The largest insurer in Algeria, National Insurance Company (Société Algérienne des Assurances or SAA), has posted a turnover of DZD27.7bn ($231.6m) for 2018, representing an increase of 4.4% compared to 2017.
Mr Nacer Sais, CEO of SAA, said, "This is an important performance, as our revenue growth represents double the growth of the market, estimated at 2% -2.5%. We have registered a qualitative and quantitative leap from 2017."
The growth recorded by the state owned company was driven in particular by non-automotive branches, which showed 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, an additional turnover of DZD400m 2017. SAA commanded 30% of the business in this branch in the market.
The property and casualty (fire, accident and other risks) sector 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.
In 2018, the Algerian insurance market was estimated to have recorded total revenue of DZD142.5bn, up by 2% compared to 2017.