Net premiums of direct insurers grew at 6.4% in 2023 to TND 3,389m, according to the General Insurance Committee (CGA).
The direct insurers paid compensation totaling TND 1,792.7 million in 2023, 4% higher than in 2022, reported the newspaper Le Maghreb citing the CGA.
The CGA data also show that the non-life insurance market accounted for more than 70% of the total net premiums of the insurance industry. It also contributed to most of the industry’s growth in 2023 when life insurance business was relatively stagnant. The non-life sector also accounted for 84% of total compensation. 792
Motor insurance premiums in 2023 reached TND1,357.7m in 2023, an increase of 3.7% over 2022.
Motor insurance accounted for TND871m or 49% of total compensation paid in the non-life market in 2023. This was 8.3% higher compared to TND 803.9m in 2022.
Road accident statistics for 2023 indicate an increase in the number of victims compared to the year 2022, especially in the number of accidents and deaths. During 2023, about 5,800 traffic accidents were reported, leaving 1,215 fatalities and 7,910 injured.
Motor insurers are also hit by rampant fraud and forgery, especially the falsifying of documents to increase financial compensation. This could involve overstating the cost of vehicle repairs, especially when spare parts acquired from the parallel market are purchased and presented in the invoice file as purchased from authorized agents.
Overall, motor fraud costs insurers around TND 70m a year, according to one industry estimate.
