The Ministry of Finance is currently studying the new draft law on the financial market, which will replace 1993 stock exchange legislative decree. Among the important reforms is the inclusion of insurance companies as intermediaries in stock exchange operations, Islamic bonds and green financing, which will contribute to strengthening this market and making it more attractive, said the Algerian Union of Insurance and Reinsurance Companies (UAR) general director Abdelhakim Berrah.
The insurance sector in Algeria achieves a high turnover in the first 9 months of the preceding year, with international acceptances and takaful showing huge growth.
The Algerian Union of Insurance and Reinsurance Companies (UAR) plans to digitise the vehicle insurance certificate to allow policyholders to obtain it online, the UAR president, Mr Youcef Benmicia, has announced.
The Algerian government will prohibit cash payments in the insurance, real estate, and automobile sectors in a fight against moneylaundering, tax evasion, and other black market activities.
Algeria aspires to become a major player in facilitating and ensuring trade in Africa and the Arab-Muslim world, as part of its support for initiatives aimed at promoting fair and dynamic international trade, Finance Minister Laaziz Faid.
The Algerian insurance market generated a turnover of DZD90.2bn ($676m) in the first half of 2024, increasing by 8.8% compared to the corresponding period in 2023, according to the National Insurance Council (CNA) in its latest report on the sector.
The Commission for the Organisation and Supervision of Stock Market Operations (Cosob), which monitors the securities market in Algeria, has proposed to public authorities to explore the possibility of insurance companies serving as intermediaries in the stock market.
State-owned Société Nationale d'Assurance (SAA or National Insurance), Algeria's biggest insurer, has a track record of stable operating performance, with profit before tax ranging from DZD2.5bn ($22.6m) to DZD3.6bn between 2019 and 2023, translating in a five-year weighted average return on equity of 6.3% (as calculated by AM Best).
Takaful insurance is experiencing fast growth in Algeria, backed by an enabling legislative and regulatory framework. As the sector grows, it is likely that new players will enter the market, driving competition and innovation.
The Central Reinsurance Company (CCR) achieved gross premium income that increased sharply by 14.6% to DZD46.5bn ($350m) in 2023, compared to the previous financial year.