(3 Minutes Read)
The new bill proposes, among other things, updating insurance legislation and promoting the sector’s governance by strengthening regulation and establishing a legal framework for Takaful activity.
The Algerian Government recently examined a draft bill governing the insurance business. The new bill proposes, among other things, updating insurance legislation and promoting the sector’s governance by strengthening regulation and establishing a legal framework for Takaful activity.
Algerian insurance market is picking up. Of late, the Government is giving a lot of importance to developing this sector to cover life and health risks.
The total gross written premiums (GWP) in the Algeria insurance market were estimated at DZD204.2 billion in 2022 and is anticipated to garner a CAGR of more than 6% during the projected period.
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Algerian insurance market: 2022’s turnover per class of business in thousands
| Class of business | 2022 turnover | 2021 turnover | 2021-2020 evolution (1) | 2022 shares | ||
| En DZD | En USD | En DZD | En USD | |||
| Non-life insurance | ||||||
| Motor | 65 763 553 | 477 443 | 62 181 000 | 445 838 | 5,76% | 47,54% |
| Property damage (2) | 60 070 188 | 436 110 | 60 366 000 | 432 824 | -0,49% | 43,43% |
| Marine | 7 267 563 | 52 762 | 6 729 000 | 48 247 | 8,00% | 5,26% |
| Agricultural risks | 2 453 989 | 17 816 | 2 385 000 | 17 100 | 2,89% | 1,77% |
| Other risks (3) | 2 769 021 | 20 104 | 34 000 | 244 | 8044% | 2% |
| Total non vie | 138 324 314 | 1 004 235 | 131 695 000 | 944 253 | 5,03% | 100% |
| Life insurance | ||||||
| Life-Death | 6 746 000 | 48 976 | 6 206 000 | 44 497 | 8,70% | 43,69% |
| Group benefits | 6 006 000 | 43 603 | 3 781 000 | 27 110 | 58,85% | 38,90% |
| Assistance | 1 772 000 | 12 865 | 944 000 | 6 768 | 87,71% | 11,48% |
| Accident | 853 000 | 6 193 | 1 444 000 | 10 354 | -40,93% | 5,52% |
| Health | 63 000 | 457 | 691 000 | 4 954 | -90,88% | 0,41% |
| Capitalization | – | – | 12 000 | 86 | – | – |
| Total life | 15 440 000 | 112 094 | 13 078 000 | 93 769 | 18,06% | 100% |
| Grand total | 153 764 314 | 1 116 329 | 144 773 000 | 1 038 022 | 6,21% | 100% |
(1) Growth rate in local currency
(2) including fire, natural disasters and other property damage
(3) including civil liability, credit and various financial losses
Exchange rate as at 31/12/2021 : 1 DZD = 0.00717 USD
Exchange rate as at 31/12/2022 : 1 DZD = 0.00726 USD
Insurance companies in Algeria: 2022 ranking in thousands
| Rank | Companies | Turnover 2022 | Turnover 2021 | 2021-2022 evolution (1) | 2022 shares | ||
| DZD | USD | DZD | USD | ||||
| Non life insurance | |||||||
| 1 | SAA | 29 168 055 | 211 760 | 28 800 000 | 206 496 | 1.28% | 21.09% |
| 2 | CAAT | 26 716 200 | 193 960 | 25 404 000 | 182 147 | 5.17% | 19.31% |
| 3 | CASH Assurances | 18 795 818 | 136 458 | 16 097 000 | 115 415 | 16.77% | 13.59% |
| 4 | CAAR | 16 496 496 | 119 765 | 16 257 000 | 116 563 | 1.47% | 11.93% |
| 5 | CNMA | 13 284 618 | 96 446 | 12 643 000 | 90 650 | 5.07% | 9.60% |
| 6 | CIAR | 8 856 773 | 64 300 | 8 652 000 | 62 035 | 2.37% | 6.40% |
| 7 | Trust Algérie | 6 598 511 | 47 905 | 6 060 000 | 43 450 | 8.89% | 4.77% |
| 8 | Alliance Assurances | 5 448 054 | 39 553 | 4 823 000 | 34 581 | ||
