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 a National Insurance Council (CNA) report on the sector.
The figure is close to the September estimate of DZD89.8bn released by the Algerian Union of Insurance and Reinsurance Companies.
The CNA report showed 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% y-o-y.
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’ (up 7.4%), linked to an 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.
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%.
State-owned reinsurer, CCR Algeria posted international business premiums of DZD5.9bn, an increase of 51.4%, in 1H2024, compared to the corresponding period of 2023. M