The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has renewed a reinsurance treaty arrangement with the Compagnie Algérienne d'Assurance et de Garantie des Exportations (CAGEX) for the 2025 underwriting year.
The Know Your Customer (KYC) process is becoming a central tool in the insurance sector in Algeria, aimed at preventing fraud and money laundering, experts and professionals say.
Demographic, economic and regulatory developments in Algeria appear to bode well for the country's insurance market, which looks primed for growth, expansion, foreign investment and profitability, according to a new report from AM Best.
The Algerian Unified Automobile Bureau (BUAA) has lined up several digitalised insurance services for auto insurers which will also benefit motorists.
The Algerian Ministry of Finance has issued licences to four new insurance brokers, with the decision published in the Official Gazette.
The insurance market has sustained its growth trajectory over the past five years and legislative amendments have contributed to enhancing its contribution to the national economy.
The Ministry of Finance is currently studying the new draft law on the financial market, which will replace 1993 stock exchange legislative decree. Among the important reforms is the inclusion of insurance companies as intermediaries in stock exchange operations, Islamic bonds and green financing, which will contribute to strengthening this market and making it more attractive, said the Algerian Union of Insurance and Reinsurance Companies (UAR) general director Abdelhakim Berrah.
The insurance sector in Algeria achieves a high turnover in the first 9 months of the preceding year, with international acceptances and takaful showing huge growth.
The Algerian Union of Insurance and Reinsurance Companies (UAR) plans to digitise the vehicle insurance certificate to allow policyholders to obtain it online, the UAR president, Mr Youcef Benmicia, has announced.
The Algerian government will prohibit cash payments in the insurance, real estate, and automobile sectors in a fight against moneylaundering, tax evasion, and other black market activities.