Insurance
From The Report: Tunisia 2016
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Although insurance penetration levels in Tunisia are low by international standards, overall premiums are growing steadily and the life segment is expanding rapidly, as are new niches such as takaful (Islamic insurance) and micro-insurance. The industry regulator is also working on a number of reforms to bolster sector development, including changes in the rules on pricing mandatory third-party liability vehicle insurance, which is among the largest product lines sold in the country but is also loss-making. While the life market has been growing quickly in recent years, low overall penetration rates present insurance firms with wide-ranging opportunities. As the market expands, reforms should help to boost profitability from vehicle insurance, allowing firms to invest in less developed areas of the industry. This chapter contains an interview with Lassâad Zarrouk, CEO, STAR Assurances.

Articles from this Chapter

Overview

Room for growth: As premiums rise, new regulations look to bolster development
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Although insurance penetration levels in Tunisia are low by international standards, overall premiums are growing steadily and the life segment is expanding rapidly, as are new niches such as takaful (Islamic insurance) and micro-insurance. The industry regulator is also working on a number of reforms to bolster sector development, including changes in the rules on pricing mandatory third-party liability car insurance, which is among the largest product lines sold in the country but is currently…

Analysis

Multiple benefits: Regulatory changes include moves to boost transparency, risk management and capital levels
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The Tunisian insurance sector is regulated by the General Committee on Insurance (Comité Géneral des Assurances, CGA), which is a unit of the Ministry of Finance, and by the 1992 Insurance Code. The industry has entered a period of significant regulatory change following the completion of an EU-funded strategic review of the insurance market and the CGA’s subsequent announcement of a five-year programme of reform. Due to be completed in 2019, the programme gradually introduces changes to industry…

Interview

Room for change: OBG talks to Lassâad Zarrouk, CEO, STAR Assurances
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Interview:Lassâad Zarrouk What are Tunisian insurers facing when it comes to complying with the Solvency II directive? LASSÂADZARROUK: The insurance regulatory code requires insurance firms to comply with Solvency I, and most companies respect this regulation. Globally, the sector is solvent, so capital levels are not the concern. The new constraints of Solvency II are more qualitative than quantitative, requiring changes in terms of company information systems, as well as governance,…