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News Middle East13 Jan 2022

Algeria:Insurance market sees growth of over 4% in 2021

| 13 Jan 2022

The Algerian market is estimated to have grown by 4% in 2021, Mr Benmicia Youcef, president of the Algerian Union of Insurance and Reinsurance Companies (UAR) has said, citing assessments made by the National Insurance Council (CNA).

Mr Benmicia, who was speaking at a forum earlier this week, said that the growth was driven by corporate customers, reported Algerian Press Service.

According to data from the CNA, the insurance market could post a turnover of around DZD144.1bn ($1.04bn) in 2021, up 4.3% compared to 2020.

Non-life and life business

The CNA data also show that the non-life market raked in total premiums estimated at DZD133.3bn in 2021, an increase of 5.8% compared to 2020.

On the other hand, the life insurance segment would have an estimated turnover of nearly DZD10.6bn in 2021, a fall of 10.8% year on year.

Mr Benmicia said, "The year 2020 was difficult for the insurance sector which had recorded for the first time a 5% drop due mainly to the fallout from the COVID-19 health crisis on the sector and the economy in general. But the economic recovery recorded in 2021, thanks in particular to the arrival of vaccines against COVID-19, has enabled the insurance market to return to pre-pandemic growth."

The insurance sector saw a gradual recovery during the first half of 2021. The market, all activities combined, generated total premium income of over DZD75bn ($539m), compared to DZD71bn in 2020, an increase of 5.7%, according to a report published in November 2021 by the CNA.

Takaful

The CNA has also announced the granting of takaful licences earlier this month to Generale Assurance Mediterraneenne (GAM) and Cardif El-Djazair.

An Executive Decree (No. 21-81 of 23 February 2021) sets out the conditions and modalities for operating takaful business. This text establishes a flexible model allowing takaful business to be conducted either by an insurance company carrying out such business exclusively or by allowing an insurer to open a takaful window, says the CNA.

Takaful operators or windows must have certificates of compliance for Islamic insurance products attesting that these are Shariah-compliant in line with rules issued by the National Shariah Fatwa Authority for the Islamic finance industry.


 

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