Moroccan insurance industry closes H1 2020 with 4.6 % rise …As Tunisian insurance sector records 6.1% increase in 2019

Spread the love

By Favour Nnabugwu

The Supervisory Authority of Insurance and Social Welfare (ACAPS), the Moroccan market recorded a 4.6 percent turnover increase in first half 2020 as the insurance market in Tunis recorded 6.1percent in 2019 compare to 2018 market year.

The premiums recorded went from 26.113 billion MAD ($2.71 billion) in first half of 2019 to 27.326 billion MAD ($2.78 billion) one year later. These figures include direct insurance premiums and reinsurance acceptances.

As of 30 June 2020, the direct market totaled a turnover of 25.064 billion MAD ($2.55 billion) against 24.687 billion MAD ($2.56 billion) in 2019, thus increasing by 1.5 percent.

With 52.3 percent market share, the non-life premiums increased by 0.4 percent to reach 14.295 billion MAD ($1.45 billion). The P&C class of business is driven by the motor activity 6.553 billion MAD ($668.2 million) of premium income.

The life and capitalization underwritings grew by 3.1 percent to reach 10.769 billion MAD ($1.09 billion) as of 30 June 2020. Both activities represent 39.4 percent of the market total written premiums.

The reinsurance acceptances increased by 58.8 percent to be set at 2.262 billion MAD ($230.65 million) : That is 8.3 percent of the total premium income, compared to 1.425 billion MAD ($148.16 million) in late June 2019.

The Tunisian insurance market closed the 2019 financial year with a turnover of 2.39 billion TND ($853.08 million), an increase of 6.1 percent in comparison with the 2.252 billion TND ($748.2 million) recorded in 2018.

Non-life insurance premiums improved by 4.9 percent to 1.83 billion TND ($653.2 million), that is 76.5 percent of the total turnover. With a 23.5 percent market share, life insurance generated 560.8 million TND ($200.171 million) in written premiums, thus recording a 10.5 percent growth compared to 2018.

STAR maintains its leading position with a market share of 15.7 percent. It is followed by COMAR which accounts for 8.9 percent of the total premiums. Four companies are competing for the 3rd position namely GAT Assurances, Maghrebia, AMI Assurances and ASTREE with market shares ranging between 7 percent and 7.2 percent each.

The incurred losses rose by 4.8 percent to reach 1.507 billion TND ($537.91 million) in 2019. The market’s combined ratio (before reinsurance) stood at 95.9 percent thus falling below 100% against 100.2 percent in 2018. As for investments, they reached 6.1 billion TND ($2.177 billion) compared to 5.437 billion TND ($1.806 billion) in 2018.

In Tunisia, only four insurance companies out of a total of 22 operating on the market are listed on the stock exchange. In September 2020, Assurances Maghrebia obtained the agreement in principle of the Board of Directors of the Tunis Stock Exchange (BVMT) to make its IPO.

Original Ideas: Many times your customers have their own ideas for their newspapers affordable-papers.net and you want to make sure yours fit nicely into theirs.

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *