Algeria: Insurance industry grows by 4.3% in 1H2023

Source: Middle East Insurance Review | Dec 2023

The Algerian insurance market has posted a turnover of DZD82.1bn ($597m), for the first half of 2023, an increase of 4.3% compared to the corresponding period in 2022, indicated the National Council of Insurance.

The insurance sector portfolio was dominated by P&C insurance with a share of 84%, followed by life insurance with a share of 11.2% in 1H2023. Life insurance premiums rose by 5.8% y-o-y to DZD9.2bn in the first six months of this year.

With a market share of 4.7%, international acceptances saw an increase of 14.5% to DZD491.1m, compared to 1H2022.

Takaful contributions totalled DZD65.2m for the first six months of this year, of which DZD58.3m was generated from general takaful and the remaining DZD6.9m from family takaful. Given that takaful is a nascent segment, its contribution to the market remains insignificant (0.1%).

Claims declared to insurance companies amounted to DZD38.6bn in 1H2023. M

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