Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Jun 2022

Market Profile


Algeria

Regulating insurance, one line at a time

One of the unexpected side effects of Russia president Vladimir Putin’s invasion of Ukraine has been the renewed focus on Algeria as a potential supplier of oil and gas. The nation has seen an uptick in interest in inward investment in order to develop its energy potential further to help fill the gap left by the sanctioning of Russian sources. Insurance regulation will have to play catch-up.
 

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Personal lines: Huge gap, promising future

Life and health insurance remain underdeveloped in Algeria though there is a huge potential to improve, especially with the emergence of takaful.
 

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General insurance growth forecast

The insurance market regained its growth momentum in the past year and is expected to show promising results in 2022, yet providers should do more to increase insurance awareness and develop their digitalisation processes, says Algerian Union of Insurance and Reinsurance Companies’ Mr Youcef Benmicia.
 

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Improving the timid growth of Nat CAT coverage

Algeria struggles to encourage take up of Nat CAT insurance despite compulsory requirements to do so. Only 12% of real estate held by individuals is insured against catastrophes and a similar trend is seen among traders and enterprises in the country. We spoke to Compagnie Centrale de Reassurance’s Mr Hadj Mohamed Seba about how this impacts the reinsurance industry.
 

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Market rebounds firmly following pandemic slump

The insurance industry in Algeria rebounded last year after a pandemic-induced slump in 2020, achieving a 4.8% increase in total premiums to $1.04bn and is forecast to get a big boost this year following the issuance of an executive decree to drive takaful business in the country.
 

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