Africa News - Algeria: Premiums increase 6% to nearly US$1 bln in 9M15
Source: Middle East Insurance Review | Jan 2016
The insurance industry in Algeria reported a total turnover of DZD101.8 billion (US$952.1 million) for the first nine months of 2015, representing an increase of 6.4% over the corresponding period of 2014, according to data from the National Insurance Council.
Property insurance continued to constitute most of the market’s revenue, with a share of 92% as against 93% for the same period in 2014. Life insurance accounted for the remaining 8%, compared to 7% for the first nine months of 2014.
Non-life insurance turnover reached DZD92.6 billion, an increase of 5.3% over the corresponding period in 2014. Motor continued to form the largest share of the non-life segment with a turnover of nearly DZD51.3 billion between January and September, up 3.1% over the same period in 2014. This represented 55.4% of the total premiums in the non-life sector.
The non-life sector continued to be dominated by government-owned insurers which accounted for total premiums of DZD69.6 billion, followed by private-sector local insurers with DZD20.8 billion and foreign joint ventures with DZD2.2 billion.
There are 21 insurance companies in the Algerian market, which collected total premiums of DZD125.5 billion in 2014.
DZD10 = US$0.09