Habib Ben Houssine, President of the Tunisian Association of Insurance Companies, confirmed on Thursday, November 17, 2022, at the microphone of the Express FM radio, that the number of transactions by insurance companies has grown to reach a significant level, and this despite the decrease in the level of investment and the difficulties associated with the economic situation. He added that the insurance companies have made progress thanks to the new products they have introduced to the market, the development of the products as well as the progress made in the life insurance field. In fact, their share amounts to 25% of the portfolio of companies.
In addition, Habib Ben Houssine emphasized the need to develop networks for the distribution of insurance services and to rely more on digital means such as accessing insurance services via a mobile phone. And to continue that most insurance companies have made applications for this purpose and are working on their development on a permanent basis. The Expresso guest explained that the Tunisian market includes 24 insurance companies, more than 1,100 insurance agents and 108 life insurance products, pointing out that the number of active workers in the sector is approximately 11,700 people. Habib Ben Houssine estimated that the value of compensation related to the insurance sector increased by 21%, the majority of which is oriented towards car insurance and health insurance, due to high inflation, which has affected prices in the spare parts and medicine sectors.
The Expresso guest indicated that inflation is a major problem that the insurance industry and its customers will also face, saying that customers today are required to update their policies. Habib Ben Houssine added that many factories do not take out insurance despite being required to do so, such as fire insurance and building insurance. And to confirm that the insurance companies have worked hard on the development of their products, especially in the field of fire insurance.
In the same register, the president of FTUSA added that the investments of insurance companies amounted to 7,550 million dinars during the year 2021, of which more than 40% of them come from insurance. -life, which only accounts for 25% of the number of transactions.