Algeria: Farm insurance mutual quadruples profits in 2014

Source: Middle East Insurance Review | Jun 2015

The National Agricultural Mutual Fund (Caisse Nationale de Mutualite Agricole or CNMA) has grown its profit nearly four times to DZD476.5 million (US$4.8 million) in 2014 from DZD121.7 million in 2013. The results have been attributed to a new strategy that has resulted in improved customer services, reported the Algerian Press Service.

The company has also recorded premium income of DZD11.2 billion in 2014, a growth of 16.7% compared to DZD9.6 billion in 2013.

This has ranked CNMA fourth in the domestic insurance market, with a 10.2% share of the sector’s turnover in 2014 against 9.1% in 2013. CNMA maintains its leading position in the agriculture insurance market, with a share of 78%.

CNMA plans to introduce new insurance products related to yields and weather indices, mainly for strategic crops. It also intends to offer agriculture and rural financial products for the poor, including microinsurance.

DZD1 = US$0.01

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