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| Tunisian insurance industry grew 7% in 2009 | |||
| Preliminary results for 2009 show that gross written premiums in Tunisia rose 7.25% to TND1,032 million (US$702 million), while claims paid increased 12% to TND568 million, said the Federation Tunisienne des Societes d'Assurances (FTUSA). "The figures indicate the progress achieved in paying claims which used to incur much effort and time. The market is healthier now," FTUSA Secretary General, Mr Kamel Chibani said in an interview with MiddleEast Insurance Review. However, he warned of an increasing size of material damages due to new models of vehicles. "The government has been giving incentives to the public to buy new economical cars which consume less gas. Therefore, the comprehensive motor line prospered in the last couple of years and this has led to increasing claims in that area." Although growth in GWP was slower last year compared to previous years, profitability was satisfactory and expected to have improved in 2009, said Mr Abdellatif Chaabane, President of the Comite General des Assurances. The regulator said: "It is one of the outcomes of previous reforms which included amending the motor laws in 2006. Many insurers are now strongly promoting this line after years of avoiding it." He added that preliminary results of some companies have shown they are profitable. Star and Comar, for example, achieved TND34 million and TND17 million respectively. Other companies which used to suffer losses have turned around, such as Lloyd's which achieved TND7 million in profits and Assurances Mutuelles Ittihad which made TND11 million. Mr Chaabane expects the market to pick up in 2010 and quickly overcome the effects of the crisis. "This is especially with our prudent investment policy. We are not widely exposed to foreign markets as only 2% of the market investments are placed overseas…even though premiums have been affected, the overall conditions are sound." |
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| Ins Communications Pte Ltd · 69 Amoy Street, Singapore 069 888 Tel: (65) 6224 5583 · Fax: (65) 6224 1091 http://www.asiainsurancereview.com/pages/e-weekly.asp?country=8 Published: 9/9/2010 9:20:44 PM © 2010 All rights reserved |
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