News Middle East20 Oct 2019

Algeria:1H2019 sees 9% increase in insurance business

| 20 Oct 2019

The Algerian insurance market posted a total of DZD80.8bn ($677m) in premiums (including international acceptances) in the first six months of this year, an increase of 9.4% compared to the first half of 2018, according to data from the National Insurance Council.

n the first half of 2019, the turnover of the property and casualty insurance business amounted to DZD69.9bn, an increase of 7.8% compared to the first half of 2018. The P&C sector had a share of 86.5% of the total insurance market in the first six months of this year.

Motor insurance premiums rose by 3.8% to DZD37.6bn, representing a share of 53.7% of the P&C market.

Total claims settled by all insurance companies amounted to DZD40.4bn during 1H2019, an increase of 20.7%. P&C claims dominated the market with a share of 94.7% against 5.3% for life and health insurance.

In comparison, the Algerian insurance market grew marginally at 2.2% year on year with a turnover of DZD142.6bn for the full year last year.


 

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