Africa News - Algeria: Auto insurance grows 12% over 5 years
Source: Middle East Insurance Review | Dec 2015
The auto insurance market in Algeria has seen a steady growth of about 12% on average over the past five years, with a peak of 21% in 2012, said Mr Brahim Djamel Kessalli, President of the Union of Insurance and Reinsurance Companies (UAR). Premium volume grew over the last 10 years to DZD65.36 billion (US$606.3 million) in 2014 from DZD18.54 billion in 2005.
The increase was the result of the growth in the vehicle population, with imports of 400,000 vehicles per year on average. New products and strategies by insurance companies also boosted business, reported The Expression newspaper.
Auto insurance is the biggest branch in the Algerian market, with a market share of over 52%.
DZD100 = US$0.93