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).
In its report titled “National Insurance Market Activities as of 31 March 2024”, the CNA also showed that the direct insurance market dipped by 1% year on year to DZD45.1bn.
The report shows that total claims rose by 14.3% to DZD20.8bn in 1Q2024 compared to the corresponding quarter in 2023.
A summary of the insurance industry’s revenue in 1Q2024 is as follows:
|
Branch
|
Insurance Revenue (DZD m)
|
Market share
|
|
1Q2024
|
1Q2023
|
Y-o-Y change
|
1Q2024
|
1Q2023
|
|
P&C insurance
|
39,690
|
39,411
|
0.7%
|
82.0%
|
84.7%
|
|
Life insurance
|
5,276
|
5,688
|
-7.2%
|
10.9%
|
12.2%
|
|
Subtotal
|
44,966
|
45,098
|
-0.3%
|
92.9%
|
97.0%
|
|
General takaful
|
64
|
27
|
134.7%
|
0.1%
|
0.1%
|
|
Family takaful
|
40
|
1
|
3,469.4%
|
0.1%
|
0%
|
|
Subtotal
|
104
|
28
|
265.0%
|
0.2%
|
0.1%
|
|
Direct market
|
45,070
|
45,127
|
-0.1%
|
93.1%
|
97.0%
|
|
International acceptances
|
3,324
|
1,385
|
139.9%
|
6.9%
|
3.0%
|
|
Retakaful
|
0
|
0
|
-
|
-
|
-
|
|
Overall total
|
48,394
|
46,512
|
4.0%
|
100.0%
|
100.0%
|
Source: CNA