Total compensation value of insurance claims paid out in H1 of 2020 decreased 16% to 528 million dinars (MD) from 628.8 MD during the same period in 2019.
Car insurance benefits fell 26%, standing at 247.5 MD against 337.3 MD during the same period last year, data from the General Insurance Committee show.
The drop is the result of the decline seen in the number of road accidents, particularly during the general lockdown (March 22).
Insurance compensation for the transport sector (sea and air transport) edged down to 7.3 MD against 11.5 MD.
Likewise, air and sea transport life insurance benefits plunged to 72.9 MD until the end of June compared to 79.9 MD during the same period last year.
Fire insurance compensation rose 14.7%, hitting 49.1 MD against 42.8 MD during the same period in 2019.
The pandemic also pushed the number of contracts concluded down (- 10%) to reaching 1. 564,270 million contracts by the end of H1 in comparison with 1.740,685 million contracts in 2019.
Similarly, automobile insurance posted a 9.3% drop in the number of contracts signed due to imports slump.
Fire insurance contracts followed a downward trend (-12.5%) as it is the case for transport insurance (-10.9%) and other classes of insurance (-26.4%).
The number of reported accidents fell 13% to reach 633.7 thousand accidents against 728.3 thousand accidents as a result of curfew measures and the general lockdown decreed in mid-March.
However, a 4.4% improvement was seen in the transactions of insurance companies compared to 8.1% in 2018.
Car insurance has the lion’s share with transactions amounting to 614.5 MD, that is 44% of transactions.
Fire insurance posted a 5% growth, rising from 136.3 MD in H1 of 2019 to 143.1 MD at the end of the same period this year.
Transport insurance fell 1.1% to 36.6 MD in H1 of 2020.
Life insurance grew 4.8%, standing at 290 MD in H1 against 276.6 MD in the same period of 2019