The Algerian insurance market generated a turnover of DZD90.2bn ($676m) in the first half of 2024, increasing by 8.8% compared to the corresponding period in 2023, according to the National Insurance Council (CNA) in its latest report on the sector.
The figure is close to the estimate of DZD89.8bn released in September by the Algerian Union of Insurance and Reinsurance Companies.
The CNA report also shows that the property and casualty insurance branch, which dominates the insurance portfolio in Algeria with a share of 81.3%, achieved a turnover of DZD73.3bn in 1H2024, 6.3% higher than the DZD69bn in the corresponding period of 2023. The life insurance segment posted a turnover of DZD10.5bn, an increase of 7.7% year on year.
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Turnover in Algerian insurance market in 1H2024
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Branch
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Turnover DZD m
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Market share
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1H2024
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1H2023
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Change
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1H2024
|
1H2023
|
|
P&C insurance
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73,355
|
68,986
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6.3%
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81.3%
|
83.2%
|
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Life insurance
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10,719
|
9,952
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7.7%
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11.9%
|
12.0%
|
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Total
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84,074
|
78,938
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6.5%
|
93.2%
|
95.3%
|
|
General takaful
|
129
|
58
|
121.2%
|
0.1%
|
0.1%
|
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Family takaful
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128
|
7
|
1,756.4%
|
0.1%
|
0.01%
|
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Total
|
257
|
65
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293.2%
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0.2%
|
0.01%
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Direct market
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84,331
|
79,003
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6.7%
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93.5%
|
95.3%
|
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International acceptations
|
5,856
|
3,969
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51.4%
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6.5%
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4.7%
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Total
|
90,187
|
82,872
|
8.8%
|
100.0%
|
100.0%
|
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Source: National Insurance Council
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P&C insurance
In detail, the automobile branch, which accounts for around half of the turnover of property and casualty insurance, grew by 6.4% year on year during the first half of the year, with gross premiums of DZD36.7bn.
This upward trend is mainly due to "Non-mandatory motor risks" (+7.4%), linked in large part to the increase in vehicle imports, particularly those less than three years old.
The agricultural branch showed an increase of 13.1%, in 1H2024 to DZD1.11bn compared to 1H2023.
The report notes that state-owned insurers dominated the property and casualty insurance market with 75.9% of the overall turnover, while privately-held insurers accounted for 22.3%.
In reinsurance, the Central Reinsurance Company (CCR) posted international business premiums of DZD5.9bn, an increase of 51.4%, in 1H2024, compared to the corresponding period of 2023.
Claims received, paid and payable
For the first six months of this year, total claims in the insurance industry jumped by 11.4% to DZD43.3bn. Of this, compensation paid reached DZD30.2bn, down by 3.6% year on year.
Claims payable as of 30 June 2024 reached DZD114.7bn, 4.1% higher compared to 12 months previously.