5% premium increase in 2022

According to Youcef Benmicia, President of the Algerian Union of Insurance and Reinsurance Companies (UAR), local insurers have achieved a 5% increase in their overall turnover in 2022, a growth rate similar to that of 2021.

The sector is still dominated by the motor activity, which accounts for 50% of total premiums, against 10% for personal insurance. The remaining 40% of the market is accounted for by fire and other property damage classes of business.

In 2022, the amount of settled claims rose by 16%. The majority of indemnifications (60%) concerned traffic accidents.

The Algerian market consists of twelve non-life insurers, eight life entities and five specialized companies, two of which are recently created takaful insurers.