Tunisia

Axco provides details on the life insurance sector including Tunisian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Tunisia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Tunisian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Tunisia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Protection business dominates the life insurance market and remained the largest line of business in 2019. Insurers have universally indicated in the past that the predominance of protection business in the market is mainly due to there being no materially significant tax incentives to encourage saving via life insurance, resulting in very little consumer interest in this sector. The Finance Law for 2021 (Law No 2020-46), passed by parliament in December 2020, granted, a 10-fold increase in the annual allowable tax free allowance on premiums ....

There has been a small market for pension savings policies in Tunisia because of reliance on state-administered provision.

The draft Finance Law for 2021 proposed, however, a 10-fold increase in the annual allowable tax free allowance on premiums paid for eligible life insurance and capitalisation policies from TND 10,000 (USD 3,268) to TND 100,000 (USD 32,683), subject to a minimum tax of 60% of overall tax payable excluding tax free allowances ....

PA and private medical insurance (PMI) are classified as non-life lines of business, remaining relatively popular in the corporate sector.

Prior to the onset of the COVID-19 pandemic most PMI policies featured infectious disease exclusions, only a few companies did not deploy such exclusions and, in any event, they became a routine feature of all policies in the PMI market in 2020 and 2021. The incurred claims effect of the pandemic on the PMI market was ....