Insurance coverage marketplace grows via 5% in 2022

The insurance coverage sector in Algeria expanded via 5% all the way through the 2022 monetary 12 months relating to top rate source of revenue, in line with the president of the Algerian Union of Insurance coverage and Reinsurance Corporations (UAR), Mr Youcef Benmicia.

The insurance coverage sector was once ready to succeed in expansion of five% in 2021 and the similar fee in 2022, after a decline in 2020 caused via the COVID-19 pandemic, reported Algerian Press Provider quoting Mr Benmicia.

The Nationwide Council of Insurance coverage up to now introduced that the whole turnover of the Algerian insurance coverage marketplace reached DZD151.9bn ($1.1bn) in 2021, expanding via 4.8% over 2020. The determine comprises direct premiums (DZD145.2bn) and global reinsurance acceptances (DZD6.7bn).

Detailing the figures recorded in 2022, Mr Benmicia published that says and advantages paid larger via 16%, stressing that the huge a part of the repayment was once associated with site visitors injuries (60%). Motor insurance coverage constituted 50% of insurance coverage task in Algeria, in comparison to 10% for private insurance coverage, he added.

When compared, general repayment paid in 2021 stood at DZD71.7bn, an building up of 12.5% over 2020.

25 firms energetic in insurance coverage sector

Mr Benmicia stated that 25 firms are energetic within the insurance coverage sector, together with two that entered the marketplace in 2022. A number of the insurance coverage firms, 12 are common insurers, 8 are existence insurers and 5 firms, together with two new ones, are engaged in takaful.

Mr Benmicia advocated the introduction of an impartial frame to toughen the insurance coverage sector and toughen the safety of the pursuits of policyholders, calling additionally for concrete measures to toughen the tradition of insurance coverage within the nation.

He stated that the primary insurance coverage digitisation mission, in relation to motor insurance coverage repayment, were finished. A distinct platform was once introduced in October 2022 to control motor claims and is lately utilized by all insurance coverage firms within the nation for the agreement of coincidence repayment.