Algeria: Steady growth expected to continue
Source: Middle East Insurance Review | Mar 2025
The insurance sector in Algeria has witnessed exceptional growth in recent years, with GWP reaching DZD163bn ($1.2bn) in the past year compared with DZD137bn in 2020, around 5% average annual growth, due mainly to legislative amendments that contributed to opening the market and enhancing its role in the national economy, said the Algerian Union of Insurance and Reinsurance Companies president Youcef Benmicia.
In 2024, the insurance market in Algeria was expected to have achieved y-o-y growth of 4.2%. The growth is expected to continue in the coming years, Mr Benmicia told the First Radion Channel. He added that the insurance sector contributes significantly to stimulating economic development and attracting investments through savings invested in investment projects.
Mr Benmicia said that 2023 witnessed a restructuring of the insurance portfolio with the motor insurance branch no longer in the lead but sharing leadership with the multi-risk insurance branch, reflecting a change in market and customer needs.
The opening of the insurance market in 1995 increased the level of competition between insurance companies in the market, which currently includes about 25 insurers, including public, private, mixed and foreign, he said.
“Currently, around 2,000 authorised agents, more than 3,000 insurance agencies and 700 banking agencies are participating in the market, in addition to more than 60 insurance brokers. This diversity of companies and brokers contributes to creating a competitive insurance market with a wide variety of insurance products and services offered.” M