The Algerian authorities are in the process of finalizing a new draft law aimed at making the country's insurance sector more attractive. The bill will be presented to parliament before the end of the year.
This statement was made on 29 May 2023 by Prime Minister Aïmene Benabderrahmane at the opening of the 49th conference of the African Insurance Organization (AIO), which is being held from 27 to 31 May 2023 in Algiers.
In the words of A. Benabderrahmane, the Algerian insurance market [4]'s legal framework has undergone a number of reforms, boosting business development and improving turnover, which exceeded 1.1 billion USD in 2022.
The Prime Minister went on to point out that, given the sector's low contribution to GDP, a number of African countries are seeking to improve their market performance through a series of measures aimed at providing greater access to the opportunities offered by the African Continental Free Trade Area (AfCFTA), strengthening cooperation, and exchanging information relating to risk management, particularly climatic risks.
Other measures include promoting the inclusiveness of the African reinsurance market [5], improving governance and adapting insurance and reinsurance companies.