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Jul 2019

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Algeria: Biggest insurer grows at double the industry's pace

Source: Middle East Insurance Review | Jul 2019

The largest insurer in Algeria, National Insurance Company (Société Algérienne des Assurances or SAA), posted a turnover of DZD27.7bn ($231.6m) for 2018, representing an increase of 4.4% y-o-y.
 
“This is an important performance as our revenue growth represents double the growth of the market, estimated at 2.0-2.5%. We have registered a qualitative and quantitative leap from 2017,” said Mr Nacer Sais, CEO of SAA.
 
In 2018, the Algerian insurance market was estimated to have recorded a total revenue of DZD142.5bn, up 2% y-o-y. 
 
The growth recorded by SAA was driven in particular by non-automotive branches, which showed a growth of 11%, he said, highlighting the efforts made to diversify the portfolio of the company which holds a market share of 22%.
 
Motor business expanded by 2% last year, bringing in an additional turnover of DZD400m 2017. The state-owned insurer commanded 30% of the business in this segment in the market.
 
The P&C (fire, accident and other risks) segment recorded a 9% increase in revenue, while agricultural insurance grew by 25% and transport insurance by 20%.
 
SAA paid DZD16bn in claims in 2018, against DZD15.5bn in 2017.
 
For the first quarter of 2019, the company recorded strong growth, estimated at 7-8%, according to preliminary figures provided by the insurer. “But it’s hard to predict the results for the whole of the year,” Mr Sais said. M 
 
DZD10 = $0.08
 
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