share), 2013 and 2018
Figure 76: Tunisian Reinsurance Accepted Dynamics by Category, 2009–2018
Figure 77: Tunisian Reinsurance – Ceded by Insurance Segment (TND Million), 2009–2018
Figure 78: Tunisian Reinsurance – Dynamics by Insurance Segment, 2009–2018
Figure 79: Tunisian Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 80: Tunisian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 81: Tunisian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 82: Tunisian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 83: Tunisian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 84: Tunisian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 85: Tunisia – Insurance Regulatory Framework
Figure 86: Tunisia – Insurance Supervision and Control at Various Levels
Figure 87: Tunisia – Insurance Regulatory Frameworks for Company Registration and Operation
Figure 88: Tunisia Insurance Market – Market Share, 2012
Figure 89: Tunisian GDP at Constant Prices (US$ Billion), 2009–2013
Figure 90: Tunisian GDP at Current Prices (US$ Billion), 2009–2013
Figure 91: Tunisian GDP Per Capita at Current Prices (US$), 2009–2013
Figure 92: Tunisian Inflation Rate (%), 2009–2013
