Net premiums of direct insurers rose 6.4% in 2023 to TND 3,389.3 million, said the General Insurance Committee (French: IGA ), up from TND 3,185 million in 2022.

Turnover from life insurance amounted to TND 928 million in 2023 (+ 2%), while non-life premiums grew 8% to TND 2,461 million.

Car insurance has the lion's share in the gross revenue with TND 1.358 million in 2023, posting a 4% rise on 2022.

The turnover from sickness insurance policies edged up 14% in 2023, totalling TND 533 million compared to TND 465 million in 2022.

The compensation given by insurance companies rose 3.4 % in 2023, totalling TND 1.793 million against TND 1.734 million in 2022. This upward trend is the result of higher non-life premiums (+7%)

Life insurance compensation fell 12%, reaching TND 280 million in 2023 down from TND 320 million in 2022.

Car insurance reported the biggest share in non-life premiums with over TND 870 million of compensation granted in 2023 in comparison with TND 804 million in 2022 (+ 8%).

Automotive insurance has the lion's share of compensation, Director General of the Tunisian Federation of Insurance Companies (FTUSA) Hatem Amira told TAP.

This is mainly the result of higher prices of spare parts, more accidents and a lower exchange rate of the Tunisian Dinar against foreign currencies. This in addition to the stagnation in car insurance rates since 2017, hence a chronic deficit in this sector of activity, he further said.

The total volume of money in bank accounts for 2023 grew 9% to TND 9,157 million in 2023 compared to TND 8,433 in 2022. This demonstrates the importance of the insurance sector in boosting investment and financing the national economy.

The sector can player a more important role if some advantages and incentives are made available, mainly for life insurance.

Insurance policies concluded in 2023 edged up 7% on 2022, IGA said. Nearly 3.387 million policies were concluded at the end of 2023, including 1. 888 million car insurance policies.

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