Algeria: Insurance market increases by 5% in 3Q2024
Source: Middle East Insurance Review | Feb 2025
The insurance sector in Algeria achieved a high turnover in the first nine months of 2024, with international acceptances and takaful showing huge growth.
The insurance sector recorded a growth in the first three quarters of 2024 as GWP reached DZD131.7bn ($966.7m), a 4.9% increase compared to the same period of the preceding year, with an outstanding performance by the emerging takaful activity, said the Algerian Union of Insurance and Reinsurance Companies.
Growth was supported by a significant increase in international acceptances for reinsurance activity by 51.4%, achieving a turnover of DZD8.7bn.
Claims paid for the same period witnessed a y-o-y decline of 9% as they reached DZD43.49bn for the non-life and general lines of business.
Claims paid related to life and other personal lines increased by 15.4%, reaching DZD5.6bn between January and September 2024 compared to the corresponding period of the past year. M