Insurance Sector Sees Surge: Premiums Soar 10.3% to 569 Million Dinars by End of August
- Recent data from the Central Bank reveals a notable surge in insurance premiums and claims in the first eight months of 2024.
- Total insurance premiums for the eight-month period reached 569 million dinars, up from 516 million dinars in 2023.
- The value of compensation paid by insurance companies from January to August 2024 was 362 million dinars, compared to 328 million dinars in the same period in 2023.
Insurance Premiums and Claims See Significant Increase in 2024
Recent data from the Central Bank reveals a notable surge in insurance premiums and claims in the first eight months of 2024. Insurance premiums have increased by 10.3% compared to the same period in 2023, while claims have risen by approximately 10.4%.
Breakdown of Insurance Premiums and Claims
Total insurance premiums for the eight-month period reached 569 million dinars, up from 516 million dinars in 2023. Car insurance accounted for the largest share of premiums, with over 32% at 189 million dinars, closely followed by medical insurance at approximately 180 million dinars.
The value of compensation paid by insurance companies from January to August 2024 was 362 million dinars, compared to 328 million dinars in the same period in 2023. Car insurance companies compensated their customers with 176 million dinars, while medical insurance companies paid out around 131 million dinars.
Customer Complaints and Settlements
Insurance company customers submitted a total of 1,154 complaints during the eight-month period, with 97.6% related to car insurance. Meanwhile, settlements between companies and customers reached 317 during this time.