Algeria: Caarama Assurance posted record-breaking turnover of $18.2m in 2017
Source: Middle East Insurance Review | Jun 2018
Caarama Assurance, specialising in life and health insurance, has broken its turnover record for the second year in a row, despite losing a major client in late 2016.
The company posted a turnover of DZD2.13bn ($18.2m) in 2017. Premium revenue in 2016 stood at DZD2.07bn, an increase of 16% compared to 2015.
Mr Ammar Messlouh, CEO of Caarama Assurance said, “This is a decisive year for the company when it is necessary to bounce back after the loss of an important client which represented 55% of the company’s portfolio.” State-owned oil and gas corporation Sonatrach did not renew their contract with the insurer in late 2016.
The 2017 turnover was thanks to the distribution network, notably that of the parent company CAAR, awareness campaigns conducted and the insurer’s bancassurance ties with Credit Populaire d’Algerie, the company said in a statement.
The distribution network currently has more than 250 points of sale throughout the country. Last year, the direct network of Caarama Assurance was reinforced with the opening of the regional centres of Constantine and Annaba and its bancassurance network was expanded with 31 additional agencies.
In 2018, the insurer intends to further expand its network of direct agencies with the opening of four new branches in Ouargla, Setif, Béjaïa and Tizi-Ouzou. M
DZD100 = $0.86