The life sector in the Middle East and Pakistan is less well-developed than the non-life market, accounting for around a fifth of total premiums in the region, noted Swiss Re Institute (SRI).
Motor insurers posted a combined underwriting loss of TRY33bn ($1bn) in 2023 in the traffic (compulsory motor third-party liability) insurance branch, according to Insurance Association of Türkiye president Ugur Gulen. No company made an underwriting profit in the branch.
The Tunisian Insurance and Reinsurance Company (STAR), Tunisia's biggest insurer, has announced that its net profit fell by 15.47% to TND26.97m ($8.64m) in 2023 from TND31.90m in 2022, according financial statements lodged with the Tunis bourse.