The motor insurance branch in Algeria reached DZD22.6bn ($175.3m), in the first quarter of this year, an increase of 4.9% or DZD1bn compared to the corresponding quarter in 2024, according to statistics released by the National Insurance Council (CNA).
Algeria's insurance market registered a 14% increase in the first quarter of the year compared to 1Q2024, dominated by the general insurance business.
The Central Reinsurance Company (CCR) has posted net profits of $56.28m, an increase of 21.8% compared to the $46.22m chalked up in 2023.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has renewed a reinsurance treaty arrangement with the Compagnie Algérienne d'Assurance et de Garantie des Exportations (CAGEX) for the 2025 underwriting year.
The Know Your Customer (KYC) process is becoming a central tool in the insurance sector in Algeria, aimed at preventing fraud and money laundering, experts and professionals say.
Demographic, economic and regulatory developments in Algeria appear to bode well for the country's insurance market, which looks primed for growth, expansion, foreign investment and profitability, according to a new report from AM Best.
The Algerian Unified Automobile Bureau (BUAA) has lined up several digitalised insurance services for auto insurers which will also benefit motorists.
The Algerian Ministry of Finance has issued licences to four new insurance brokers, with the decision published in the Official Gazette.
The insurance market has sustained its growth trajectory over the past five years and legislative amendments have contributed to enhancing its contribution to the national economy.
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.