The National Agricultural Mutual Fund ( Caisse Nationale de Mutualité Agricole (CNMA), the leading agricultural insurer in Algeria.
The underwriting profitability of Compagnie Algérienne des Assurances (CAAT), one of Algeria's biggest insurers, is expected to remain robust and supportive of a strong operating performance assessment over time, says AM Best.
The Algerian insurance market has posted a turnover of DZD82.1bn ($597m), for the first half of 2023, an increase of 4.3% compared to the corresponding period in 2022, indicated the National Council of Insurance.
Local insurance brokers have called on the authorities to open up international reinsurance business for them to participate directly in it.
Algeria's biggest insurance company, the state-owned National Insurance Company (SAA) intends to expand its operations abroad.
A lot of work has still to be done so that the insurance market in Algeria can reach its full potential, estimated at between $5bn to $8bn annually, higher than the current $1bn, Mr Hassen Khelifati, CEO of Alliance Assurances, has said.
The insurance sector's goal of achieving a penetration rate exceeding 1% seems more and more difficult to achieve, Mr Hassen Khelifati. CEO of Alliance Assurances, has said.
More and more farmers are aware of the risks that could cause crop losses, according to the latest annual report of the Caisse Nationale de Mutualité Agricole (CNMA), Algeria's first agricultural insurer.
Although Nat CAT insurance has been mandatory in Algeria for 20 years, its share is 2% of the insurance market, according to estimates by experts.
The Ministry of Labour is examining the importance of strengthening complementary social security and broadening the base of members of mutual insurance companies.