The insurance industry, including takaful, grew by 4% to DZD48.4bn ($359.6m) in 1Q2024 in terms of overall revenue (direct and reinsurance acceptances), according to provisional data from the National Insurance Council (CNA).
The Caisse Nationale de Mutualité Agricole (CNMA), which commands a share of over 75% of the agricultural insurance market in Algeria, has raised awareness of the risks linked to storage silos.
Algeria's proposed revision of the insurance law should provide for the creation of an independent regulatory authority to oversee the insurance sector.
Algerian President Abdelmadjid Tebboune has ordered the postponement of a Bill, which when passed would update and modernise the insurance law.
The Caisse Nationale de Mutualité Agricole (CNMA), which dominates the agricultural insurance market, is preparing to launch "very soon" a product covering crops for climate change risks, such as drought and floods.
Takaful, an emerging insurance branch gaining ground in Algeria, is expected to increase its share of the insurance market thanks to growing demand boosted by the benefits introduced by the 2024 finance law.
The Algerian insurance market has posted a turnover, including international acceptances, of around DZD169.6bn ($1.26bn) in 2023, an increase of 3.5% over 2022, said the National Insurance Council (CNA) in its update of statistics for the industry.
The Financial Intelligence Processing Unit (CTRF) of the Ministry of Finance has contacted financial institutions, including insurance companies and banks, about complying with regulations covering anti-money laundering and countering the financing of terrorism (AML/CFT).
The preliminary draft law on insurance, which is currently being finalised, will make it possible to further diversify insurance products and systems, with an emphasis on financial inclusion, in particular via takaful, management of new risks, while giving a large place to digitalisation, the secretary-general of the National Insurance Council (CNA), Mr Abdelhakim Benbouabdellah, has affirmed.
The Algerian insurance market is estimated to have generated a little more than DZD160bn ($1.19bn) in premium income in 2023, marginally higher than the DZD155bn posted for 2022, according to preliminary industry figures.