The Algerian insurance is struggling to innovate

Amara Latrous, president of the insurance and reinsurance union (UAR) has recently revealed that the Algerian market has achieved a 12% growth in 2012. Premium income has attained 100 billion DZD (1.285 billion USD). Motor insurance, alone, accounts for nearly 50% of the turnover, with a 12% growth reported by this class of business in 2012, compared to 6% a year earlier. Third party liability covers account for just a third of the motor portfolio.
According to A. Latrous, these figures confirm that the Algerian insurance remains largely dominated by traditional guarantees and hardly keen on innovation. Only Axa, newly-licensed brings a little innovative touch.