Algiers-headquartered national insurer, Central Reinsurance Company (CCR), increased its GWP to DZD50.05bn ($369m) in 2024, 7.5% higher than the DZD46.55bn in 2023, according to financial data released by the company.
CCR also posted a jump of 21.8% in net profits to DZD7.64bn in 2024, compared to DZD6.27bn in 2023.
CCR operates in Algeria in several sectors, including engineering and construction risks, fire and related risks, and natural disasters. Domestic business contributed $295.1m or 80% of the reinsurer’s total GWP.
Internationally, the company operates primarily in the fire, energy, engineering, and marine insurance branches. In 2024, approximately half (48%) of the company's international operations were concentrated in Asia and Latin America, 31% in the Middle East, 11% in Europe, and 10% in Africa, according to the company's results.
CCR’s combined ratio stood at 79.13% in 2024, higher than 73.95% in 2023.
|
Distribution of GWP
|
2024
|
2023
|
|
GWP US$ ‘000
|
Market share
|
GWP US$ ‘000
|
Market share
|
|
Total
|
369,014
|
100.0%
|
343,133
|
100.0%
|
|
Treaty
|
148,423
|
40.2%
|
205,099
|
59.8%
|
|
Facultative
|
220,591
|
59.8%
|
138,035
|
40.2%
|
|
Domestic
|
295,120
|
80.0%
|
287,243
|
83.7%
|
|
International
|
73,894
|
20.0%
|
55,891
|
16.3%
|
|
Source: CCR
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