Algeria: Slight dip in premiums in 1Q
Source: Middle East Insurance Review | Jul 2015
The Algerian insurance industry reported a marginal decline of 0.1% in turnover for the first quarter of 2015 to DZD33.9 billion (US$345.6 million), according to the National Insurance Council (CNA). In comparison, for the first quarter of 2014, the insurance sector grew 7.2% to DZD34 billion.
The reduction in first-quarter premiums this year was due to the decline of 1.2% in property premiums, reported the TSA Algeria news website. This branch includes motor (+2.4%), fire (-7.6%), transport (-19.1%), agriculture (+17.6%) and credit (+ 11.3%).
Several insurers are reportedly calling for reforms of the insurance law to avoid stagnation or regression in the market, and to give new impetus to growth in the sector.
DZD1 = US$0.01