The Insurance Industry in Tunisia, Key Trends and Opportunities to 2018

Published: Feb, 2015 | Pages: 152 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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.


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

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.

Reason 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