Tunisia – Necessity of a special legislation for life insurance
Thursday, 10 27 2016, Category: Insurance and Reinsurance, Country: Tunisia
A strategic study completed in September 2014 undertaken by an international consulting company and financed by the European Union (200 thousand Euros) is related to the development program in order to promote the insurance sector in Tunisia. The size of the insurance market is expected to reach 1 billion and 800 million Dinars in year 2018. The insurance density is expected to reach 432 Dinars for life insurance in year 2019 provided the strategy is implemented. However, the study submitted to the ministry of finance has still not been executed.
Mr Lassad Zarrouk, CEO of STAR Insurance and president of the Tunisian Federation of Insurance Companies confirmed that the insurance sector has an important untapped potential for individuals and companies as well the economy, the financial and monetary sectors.
He indicated that the revenues achieved by the insurance sector and the insurance penetration as a percentage of GDP in year 2015 was low compared to the potential of the market should it implement a comprehensive vision that includes all stakeholders in Tunisia and that also includes a new general law in order to help insurance play its role in the national economy.