The Algerian insurance market grew by 2.2% in 2015 with the total turnover reaching DZD130.82 billion (US$1.19 billion), according to the National Insurance Council (CNA). The market remained largely dominated by non-life business which reported premiums of DZD118.1 billion or 92% of the total.
Growth though was driven primarily by the life and health Insurance branch which saw premiums soar by 23% to DZD10.58 billion last year, reported the Algeria Press Service citing the CNA report.
In the non-life sector, despite a significant decline in vehicle imports in 2015, motor revenue rose by 1.3% to DZD66.2 billion, accounting for 56% of the total market. Fire and diverse risk insurance, which represents a market share of 34.8%, saw premiums dip by 0.5% to DZD41.1 billion.
As for the settlement of claims, the overall compensation paid to policyholders amounted to DZD59.24 billion in 2015 against DZD56.21 billion in 2014, an increase of 5.4%.
There are currently 24 insurers in the Algerian insurance market, including a reinsurer.
DZD100 = US$0.91