Algerian insurance market 2023 results

Algerian insurers have closed the 2023 financial year with a 3.5% increase in overall turnover (direct business + acceptances). The figure climbed from 163.9 billion DZD (1.2 billion USD) as at 31 December 2022 to 169.6 billion DZD (1.3 billion USD) a year later.

Non-life premiums reached 144.2 billion DZD (1.1 billion USD), against 17.6 billion DZD (130.6 million USD) for the life business.

Takaful business accounted for 214.8 million DZD (1.6 million USD) of contributions in 2023, 129.6 million DZD (961 320 USD) of which were generated by general takaful and 85.2 million DZD (631 980 USD) by family takaful.

International reinsurance acceptances stood at 7.4 billion DZD (54.9 million USD), up by 8.7% over one year.

Indemnities paid out by local companies amounted to 74.1 billion DZD (549.7 million USD) as at 31 December 2023.