Highlights

March 7, 2024: COTUNACE launched its official pages on Facebook and LinkedIn, aiming to bring its services closer to users of these platforms and to enable them to discover COTUNACE’s products, to stay informed about its updates, and to access to newest credit insurance offers provided by the Company.

Being present on Social Media provides COTUNACE stronger relationship with its policyholders, and raising awareness among social media users about the importance of credit insurance in safeguarding the sustainability of Companies.

July 2023: Launching new COTUNACE’s website, to bring more closer the Company’s services and products to Tunisian companies. The new website offers rich and useful information to help companies better understanding the solutions provided by COTUNACE to secure their exports and domestic sales against the non-payment risks.

October 2023: Signing of a privileged partnership agreement between COTUNACE and CEPEX by Mrs. Nebgha DRISS, COTUNACE’s CEO, and Mr. Mourad BEN HASSINE, CEPEX’s CEO. This agreement aims to create complementarity between the services offered by both organizations in order to better serve Tunisian Exporters.

This partnership between COTUNACE and CEPEX is part of a joint strategy to support Tunisian exporting companies in boosting national exports to both traditional international markets and those in Sub-Saharan Africa.

November 2023: COTUNACE committed to a Corporate Social Responsibility (CSR) approach through its participation in the Impact Rating program of the Confederation of Tunisian Citizen Enterprises (CONECT), part of the Cluster4Green project. An evaluation confirmed COTUNACE’s willingness to adopt this approach by following good governance practices.

COTUNACE is also committed to further strengthening its social responsibility through various activities.

la COTUNACE, 11 juillet 2022 : Nomination de Mme Nebgha DRISS, nouvelle PDG de la COTUNACE

Nomination de Mme Nebgha DRISS au poste de Président Directeur Général en remplacement de Mme Souheila CHABCHOUB. Suite à cette nomination, le Comité Directeur de la Compagnie a élaboré une nouvelle stratégie basée principalement sur le contact direct avec les assurés pour répondre à leurs besoins, notamment ceux qui concernent la réduction des délais de l’indemnisation.

Cette stratégie repose principalement sur :

- L’adoption d’une nouvelle identité institutionnelle plus dynamique pour améliorer la notoriété de la COTUNACE et rapprocher ses services aux entreprises tunisiennes.

- L’adoption d’une politique commerciale basée sur le contact direct avec les entreprises ainsi que le renforcement du partenariat stratégique avec les banques.

- Meilleure gestion des risques assurés avec une maitrise des coûts des risques

- Développement de nouveaux produits d'assurance crédit innovants qui répondent aux nouveaux besoins des assurés, à l'instar de ce que proposent les assureurs-crédit mondiaux.

- Amélioration des services destinés aux assurés, notamment grâce à l'adoption de la digitalisation et des nouvelles technologies de la communication.

- Renforcement de la coopération avec nos homologues étrangers afin d'échanger et de bénéficier de leurs expériences, notamment en ce qui concerne les nouvelles offres d'assurances crédit disponibles

- Développement des ressources humaines

la COTUNACE, a réussi en 2021 à enregistrer des résultats positifs et un développement de son activité par rapport à 2020 et ce suite à la reprise progressive de l’activité des entreprises tunisiennes qui ont été impactées par les retombées négatives de la pandémie de COVID-19.

En effet, les capitaux assurés ont atteint 2347,2 MDT contre 2237,4 MDT en 2020. Le chiffre d’affaires de la COTUNACE a atteint environ 14 MDT contre 12,2 MDT, soit une augmentation de 14,8%. Ainsi la COTUNACE a pu satisfaire les besoins en garantie de ses assurés et a joué pleinement son rôle stratégique de soutien des entreprises économiques tunisiennes en leur fournissant les garanties, dont elles ont besoin pour qu’elles puissent saisir toutes les opportunités d’exportations suite à la reprise progressive des exportations après la période de récession enregistrée en 2020.

Au cours de 2021, La COTUNACE a réglé d’importantes indemnités au profit des entreprises tunisiennes opérant dans le marché local et exportatrices.. Ces indemnisations se sont élevées à environ 8,7 MDTet sont réparties entre la COTUNACE et le Fonds souverain de garantie des exportations « FGRE » qui, a contribué à limiter les retombées de la pandémie de COVID-19 grâce à sa réassurance des risques d’impayés liés aux exportations et certains secteurs vitaux sur le marché local pour la période avril-septembre 2020 et ce conformément à l’article 15 du décret-loi n°30 de l’année 2020.

Ces indemnisations exceptionnelles traduisent l’importance du rôle de la COTUNACE en tant que soutien au tissu économique tunisien et notamment durant la période des crises.

la COTUNACE, a sollicité l'intervention de l'Etat pour mettre en place un mécanisme de garanties publiques appropriés suite à la propagation de la pandémie de Covid-19 en Tunisie et dans le monde qui a aggravé les risques d’impayés et a amené les réassureurs traditionnels à durcir leurs conditions de souscription.

La COTUNACE  a réussi à convaincre les autorités de tutelle à réassurer les risques des exportations et des ventes locales par le Fonds souverain de Garantie des Risques à l’Exportation pour une période de six mois (avril - septembre 2020), couvrant les retombées de la propagation du Corona virus.

Les garanties publiques accordées par l’Etat dans ce contexte ont concerné tous les secteurs économiques pour l'exportation et certains secteurs vitaux pour les ventes locales pour éviter la suspension ou la limitation de la garantie par la COTUNACE qui pourrait avoir des répercussions négatives sur les exportations tunisiennes et sur l’entreprise économique en général.

L'année 2020 a également été marquée par l'acquisition d'un terrain dans la nouvelle zone « La Perle du Lac », afin de construire le nouveau siège social de la COTUNACE dans cette zone stratégique, ce qui permet d’améliorer et de moderniser l'image de la Compagnie d'une part, et d’augmenter sa visibilité dans son environnement économique et financier, d’autre part.

Ce terrain, qui a été enregistré dans les investissements immobiliers de la COTUNACE, constitue notre fierté, étant son emplacement et permettant ainsi à la COTUNACE d'être présente dans la future ville financière intelligente.

July 11, 2022: Appointment of Mrs. Nebgha DRISS as a new CEO of COTUNACE

Appointment of Mrs. Nebgha DRISS as a new COTUNACE CEO to replace Mrs. Souheila CHABCHOUB. Following this appointment, the Company's Management Committee developed a new strategy based mainly on direct contact with policyholders to meet their needs, particularly those relating to the reduction of claims paid periods.

This strategy is mainly based on:

- Adoption of a new and more dynamic institutional identity to improve COTUNACE's reputation and approach its services to companies.

- Adoption of a commercial policy based on direct contact with companies, as well as the development of the stratégic partenership with banks .

- Better management of insured risks with control of risk costs

- Developpement of new insurance products that meet the needs of policyholders, similar way to international credit insurance companies offer.

- Improvement of services for policyholders, in particular through the adoption of digitalization and new communication technologies

- Strengthening the cooperation with our counterparts abroad in order to exchange experiences and benefit from their experiences, especially regard to new insurance offers available

- Human Resources Development

COTUNACE succeeded in 2021 in recording positive results and development in its activity compared to 2020, following the gradual resumption of the activity of Tunisian companies which were impacted by the negative fallout from the COVID-19 pandemic.

Business insured reached 2347,2 MDT against 2 237,4 MDT in 2020. COTUNACE turnover reached about 14 MDT against 12,2 MDT, with an increase of 14,8%. Thus, COTUNACE was able to meet the guarantee needs of its policyholders and played its strategic role of supporting Tunisian economic companies by providing them with the guarantees they need to seize all export opportunities following the progressive resumption of export after the period of recession recorded in 2020

During 2021, COTUNACE paid significant claims for Tunisian companies operating in the domestic market and exporting. The total amount of these claims paid reached about 8,7 MDT and is shared between COTUNACE and the Sovereign Export Guarantee Fund "FGRE", which contributed to limiting the repercussions of the COVID-19 pandemic through its intervention to reinsure non-payment risks for exports and domestic vital sectors for the period April-September 2020, in accordance with article 15 of decree-Law n°30 of the year 2020.

These exceptional claims paid reflect the important role of COTUNACE as a support to the Tunisian economy and in particular during the crisis periods.

COTUNACE has requested the intervention of the State to sit up a public guarantees mechanism following the spread of the Covid-19 pandemic in Tunisia and in the world which aggravated the risks of non payment and has led traditional reinsurers to tighten their underwriting conditions.

COTUNACE succeeded in convincing the supervisory authorities to reinsure the exports and domestic sales risks through the Sovereign Export Risk Guarantee Fund …… six months (April - September 2020), covering the fallout from the spread of Corona virus.

The public guarantees granted by the State in this context concerned all economic sectors for export and certain vital sectors for domestic sales to avoid the suspension or limitation of the guarantee by COTUNACE, which could have negative repercussions on tunisian exports and on the economic companies in general.

2020 year was also marked by the acquisition of a land in the new zone "La Perle du Lac", in order to build the new head office of COTUNACE in this strategic zone to improve and to modernize the image of the Company on the one side, and to increase its visibility in its economic and financial environment, on the other side.

This land, which has been registered in the real estate investments of COTUNACE, constitutes our pride, being its location and thus permetting COTUNACE to be present in the future smart financial city.

09 December 2019: COTUNACE was crowned for the second time as a "Best Credit Insurance Company in Tunisia 2019" by the International magazine Global Banking & Finance Review.
This international distinction confirms COTUNACE performances, judged by international finance experts, particularly its results, distinguished growth and innovation.
Global Banking & Finance Review is a leading international magazine and financial portal. It provides up-to-date information, analysis and opinions on the financial sector: banks, insurance companies, financial institutions, etc.

14 March 2019: Signature of Memorandum of understanding between COTUNACE and WIFAK BANK especially in order to cooperate in achieving the objectives of the Export Development Program (PDE) set up by the Tunisian government.
This Memorandum is part of the strategic vision of COTUNACE and WIFAK BANK to contribute to the development of exporting companies by facilitating their access to pre-financing export thanks to "Dhamen Finance" guarantee, that has been commercialized by COTUNACE since 2000 in the context of the PDE.
Thanks to this Memorandum, COTUNACE has extended "Dhamen Finance" field of action by integrating into its portfolio the potential customers of Islamic banks.

DHAMEN FINANCE UPDATES 2019:
- Pre-financing Export Guarantee for any exporting company ;
- Guarantee of bank bonding relating to export operations;
- Independent guarantee: compensation for the bank in the case of non-repayment of credit without investigation into the causes
- Extension of Coverage to credit lines: Guarantee certificate for the bank for pre-financing export credit lines and also for single pre-financing credit.

27 September 2018: Signature of Memorandum of understanding between COTUNACE and Takaful Libyan Insurance Company in order to strengthen and improve trade and investments between Tunisia and Libya.
The cooperation between the two parties is mainly aimed at strengthening cooperation in matters of commercial information, debt collection and training between the two parties in order to facilitate the insurance of trade and investment between the two countries.

03August 2018: Signature of Memorandum of understanding between COTUNACE and the Tuniso-Canadian Chamber of Commerce "CCTNCA" to establish cooperative relations between the two parties in order to further develop and improve trade and investment between Tunisia and Canada.
The main objective of this partnership between the two parties is to:
- Encourage and orient the CCTNCA members companies/ Tunisian operators to seize all the trade opportunities with their counterparts in Canada.
- Encourage companies to develop bilateral trade and investment.

17 April 2018: Signature of Memorandum of understanding between COTUNACE and the Tunisian-Dutch Chamber of Commerce "CTNCI" to establish cooperative relations between the two parties in order to further develop and improve trade and investment between Tunisia and Netherlands.
The main objective of this partnership between the two parties is to:
- Encourage and orient the CTNCI members companies/ Tunisian operators to seize all the trade opportunities with their counterparts in Netherlands.
- Encourage companies to develop bilateral trade and investment.

January 2018: Solid partnership with Tunisia Africa Business Council "TABC" to commercialize COTUNACE products to Tunisian companies exporting particularly to the African market.
Also Ms Souheila CHABCHOUB, COTUNACE CEO is an honorary member of TABC Advisory Board, which is composed of influential personalities in Africa. Its role is to obtain the support of the authorities and the governments of the region, as well as the definition of TABC strategic orientations.

April 27, 2017: Increase of the share capital from 21.5 to 26.5 millionsDT.
The Extraordinary General Assembly of COTUNACE hold on 27.04.2017 decided to increase the share capital of the Company from 21.5 millions dinars to 26.5 millions dinars by incorporating the optional reserves from the profits of previous exercises.
It should be reminded that the Tunisian State is the main shareholder with 32.4% in the capital of COTUNACE; 23% owned by the Arab Investment & Export Credit Guarantee Corporation DHAMAN and the rest is owned by banks and insurance companies.

September 2017: Recovery of 7 millions USD on Malaysia
COTUNACE successfully signed a settlement agreement with the Malaysian buyer witch commits him to pay the whole of its claim of 7 millions USD so approximately 18 millions dinars without damaging trading relationships between the Tunisian exporters and the Malaysian buyer.
The case dates back to 2016, when some of our policyholders entered into a business relationship with a well-known Malaysian company in the date business. As the credit insurer of this case, COTUNACE tried to recover the debt amicably to maintain the trading relationship between Tunisian exporters and the Malaysian buyer including a visit of a Tunisian delegation headed by Mrs. Souheila CHABCHOUB President and CEO of COTUNACE.
In September 2017, COTUNACE successfully resolved amicably the trade disagreement between the Tunisian and Malaysian parties and the total amount of the debt was paid.

April 12, 2017: Recovery of 13.5 millions USD on CUBA.
On April 12, 2017, COTUNACE successfully signed a settlement agreement for a large claim on Cuba, which provides for a settlement of US $ 13.5 millions by the end of June 2017.
The case dates back to 2001/2002, when the Tunisian Chemical Group delivered large quantities of phosphatic products to Cuban companies for a total value of USD 6.7 millions, but no payments have been made since, and deliveries of sugar which should allow the discharge of this claim have not been received.
Since then, COTUNACE has entered into a long and arduous process of recovering this unpaid claim, alternating diplomatic, parajudicial and direct negotiations.
On 07/06/2017, COTUNACE recovred the total payment (principal and interests) of this claim of 13.5 Millions USD so approximately 33.2 Millions dinars.
This success confirms once again the strategic role that COTUNACE plays in the national economy.

March 28, 2017: COTUNACE is elected as Best Credit Insurance Company in Tunisia 2017 by the prestigious international magazine "Global Banking & Finance Review".
The evaluation criteria used by this magazine are based on the judgments and analyzes of international finance experts. These criteria take into account performances such as market share, growth, innovation and business strategy.
Global Banking & Finance Review is a London-based magazine and a leading financial portal. It provides information, analysis and opinions on the financial sector: banks, insurance companies, financial institutions, etc.

Effective launch of the Tunisian Exports Development Program in its third version "PDE III" financed by the World Bank with the improvement Dhamen Finance services:

Coverage ceilings increased to 1 million dinars per export transaction for goods or services.

And for the first time, extension of Dhamen Finance's field of intervention to the Guarantee abroad and establishments of all the bonds guarantees related to export

Effective launch of a new insurance policy "MABI3ATI" which guarantees at the same time local sales and exports

Africa, for the second consecutive year, occupied the first destination of the exports with 53% followed by Europe.

Changing the COTUNACE logo by choosing the orange color instead of the gradient red and keeping the blue color in order to renew and modernize the image of the Company. The orange color dominated by the blue color was chosen for its meaning of optimism, security and dynamism.

Africa, for the first time, occupied the first destination of insured exports with 46% share

COTUNACE has strengthened, in collaboration with the World Bank, the role of the Preshipment Export Financing Guarantee Fund "Dhamen Finance" by increasing the ceiling of export coverage of 750 thousand DT for goods and 200 thousand DT for services to TD 1 million per export operation for goods or services in addition to the extension of the scope of the "Dhamen Finance" Fund to cover the abroad establishment and the different types of bonding guarantees related to export.

COTUNACE continued for the second year its coverage on the local market to meet the expectations of companies operating in this sector by providing them with a combined coverage of their local sales and export ones and gives the opportunity to companies to choose ever they want to cover domestic market, Export markets or both according to the needs of the companies.

Signature of two collaboration agreements with the Mediterranean Insurance and Reinsurance Company "COMAR" and the Tunisian Mutual Insurance Fund "CTAMA" in order to commercialize COTUNACE's products through their commercial networks.

COTUNACE global credit insurance offer is launched including export insurance and domestic insurance. New policyholders and in portfolio ones benefited from this extended guarantee.

Guarantee ceilings increased, particularly for domestic market, following COTUNACE financial soundness compared to ex-Assurcredit one absorbed (a subsidiary of COTUNACE).

Signature of a cooperation agreement between COTUNACE and EXIM BANK / MEHIB HUNGARY to strengthen trade relations between Tunisia and Hungary, in the presence of the Secretary of State for International Cooperation and His Excellency Mr. Ambassador of Hungary to Tunisia.

Signature of an agreement with the World Bank to reinforce and extend the guarantee of Dhamen Finance in the framework of the Export Development Project in its third version "PDE III" in the presence of the Minister of Finance and the Minister of Trade to facilitate export financing. "Dhamen Finance" has extended its scope of intervention to guarantee foreign establishments and the guarantee of various types of bonds related to exports.

Realization of the merger operation by absorption of Assurcrédit by the COTUNACE. The main objective of this merger operation is to consolidate and efficiently use the human and logistical resources of the two companies and to offer to tunisian companies a global package including Export Credit Insurance and domestic Credit Insurance, which also allowed COTUNACE to strengthen its position in the market as a leader in Export and domestic Credit Insurance.

Following this merger by absorption, the share capital of COTUNACE increased from 20 MTD to 21.6 MTD and is as follows:

The Tunisian State: 32.46%

The "DHAMAN" Company: 23.18%

The Insurance and Reinsurance Companies: 23.04%

Banks: 21.32%

COTUNACE has strengthened its relations with banking institutions in order to provide services that guarantee and facilitate the financing of the needs of exporting companies, thus building on a strong partnership with banks.

COTUNACE has adopted a new communication approach aimed at reinforcing its corporate image which became dynamic, modern and proactive. Thus, media plans have been made based on a new corporate visual and a new slogan. The new communication strategy of COTUNACE has been redeployed to be closer to tunisian companies and to listen to their needs in terms of credit insurance.

Collaboration agreement signed with Tunisia Export "CEPEX" for a more efficient support of exporting companies.

Establishment of new insurance contracts for exporters and banks to extend the scope of the guarantees offered by COTUNACE.

New insurance contract launched for the first time in Tunisia: Investments Insurance.

New insurance contract launched: The Letter of Credit Confirmation Insurance contract "L/C" to support tunisian banks in their policies to finance tunisian exports.

Appointment of Mrs. Souheila CHABCHOUB as President and Chief Executive Officer of COTUNACE on 22 August 2011, succeeding Mr. Habib DALDOUL, retired.

Participation in the 2nd annual meeting of Aman Union in Istanbul. COTUNACE is Chairperson of the Executive Board of Aman Union for two-years term.

Organization, under the high sponsorship of the Minister of Finance, of the first annual meeting of Aman Union in Tunis with the participation of 70 foreign delegations. Aman Union is a multilateral organization that brings together credit insurers from Arab and / or Islamic countries. The objective of Aman Union is to promote the Credit Insurance industry in the Arab and / or Islamic countries and to strengthen bilateral and multilateral cooperation among its members in terms of commercial information, debt collection, training and guaranteeing commercial and political risks, in particular through the creation of alliances in coinsurance and reinsurance.

COTUNACE was elected as a member and Chair of the Executive Board of Aman Union for a two-years term (2010-2011).

COTUNACE Capital increased from 05 to 15 millions DT followed by a 15 to 20 millions DT increase reserved to the Arab Investment & Export Credit Guarantee Corporation "DHAMAN" which holds 25% of the capital.

50% of the export credit insurance premium are chargeable to the state: More than 80 regional workshops were organized in the different governorates to present state measures in favor of exporters and COTUNACE services to exporters and banks.

Renewal of the ISO 9001 Certification Version 2008

COTUNACE joined the UN Global Compact

October 2009, COTUNACE is a founding member of Aman Union bringing together the Arab and / or Islamic credit insurers, decided at the Extraordinary Assembly held in Beirut / Lebanon.

Re-certification of ISO 9001 version 2000 (February 2008).

Signature of a partnership agreement with the International Bank Union in the framework of the law on bancassurance (May 2008).

Signing of a new collaboration agreement with the Islamic Investment and Export Credit Insurance Company (ICIEC) to strengthen the partnership between the two companies.

New insurance contract launched for SME exporters “Simplified Credit Insurance ACS” and review of the revolving policy (CCCA).

Signature in June 2007, under the sponsorship of the Minister of Finance, of the export finance guarantee agreement "Dhamen Finance" with all tunisian banks.

Collaboration Agreement signed with the Arab Investment & Export Credit Guarantee Corporation "DHAMAN".

Agreement signed with the French Insurance Company for Foreign Trade "COFACE" allowing the COTUNACE to have direct access to the base "Common Risk System" (CRS) gathering at this date nearly 50 millions buyers.

A second Export Development Program (PDE II) signed between the Tunisian State and the World Bank. COTUNACE manages the Export Prefinancing Guarantee component of this program (FGFEAE) on behalf of the Tunisian State.

COTUNACE is the first Tunisian Insurance Company to obtain the ISO 9001 version 2000 certification.

Consolidation of reinsurance activity and involvement of new reinsurers, such as the Arab Company "DHAMAN" and the Islamic Company "ICIEC".

Strategic study on the Development of credit insurance market in Tunisia (August 2004) launched by the Ministry of Finance. COTUNACE participated actively in this study in collaboration with Ernest & Young.

Collaboration agreement signed for business information, debt collection and training with the HBOR / Croatia Reconstruction and Development Bank.

Collaboration agreement signed for business information, debt collection and training with Iran's Export Guarantee Fund (EGFI).

29 July 2002: Appointment of Mr. Habib DALDOUL as Chairman and Chief Executive Officer of COTUNACE, who succeeded Mr. Moncef ZOUARI.

In 2002, launching in partnership with the ATRADIUS Group a world leader in credit insurance, a subsidiary of COTUNACE, Assurcrédit, specialized in the domestic Credit Insurance.

New services launched notably the Debt Collection Assistance (in 1998), the Bonding Insurance (in 1997) and the Preshipement Export Financing Guarantee Fund (in 2000).

In 1998, opening of the regional agency of Sousse to be closer to policyholders in this region.

New law (No. 97-27 April 1997) involving export credit insurance which marked a decisive turning point for COTUNACE (end of the monopoly and opening of the branch to the other insurance companies; separated guarantee of commercial and non-commercial risks, eligibility of offshore companies to the credit insurance system.)

Year 1997: Appointment of Mr. Moncef Zouari as Chairman and Chief Executive Officer of COTUNACE who succeeded Mr. Taoufik GAHBICHE (retired).

Year 1996: Opening of the first regional agency COTUNACE in Sfax.

Year 1993: Appointment of Mr. Taoufik GAHBICHE as Chairman and Chief Executive Officer of COTUNACE.

Year 1991: Appointment of Mr. Ahmed TRIKI as Chairman and Chief Executive Officer of COTUNACE.

Significant claims following the 1990’s Gulf War: during this period, COTUNACE with the support of the State, fully assumed its role of supporting exporters by compensating their losses.

Year 1989: Appointment of Mr. Taoufik BEN JEMIA as Chairman and Chief Executive Officer of COTUNACE.

Establishment in 1985 of the Export Risk Guarantee Fund (FGRE), which was entrusted to COTUNACE.

Creation and starting the activity of the COTUNACE; appointment of Mr. Mohamed Salah BOUAZIZ as the first Chairman and CEO of COTUNACE.