The Algerian market is estimated to have grown by 4% in 2021, the Algerian Union of Insurance and Reinsurance Companies (UAR) president Youcef Benmicia has said, citing forecasts made by the National Insurance Council (CNA).
Mr Benmicia, who was speaking at a forum in January, said the growth was driven by corporate customers, reported Algerian Press Service.
According to data from the CNA, the insurance market could post a turnover of around DZD144.1bn ($1.04bn), up 4.3% compared to 2020.
The CNA data also showed that the non-life market has raked in total premiums estimated at DZD133.3bn in 2021, an increase of 5.8% compared to 2020. The life segment would have an estimated turnover of nearly DZD10.6bn, a fall of 10.8% compared to 2020.
Mr Benmicia said, “The year 2020 was difficult for the insurance sector which had recorded for the first time a 5% drop due mainly to the fallout from the COVID-19 health crisis on the sector and the economy in general. But the economic recovery recorded in 2021, thanks in particular to the arrival of vaccines against COVID-19, has enabled the insurance market to return to pre-pandemic growth.”
The insurance sector saw a gradual recovery during the first half of 2021. The market, all activities combined, generated total premiums of over DZD75bn, compared to DZD71bn in the same period in 2020, an increase of 5.6%, according to a report published in November 2021 by the CNA. M