The revenue of the Algerian insurance sector increased to DZD89.8bn ($680m) in the first half of 2024, 7% higher compared to the first half of 2023, according to data released by the Algerian Union of Insurance and Reinsurance Companies (UAR).
While takaful has gained significant acceptance among Algerians, the sector still faces some hurdles that hinder its growth, including regulatory and technological obstacles and the lack of awareness campaigns, according to two academics.
The National Agricultural Mutual Fund (CNMA) has announced that it would launch a new product for investors and farmers to insure their daily or seasonal workers hired during the various agricultural seasons for short periods.
CASH Assurances, among Algeria's five biggest insurers in terms of premium volume, has increased its share capital by 33% to DZD20bn ($148m) from DZD15bn, according to a statement by the insurer.
Most managers of insurance companies in Algeria said in a survey that internal audits contribute to reducing the risks that insurance companies face.
The value of recently-launched rail projects that are to be insured exceeds DZD400bn ($3bn), indicated the president of the Algerian Union of Insurance and Reinsurance Companies (UAR), Mr Youcef Benmicia.
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.