The Algerian insurance market is estimated to have posted turnover, including international acceptances, of around DZD168.4bn ($1.25bn) in 2023, an increase of 2.6% over 2022, indicated the National Insurance Council (CNA).
In comparison, the insurance sector in Algeria expanded by 5% in 2022 in terms of premium income.
P&C insurance companies closed the 2023 financial year with a total premium estimated at DZD145.2bn, an increase of 2.9% compared to 2022, according to a statement posted on the CNA’s website.
Except for agricultural insurance which saw a decline in premiums, the other P&C branches increased their premium income in 2023. In particular, the motor branch and the fire and miscellaneous risk branch grew by 4.7% and 1.01% respectively.
Life insurance business jumped by 4.6% year on year to DZD16.8bn in 2023.
The average annual inflation in Algeria is projected to have been 9.2% in 2023, said a statement issued by an International Monetary Fund (IMF) mission to the country in December 2023.
IMF economist Chris Geiregat said, “Economic growth is projected to reach 4.2% in 2023, supported by robust activity in the hydrocarbon, industry, construction, and services sectors.”
He said, “Growth in 2024 is expected to remain robust, inflation to moderate, and the current account would record a small surplus as hydrocarbon prices are expected to ease further and imports would pick up moderately.” M