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Algeria: Life insurance to have accelerated growth

Source: Middle East Insurance Review | Feb 2017

The life and health insurance market in Algeria is expected to grow at an accelerated pace in the next few years, according to Mr Ammar Meslouh, CEO of the life and health insurance company Caarama, a 100% subsidiary of CAAR (Compagnie Algérienne d’Assurance et de Réassurance).
 
   Growth in Algeria’s insurance sector has been driven by personal insurance in recent years, although this sector accounts for only 8% of the market, Mr Meslouh said at a recent press briefing, reported the Algeria Press Service.
 
   Industry players believe that the potential in Algeria lies between US$2 billion and $4 billion, which is twice or four times more than the market’s present total volume of about $1 billion a year. The insurance sector generated revenues of DZD130.8 billion ($1.18 billion) in 2015, 2.2% higher than the DZD128.0 billion in 2014. Personal insurance premiums grew by 23% y-o-y to DZD10.6 billion in 2015.
 
   The upward trend in life and health insurance is mainly due to the decision of the public authorities in 2011 to separate personal insurance from non-life business in order to provide an impetus for the development of this segment.
 
   Another driver of life insurance in Algeria is the establishment of independent insurers, which are being pushed to innovate and develop products relevant to the needs of customers.
 
   As an example of improvement in service, Mr Meslouh cited the proposed joint venture between major life and health insurers and the Central Reinsurance Company to set up a third-party payment system. This initiative allows subscribers to seek treatment in any private clinic by creating an insurance card. 
 
DZD1 = US$0.01
 
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