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 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 (UAR) Delegate General Abdelhakim Berrah in a statement to the Algerian News Agency (ANA).
Growth was supported by a significant increase in international acceptances for reinsurance activity by 51.4%, achieving a turnover of DZD8.7bn.
Mr Berrah said that these results reflect the flexibility of the market and its strategic role in supporting the national economy.
He added that takaful business “recorded remarkable growth, achieving a total turnover of DZD390.1m by the end of September, an increase of 319.8%.” This increase included the activities of both general and family takaful, which amounted to DZD220m and DZD170m, respectively.
Claims paid for the same period declined, however, witnessed a y-o-y decline of 9% as they reached DZD43.49bn for the non-life and general lines of business.
As for claims paid related to personal insurance (life and other personal lines), they increased by 15.4%, reaching DZD5.6bn between January and September 2024 compared to the corresponding period of the past year.