Algeria - Market posts stable premiums in 1H16
Source: Middle East Insurance Review | Nov 2016
The Algerian insurance market grew by 3.2% to DZD69.9 billion (US$632.7 million) in terms of premiums for the first half of this year compared to the corresponding period last year, according to data from the National insurance Council (CNA).
The non-life sector saw premiums of DZD62.2 billion in the first half of this year, an increase of 2.5% compared to the same period last year, reported the Algeria Press Service. The figure represented 89% of the overall insurance market premiums, according to the data which included international acceptances but excluded figures from two insurers, MAATEC and Trust.
Auto insurance, the largest branch, generated premiums of DZD34.8 billion during the first half of 2016, 1.8% lower compared to the same period in 2015. It contributed 56% of total premiums.
Total claims paid by all insurance companies stood at DZD29.6 billion in the first six months of the year, marking a 3.3% decline from the corresponding period last year. Claims paid for motor insurance amounted to DZD20.7 billion or 70% of total claims paid.
DZD100 = US$0.91